Adage Capital Partners GP L.L.C. Increases Stake in Chubb Limited $CB

Adage Capital Partners GP L.L.C. grew its position in Chubb Limited (NYSE:CB) by 88.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 489,883 shares of the financial services provider’s stock after buying an additional 229,600 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.12% of Chubb worth $147,940,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. EP Wealth Advisors LLC lifted its position in Chubb by 98.6% in the 1st quarter. EP Wealth Advisors LLC now owns 15,230 shares of the financial services provider’s stock valued at $4,599,000 after acquiring an additional 7,562 shares in the last quarter. First Manhattan CO. LLC. raised its stake in shares of Chubb by 23.9% in the first quarter. First Manhattan CO. LLC. now owns 155,359 shares of the financial services provider’s stock worth $47,049,000 after purchasing an additional 29,995 shares during the last quarter. 1248 Management LLC bought a new position in shares of Chubb during the first quarter valued at $31,000. Focus Partners Advisor Solutions LLC boosted its position in shares of Chubb by 44.8% during the first quarter. Focus Partners Advisor Solutions LLC now owns 6,998 shares of the financial services provider’s stock valued at $2,113,000 after buying an additional 2,165 shares during the last quarter. Finally, Flputnam Investment Management Co. increased its holdings in Chubb by 10.8% in the 1st quarter. Flputnam Investment Management Co. now owns 101,927 shares of the financial services provider’s stock worth $30,781,000 after buying an additional 9,925 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Chubb Stock Performance

CB opened at $275.12 on Tuesday. The company has a 50 day simple moving average of $275.50 and a two-hundred day simple moving average of $282.95. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.28 and a quick ratio of 0.28. The firm has a market cap of $109.69 billion, a P/E ratio of 12.14, a PEG ratio of 3.10 and a beta of 0.56. Chubb Limited has a 1-year low of $252.16 and a 1-year high of $306.91.

Chubb (NYSE:CB) last announced its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $6.14 EPS for the quarter, beating the consensus estimate of $5.84 by $0.30. The firm had revenue of $14.20 billion for the quarter, compared to the consensus estimate of $12.53 billion. Chubb had a net margin of 16.08% and a return on equity of 12.34%. The company’s revenue was up 6.3% on a year-over-year basis. During the same period last year, the firm earned $5.38 EPS. Equities analysts forecast that Chubb Limited will post 21.52 earnings per share for the current fiscal year.

Chubb announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 15th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 4.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Chubb Dividend Announcement

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

Insider Buying and Selling

In related news, insider John J. Lupica sold 5,513 shares of Chubb 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 sale, the insider owned 91,180 shares of the company’s stock, valued at approximately $26,447,670.80. This trade represents a 5.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael Corbat purchased 425 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was acquired at an average cost of $269.80 per share, for a total transaction of $114,665.00. Following the completion of the acquisition, the director owned 2,450 shares in the company, valued at $661,010. This represents a 20.99% increase in their position. The disclosure for this purchase can be found here. 0.86% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CB has been the subject of several research reports. Wells Fargo & Company decreased their price objective on shares of Chubb from $285.00 to $267.00 and set an “equal weight” rating for the company in a report on Thursday, July 24th. Piper Sandler restated a “neutral” rating and issued a $283.00 price target (down from $335.00) on shares of Chubb in a research note on Thursday, July 24th. Morgan Stanley cut their price objective on Chubb from $300.00 to $295.00 and set an “equal weight” rating for the company in a report on Monday, August 18th. Evercore ISI set a $312.00 target price on Chubb in a report on Wednesday, July 23rd. Finally, UBS Group cut their price target on Chubb from $304.00 to $292.00 and set a “neutral” rating for the company in a research note on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $302.00.

About Chubb

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.