Assenagon Asset Management S.A. Sells 16,498 Shares of Chubb Limited (NYSE:CB)

Assenagon Asset Management S.A. lessened its holdings in shares of Chubb Limited (NYSE:CB) by 61.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,380 shares of the financial services provider’s stock after selling 16,498 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Chubb were worth $3,135,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. California Public Employees Retirement System increased its stake in Chubb by 1.1% during the 4th quarter. California Public Employees Retirement System now owns 1,350,381 shares of the financial services provider’s stock valued at $373,110,000 after purchasing an additional 14,610 shares in the last quarter. Canopy Partners LLC boosted its holdings in Chubb by 94.4% during the 4th quarter. Canopy Partners LLC now owns 4,818 shares of the financial services provider’s stock worth $1,331,000 after acquiring an additional 2,340 shares during the last quarter. Vista Investment Partners II LLC purchased a new position in Chubb during the 4th quarter worth $2,442,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Chubb by 15.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,753,719 shares of the financial services provider’s stock worth $760,853,000 after acquiring an additional 366,559 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Chubb during the 4th quarter worth $1,158,897,000. Institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CB. Barclays cut their price objective on shares of Chubb from $324.00 to $321.00 and set an “overweight” rating on the stock in a report on Friday, April 11th. Keefe, Bruyette & Woods cut their price objective on shares of Chubb from $316.00 to $314.00 and set an “outperform” rating on the stock in a report on Thursday, April 24th. Raymond James reaffirmed a “strong-buy” rating on shares of Chubb in a report on Thursday, April 24th. Wells Fargo & Company lifted their price objective on shares of Chubb from $268.00 to $278.00 and gave the stock an “equal weight” rating in a report on Thursday, April 24th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Chubb from $300.00 to $307.00 and gave the stock a “neutral” rating in a report on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $307.53.

Chubb Price Performance

Shares of NYSE:CB opened at $286.59 on Monday. The company has a quick ratio of 0.28, a current ratio of 0.25 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $114.84 billion, a PE ratio of 12.61, a P/E/G ratio of 3.36 and a beta of 0.54. Chubb Limited has a twelve month low of $251.42 and a twelve month high of $306.91. The company has a 50-day moving average price of $287.72 and a two-hundred day moving average price of $281.66.

Chubb (NYSE:CB) last issued its earnings results on Tuesday, April 22nd. The financial services provider reported $3.68 earnings per share for the quarter, topping analysts’ consensus estimates of $3.28 by $0.40. The firm had revenue of $12.65 billion during the quarter, compared to analyst estimates of $11.22 billion. Chubb had a net margin of 16.63% and a return on equity of 13.75%. Equities analysts forecast that Chubb Limited will post 21.52 EPS for the current year.

Chubb Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Friday, June 13th will be given a $0.97 dividend. This is a positive change from Chubb’s previous quarterly dividend of $0.91. This represents a $3.88 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date is Friday, June 13th. Chubb’s dividend payout ratio (DPR) is 18.67%.

Chubb declared that its board has approved a share repurchase plan on Thursday, May 15th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other news, EVP Joseph F. Wayland sold 12,231 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $294.82, for a total value of $3,605,943.42. Following the completion of the transaction, the executive vice president now directly owns 78,422 shares in the company, valued at approximately $23,120,374.04. This trade represents a 13.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO John W. Keogh sold 9,794 shares of the firm’s stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $292.99, for a total transaction of $2,869,544.06. Following the completion of the transaction, the chief operating officer now owns 247,538 shares of the company’s stock, valued at $72,526,158.62. This trade represents a 3.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 121,856 shares of company stock worth $35,537,155. 0.77% of the stock is owned by company insiders.

Chubb Company Profile

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 risk, cyber risk, surety, and casualty; and group accident and health insurance to large, middle market, and small commercial businesses.