Price T Rowe Associates Inc. MD Sells 1,832,443 Shares of Chubb Limited $CB

Price T Rowe Associates Inc. MD lessened its stake in Chubb Limited (NYSE:CB) by 11.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,574,441 shares of the financial services provider’s stock after selling 1,832,443 shares during the quarter. Chubb comprises 0.5% of Price T Rowe Associates Inc. MD’s investment portfolio, making the stock its 28th biggest position. Price T Rowe Associates Inc. MD owned 3.64% of Chubb worth $4,401,336,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. GQG Partners LLC lifted its holdings in shares of Chubb by 112.1% during the 1st quarter. GQG Partners LLC now owns 9,394,018 shares of the financial services provider’s stock worth $2,836,899,000 after acquiring an additional 4,964,298 shares during the period. GAMMA Investing LLC raised its position in Chubb by 36,831.3% during 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 purchasing an additional 2,078,390 shares in the last quarter. Nuveen LLC bought a new stake in Chubb during the first quarter worth $562,221,000. Royal Bank of Canada boosted its holdings in shares of Chubb by 46.7% in 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 purchasing an additional 1,403,545 shares in the last quarter. Finally, Castlekeep Investment Advisors LLC bought a new position in shares of Chubb in the 4th quarter valued at $336,972,000. 83.81% of the stock is owned by institutional investors.

Chubb Stock Performance

Chubb stock opened at $279.4320 on Thursday. The business has a 50 day moving average of $277.15 and a 200-day moving average of $282.46. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.28 and a quick ratio of 0.28. Chubb Limited has a 1 year low of $252.16 and a 1 year high of $306.91. The company has a market capitalization of $111.41 billion, a P/E ratio of 12.33, a P/E/G ratio of 3.09 and a beta of 0.53.

Chubb (NYSE:CB) last posted its earnings results on Tuesday, July 22nd. The financial services provider reported $6.14 earnings per share for the quarter, topping analysts’ consensus estimates of $5.84 by $0.30. The firm had revenue of $14.20 billion for the quarter, compared to analyst estimates of $12.53 billion. Chubb had a net margin of 16.08% and a return on equity of 12.34%. The company’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.38 EPS. On average, equities research analysts predict that Chubb Limited will post 21.52 earnings per share for the current year.

Chubb Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Friday, September 12th will be issued a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, September 12th. Chubb’s dividend payout ratio is presently 17.12%.

Chubb declared that its board has authorized a share buyback plan on Thursday, May 15th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CB shares. Deutsche Bank Aktiengesellschaft downgraded Chubb from a “buy” rating to a “hold” rating and set a $303.00 price objective for the company. in a research report on Tuesday, May 20th. Citigroup assumed coverage on shares of Chubb in a report on Wednesday, August 13th. They issued a “buy” rating and a $326.00 target price for the company. UBS Group reduced their price target on shares of Chubb from $304.00 to $292.00 and set a “neutral” rating on the stock in a research note on Monday, July 28th. Piper Sandler reiterated a “neutral” rating and set a $283.00 price objective (down from $335.00) on shares of Chubb in a research report on Thursday, July 24th. Finally, Evercore ISI set a $312.00 price objective on shares of Chubb in a research note on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $302.00.

Insider Activity

In related news, COO John W. Keogh sold 9,794 shares of the stock in a transaction 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 transaction, the chief operating officer directly owned 247,538 shares of the company’s stock, valued at $72,526,158.62. This represents a 3.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John J. Lupica sold 5,513 shares of the stock in a transaction dated 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 disclosure for this sale can be found here. 0.77% of the stock is currently owned by company insiders.

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.