Fulton Bank N.A. Reduces Stock Holdings in Chubb Limited (NYSE:CB)
Fulton Bank N.A. decreased its stake in Chubb Limited (NYSE:CB) by 1.8% in the first quarter, Holdings Channel.com reports. The firm owned 10,496 shares of the financial services provider’s stock after selling 189 shares during the period. Fulton Bank N.A.’s holdings in Chubb were worth $1,658,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Twinbeech Capital LP purchased a new position in shares of Chubb in the 3rd quarter worth approximately $4,748,000. Mercer Global Advisors Inc. ADV boosted its holdings in Chubb by 72.0% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 10,408 shares of the financial services provider’s stock valued at $1,209,000 after acquiring an additional 4,356 shares during the period. Northwest Bancshares Inc. boosted its holdings in Chubb by 6.6% during the 4th quarter. Northwest Bancshares Inc. now owns 25,620 shares of the financial services provider’s stock valued at $3,944,000 after acquiring an additional 1,575 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in Chubb during the 3rd quarter valued at $5,307,000. Finally, PhiloSmith Capital Corp boosted its holdings in Chubb by 4.6% during the 4th quarter. PhiloSmith Capital Corp now owns 90,750 shares of the financial services provider’s stock valued at $13,967,000 after acquiring an additional 4,000 shares during the period. Hedge funds and other institutional investors own 85.79% of the company’s stock.
In other news, insider John J. Lupica sold 4,337 shares of the business’s stock in a transaction on Monday, March 15th. The shares were sold at an average price of $175.03, for a total transaction of $759,105.11. Following the sale, the insider now directly owns 145,604 shares of the company’s stock, valued at $25,485,068.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Paul J. Krump sold 6,250 shares of the company’s stock in a transaction on Thursday, February 4th. The shares were sold at an average price of $160.06, for a total transaction of $1,000,375.00. Following the completion of the sale, the insider now directly owns 108,021 shares in the company, valued at $17,289,841.26. The disclosure for this sale can be found here. Insiders have sold 22,087 shares of company stock worth $3,690,300 over the last three months. Corporate insiders own 0.37% of the company’s stock.
Chubb (NYSE:CB) last announced its quarterly earnings data on Monday, February 1st. The financial services provider reported $3.18 earnings per share for the quarter, beating analysts’ consensus estimates of $2.82 by $0.36. The firm had revenue of $7.77 billion for the quarter, compared to analyst estimates of $7.83 billion. Chubb had a net margin of 6.24% and a return on equity of 5.33%. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the company earned $2.28 earnings per share. As a group, analysts expect that Chubb Limited will post 7.02 EPS for the current year.
Chubb announced that its board has approved a stock repurchase plan on Wednesday, February 3rd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 9th. Stockholders of record on Friday, March 19th will be issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date is Thursday, March 18th. Chubb’s dividend payout ratio (DPR) is presently 30.86%.
A number of equities analysts recently issued reports on CB shares. JPMorgan Chase & Co. cut Chubb from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $152.00 to $155.00 in a report on Monday, January 4th. Morgan Stanley upped their target price on Chubb from $149.00 to $172.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 12th. Barclays upped their target price on Chubb from $173.00 to $178.00 and gave the stock an “overweight” rating in a report on Thursday, February 4th. Raymond James upped their target price on Chubb from $190.00 to $200.00 and gave the stock a “strong-buy” rating in a report on Wednesday, March 17th. Finally, Citigroup upped their target price on Chubb from $178.00 to $187.00 in a report on Wednesday, March 31st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $163.17.
Chubb Company Profile
Chubb Limited, through its subsidiaries, 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, cyber risk, surety, and excess casualty; and group accident and health insurance to large, middle market, and small commercial businesses in the United States, Canada, and Bermuda.
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