Bank of America Corp DE Sells 523,076 Shares of Chubb Limited (NYSE:CB)

Bank of America Corp DE decreased its position in shares of Chubb Limited (NYSE:CBGet Rating) by 9.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,109,629 shares of the financial services provider’s stock after selling 523,076 shares during the period. Bank of America Corp DE owned approximately 1.21% of Chubb worth $1,092,949,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Chubb in the fourth quarter worth $581,220,000. 1832 Asset Management L.P. boosted its stake in Chubb by 15,339.4% in the first quarter. 1832 Asset Management L.P. now owns 2,431,549 shares of the financial services provider’s stock valued at $512,968,000 after buying an additional 2,415,800 shares in the last quarter. Aaron Wealth Advisors LLC boosted its stake in Chubb by 21,092.5% in the first quarter. Aaron Wealth Advisors LLC now owns 2,249,158 shares of the financial services provider’s stock valued at $10,515,000 after buying an additional 2,238,545 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Chubb in the first quarter valued at about $335,682,000. Finally, Invesco Ltd. boosted its stake in Chubb by 33.9% in the first quarter. Invesco Ltd. now owns 2,277,045 shares of the financial services provider’s stock valued at $487,060,000 after buying an additional 576,272 shares in the last quarter. Institutional investors own 87.97% of the company’s stock.

Chubb Stock Down 1.5 %

CB stock opened at $189.25 on Friday. The stock’s fifty day simple moving average is $191.06 and its two-hundred day simple moving average is $200.85. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.28. Chubb Limited has a 1-year low of $171.96 and a 1-year high of $218.99. The stock has a market cap of $79.04 billion, a P/E ratio of 11.41, a P/E/G ratio of 1.23 and a beta of 0.67.

Chubb (NYSE:CBGet Rating) last posted its quarterly earnings data on Tuesday, July 26th. The financial services provider reported $4.20 earnings per share for the quarter, topping the consensus estimate of $3.59 by $0.61. Chubb had a return on equity of 10.97% and a net margin of 17.36%. The business had revenue of $10.51 billion for the quarter, compared to analysts’ expectations of $10.52 billion. During the same quarter in the previous year, the firm earned $3.62 earnings per share. Analysts expect that Chubb Limited will post 15.75 EPS for the current year.

Chubb Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 7th. Stockholders of record on Friday, September 16th will be given a dividend of $0.83 per share. The ex-dividend date is Thursday, September 15th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 1.75%. Chubb’s dividend payout ratio is presently 20.02%.

Insider Activity

In related news, CEO Evan G. Greenberg sold 25,792 shares of the business’s stock in a transaction on Friday, September 9th. The stock was sold at an average price of $193.86, for a total transaction of $5,000,037.12. Following the sale, the chief executive officer now directly owns 594,671 shares in the company, valued at approximately $115,282,920.06. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.39% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on CB. Wells Fargo & Company raised their price objective on Chubb from $248.00 to $250.00 and gave the company an “overweight” rating in a research note on Thursday, July 28th. Citigroup started coverage on Chubb in a research note on Monday, May 23rd. They set a “neutral” rating and a $209.00 price target on the stock. Morgan Stanley cut their price target on Chubb from $224.00 to $216.00 and set an “equal weight” rating on the stock in a research note on Monday, May 23rd. Barclays cut their price target on Chubb from $250.00 to $249.00 and set an “overweight” rating on the stock in a research note on Friday, May 20th. Finally, Jefferies Financial Group cut their price objective on Chubb from $247.00 to $244.00 and set a “buy” rating on the stock in a research note on Tuesday, July 12th. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $230.83.

About Chubb

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Chubb Limited 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.

Further Reading

Institutional Ownership by Quarter for Chubb (NYSE:CB)

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