Core Alternative Capital Reduces Stake in Chubb Limited (NYSE:CB)

Core Alternative Capital reduced its stake in shares of Chubb Limited (NYSE:CB) by 17.2% in the first quarter, Holdings Channel reports. The fund owned 24,147 shares of the financial services provider’s stock after selling 5,011 shares during the quarter. Chubb accounts for about 1.8% of Core Alternative Capital’s portfolio, making the stock its 16th largest position. Core Alternative Capital’s holdings in Chubb were worth $7,292,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Demars Financial Group LLC lifted its stake in Chubb by 26,761.4% in the fourth quarter. Demars Financial Group LLC now owns 5,360,455 shares of the financial services provider’s stock valued at $1,481,094,000 after purchasing an additional 5,340,499 shares during the last quarter. Norges Bank bought a new stake in shares of Chubb in the fourth quarter valued at $1,169,720,000. GAMMA Investing LLC raised its stake in shares of Chubb by 36,831.3% in the first quarter. GAMMA Investing LLC now owns 2,084,033 shares of the financial services provider’s stock valued at $629,357,000 after buying an additional 2,078,390 shares during the period. Royal Bank of Canada lifted its position in shares of Chubb by 46.7% during the 4th quarter. Royal Bank of Canada now owns 4,406,052 shares of the financial services provider’s stock valued at $1,217,392,000 after buying an additional 1,403,545 shares during the last quarter. Finally, Castlekeep Investment Advisors LLC bought a new position in shares of Chubb during the 4th quarter worth $336,972,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Chubb Stock Up 0.7%

Shares of NYSE CB opened at $281.99 on Friday. The stock has a market capitalization of $113.00 billion, a P/E ratio of 13.57, a PEG ratio of 3.16 and a beta of 0.53. Chubb Limited has a one year low of $251.42 and a one year high of $306.91. The firm’s 50 day simple moving average is $287.96 and its two-hundred day simple moving average is $282.09. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.28 and a quick ratio of 0.28.

Chubb (NYSE:CB) last announced its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $3.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.28 by $0.40. Chubb had a net margin of 15.05% and a return on equity of 12.37%. The company had revenue of $12.65 billion during the quarter, compared to analysts’ expectations of $11.22 billion. As a group, analysts expect that Chubb Limited will post 21.52 EPS for the current fiscal year.

Chubb declared that its Board of Directors has initiated a stock repurchase program on Thursday, May 15th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Chubb Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Friday, June 13th were given a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a yield of 1.38%. This is a positive change from Chubb’s previous quarterly dividend of $0.91. The ex-dividend date was Friday, June 13th. Chubb’s dividend payout ratio is presently 18.67%.

Insider Transactions at Chubb

In related news, insider John J. Lupica sold 5,513 shares of the firm’s stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $290.06, for a total transaction of $1,599,100.78. Following the transaction, the insider directly owned 91,180 shares in the company, valued at $26,447,670.80. This trade represents a 5.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO John W. Keogh sold 85,083 shares of Chubb stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $290.24, for a total value of $24,694,489.92. Following the completion of the transaction, the chief operating officer directly owned 237,728 shares in the company, valued at $68,998,174.72. This trade represents a 26.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 100,390 shares of company stock worth $29,163,135 over the last ninety days. Insiders own 0.77% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CB shares. Piper Sandler lifted their price objective on Chubb from $310.00 to $335.00 and gave the stock an “overweight” rating in a report on Tuesday, April 1st. Keefe, Bruyette & Woods cut their target price on shares of Chubb from $316.00 to $314.00 and set an “outperform” rating for the company in a research report on Thursday, April 24th. Barclays reduced their target price on shares of Chubb from $324.00 to $321.00 and set an “overweight” rating for the company in a research note on Friday, April 11th. JPMorgan Chase & Co. upped their price target on shares of Chubb from $300.00 to $307.00 and gave the company a “neutral” rating in a research note on Tuesday, April 8th. Finally, Jefferies Financial Group raised their price objective on shares of Chubb from $307.00 to $308.00 and gave the stock a “hold” rating in a report on Friday, April 11th. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Chubb has a consensus rating of “Moderate Buy” and a consensus price target of $307.53.

Chubb 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.