Security National Bank Sells 1,035 Shares of Chubb Limited (NYSE:CB)
Security National Bank decreased its stake in shares of Chubb Limited (NYSE:CB) by 5.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,966 shares of the financial services provider’s stock after selling 1,035 shares during the period. Security National Bank’s holdings in Chubb were worth $2,838,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new position in Chubb during the 4th quarter valued at about $493,517,000. Price T Rowe Associates Inc. MD lifted its position in Chubb by 14.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 23,852,906 shares of the financial services provider’s stock valued at $3,671,411,000 after acquiring an additional 3,020,693 shares during the period. FMR LLC lifted its position in Chubb by 12.6% during the 4th quarter. FMR LLC now owns 7,854,972 shares of the financial services provider’s stock valued at $1,209,037,000 after acquiring an additional 876,961 shares during the period. Canada Pension Plan Investment Board raised its holdings in Chubb by 274.2% in the fourth quarter. Canada Pension Plan Investment Board now owns 748,146 shares of the financial services provider’s stock worth $115,155,000 after buying an additional 548,188 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. raised its holdings in Chubb by 55.4% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 1,419,932 shares of the financial services provider’s stock worth $218,557,000 after buying an additional 506,107 shares during the last quarter. 85.79% of the stock is currently owned by hedge funds and other institutional investors.
CB has been the subject of several recent analyst reports. Citigroup lifted their target price on shares of Chubb from $178.00 to $187.00 in a report on Wednesday, March 31st. The Goldman Sachs Group raised shares of Chubb from a “buy” rating to a “conviction-buy” rating in a report on Friday, January 8th. Bank of America cut shares of Chubb from a “neutral” rating to an “underperform” rating and lifted their target price for the stock from $132.00 to $138.00 in a report on Tuesday, December 22nd. MKM Partners boosted their price objective on shares of Chubb from $180.00 to $210.00 and gave the company a “buy” rating in a report on Thursday, March 18th. Finally, JPMorgan Chase & Co. cut shares of 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. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $163.17.
Chubb (NYSE:CB) last posted its quarterly earnings results on Monday, February 1st. The financial services provider reported $3.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.82 by $0.36. The business had revenue of $7.77 billion during 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 company’s revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.28 earnings per share. On average, research analysts forecast that Chubb Limited will post 7.02 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 9th. Shareholders of record on Friday, March 19th will be given a $0.78 dividend. The ex-dividend date is Thursday, March 18th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.96%. Chubb’s payout ratio is currently 30.86%.
Chubb announced that its board has initiated a share buyback plan on Wednesday, February 3rd that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, insider John J. Lupica sold 4,337 shares of the company’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 completion of the transaction, the insider now owns 145,604 shares in the company, valued at $25,485,068.12. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Paul J. Krump sold 6,250 shares of the company’s stock in a transaction on Thursday, February 4th. The stock was sold at an average price of $160.06, for a total transaction of $1,000,375.00. Following the transaction, the insider now owns 108,021 shares of the company’s stock, valued at approximately $17,289,841.26. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,087 shares of company stock valued at $3,690,300. Company insiders own 0.37% of the company’s stock.
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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