TIAA CREF Investment Management LLC decreased its stake in Chubb Ltd (NYSE:CB) by 25.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 3,224,180 shares of the financial services provider’s stock after selling 1,129,809 shares during the period. TIAA CREF Investment Management LLC’s holdings in Chubb were worth $471,149,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of the company. Financial Gravity Companies Inc. bought a new stake in shares of Chubb during the 4th quarter valued at about $103,000. Welch Group LLC bought a new stake in shares of Chubb during the 4th quarter valued at about $110,000. Focused Wealth Management Inc bought a new stake in shares of Chubb during the 4th quarter valued at about $117,000. Horan Capital Advisors LLC. bought a new stake in shares of Chubb during the 3rd quarter valued at about $133,000. Finally, Covenant Multifamily Offices LLC bought a new stake in shares of Chubb during the 4th quarter valued at about $135,000. 89.16% of the stock is owned by institutional investors.
In other news, insider Juan C. Andrade sold 9,373 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $146.06, for a total value of $1,369,020.38. Following the transaction, the insider now owns 110,195 shares in the company, valued at $16,095,081.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Evan G. Greenberg sold 95,761 shares of the firm’s stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $145.56, for a total value of $13,938,971.16. Following the completion of the transaction, the chief executive officer now owns 1,367,229 shares in the company, valued at approximately $199,013,853.24. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by corporate insiders.
Chubb (NYSE:CB) last announced its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.86. The business had revenue of $7.05 billion for the quarter, compared to analyst estimates of $6.64 billion. Chubb had a return on equity of 7.52% and a net margin of 11.87%. The company’s quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.72 earnings per share. equities analysts expect that Chubb Ltd will post 10.76 EPS for the current year.
Chubb declared that its board has authorized a share buyback plan on Thursday, December 21st that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 20th. Shareholders of record on Thursday, March 29th will be issued a $0.71 dividend. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $2.84 annualized dividend and a yield of 1.98%. Chubb’s payout ratio is currently 34.63%.
Several brokerages recently commented on CB. Zacks Investment Research lowered Chubb from a “buy” rating to a “sell” rating in a research report on Friday, January 5th. Royal Bank of Canada restated a “buy” rating and set a $170.00 target price on shares of Chubb in a research report on Wednesday, January 31st. Bank of America upped their target price on Chubb from $168.00 to $171.00 and gave the company a “buy” rating in a research report on Wednesday, January 31st. Credit Suisse Group restated a “neutral” rating and set a $156.00 target price on shares of Chubb in a research report on Tuesday, December 19th. Finally, Goldman Sachs Group began coverage on Chubb in a research report on Monday, December 4th. They set a “buy” rating and a $167.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating and ten have issued a buy rating to the company. Chubb has an average rating of “Buy” and an average price target of $165.25.
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Chubb Limited is a holding company. The Company, through its subsidiaries, provides a range of insurance and reinsurance products and services to clients around the world. Its segments include North America Commercial property and casualty (P&C) Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance and Life Insurance.
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