Eaton Vance Management reduced its position in shares of Chubb Limited (NYSE:CB) by 31.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 271,400 shares of the financial services provider’s stock after selling 126,627 shares during the quarter. Eaton Vance Management’s holdings in Chubb were worth $41,774,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Twinbeech Capital LP bought a new stake in Chubb during the third quarter worth $4,748,000. Mercer Global Advisors Inc. ADV increased its holdings in shares of Chubb by 72.0% in the third quarter. Mercer Global Advisors Inc. ADV now owns 10,408 shares of the financial services provider’s stock valued at $1,209,000 after purchasing an additional 4,356 shares during the last quarter. Northwest Bancshares Inc. increased its holdings in shares of Chubb by 6.6% in the fourth quarter. Northwest Bancshares Inc. now owns 25,620 shares of the financial services provider’s stock valued at $3,944,000 after purchasing an additional 1,575 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Chubb in the third quarter valued at $5,307,000. Finally, PhiloSmith Capital Corp increased its holdings in shares of Chubb by 4.6% in the fourth quarter. PhiloSmith Capital Corp now owns 90,750 shares of the financial services provider’s stock valued at $13,967,000 after purchasing an additional 4,000 shares during the last quarter. 85.79% of the stock is currently owned by hedge funds and other institutional investors.
In other Chubb news, Vice Chairman Paul J. Krump sold 5,600 shares of the business’s stock in a transaction that occurred on Monday, February 8th. The shares were sold at an average price of $165.05, for a total transaction of $924,280.00. Following the sale, the insider now directly owns 101,921 shares of the company’s stock, valued at approximately $16,822,061.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John J. Lupica sold 4,337 shares of the business’s stock in a transaction that occurred on Monday, March 15th. The stock was sold at an average price of $175.03, for a total transaction of $759,105.11. Following the sale, the insider now directly owns 145,604 shares in the company, valued at $25,485,068.12. The disclosure for this sale can be found here. Insiders have sold a total of 22,087 shares of company stock worth $3,690,300 over the last ninety days. 0.37% of the stock is currently owned by insiders.
Chubb (NYSE:CB) last announced its quarterly earnings results on Monday, February 1st. The financial services provider reported $3.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.36. The company had revenue of $7.77 billion for the quarter, compared to analyst estimates of $7.83 billion. Chubb had a net margin of 6.24% and a return on equity of 5.33%. The firm’s revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.28 EPS. On average, sell-side analysts expect that Chubb Limited will post 7.02 earnings per share for the current year.
Chubb announced that its board has authorized a share buyback program on Wednesday, February 3rd that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, April 9th. Investors of record on Friday, March 19th will be issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend is Thursday, March 18th. Chubb’s dividend payout ratio (DPR) is presently 30.86%.
Several equities analysts have commented on the stock. JPMorgan Chase & Co. downgraded shares of Chubb from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $152.00 to $155.00 in a report on Monday, January 4th. Royal Bank of Canada upped their price objective on shares of Chubb from $155.00 to $175.00 and gave the company an “outperform” rating in a report on Thursday, February 4th. Raymond James upped their price objective on shares of Chubb from $190.00 to $200.00 and gave the company a “strong-buy” rating in a report on Wednesday, March 17th. MKM Partners upped their price target on shares of Chubb from $180.00 to $210.00 and gave the company a “buy” rating in a research note on Thursday, March 18th. Finally, The Goldman Sachs Group upgraded shares of Chubb from a “buy” rating to a “conviction-buy” rating in a research note on Friday, January 8th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $163.17.
Chubb Limited, through its subsidiaries, provides insurance and reinsurance products worldwide. The company's North America Commercial P&C Insurance segment offers commercial property, casualty, workers' compensation, package policies, risk management, financial lines, marine, construction, environmental, medical, cyber risk, surety, and excess casualty; and group accident and health insurance to large, middle market, and small commercial businesses in the United States, Canada, and Bermuda.
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