Covington Capital Management cut its holdings in Chubb Ltd (NYSE:CB) by 0.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 85,166 shares of the financial services provider’s stock after selling 574 shares during the quarter. Covington Capital Management’s holdings in Chubb were worth $12,445,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Financial Gravity Companies Inc. purchased a new stake in shares of Chubb in the 4th quarter worth about $103,000. Welch Group LLC purchased a new stake in Chubb during the 4th quarter valued at about $110,000. Focused Wealth Management Inc purchased a new stake in Chubb during the 4th quarter valued at about $117,000. Covenant Multifamily Offices LLC purchased a new stake in Chubb during the 4th quarter valued at about $135,000. Finally, Horan Capital Advisors LLC. purchased a new stake in Chubb during the 3rd quarter valued at about $133,000. 89.16% of the stock is currently owned by hedge funds and other institutional investors.
Chubb Ltd (NYSE CB) traded up $0.30 on Wednesday, reaching $142.24. 65,462 shares of the company’s stock traded hands, compared to its average volume of 1,793,903. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.23. The company has a market cap of $66,406.82, a PE ratio of 17.31, a P/E/G ratio of 1.33 and a beta of 1.01. Chubb Ltd has a 1-year low of $133.82 and a 1-year high of $157.50.
The business also recently announced a quarterly dividend, which will be paid on Friday, April 20th. Shareholders of record on Thursday, March 29th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Wednesday, March 28th. Chubb’s dividend payout ratio is currently 34.63%.
Chubb declared that its board has initiated a stock buyback plan on Thursday, December 21st that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
Several analysts recently commented on the stock. Barclays increased their price objective on shares of Chubb from $169.00 to $175.00 and gave the company an “overweight” rating in a research report on Tuesday, February 20th. Royal Bank of Canada reissued a “buy” rating and set a $170.00 price objective on shares of Chubb in a research report on Wednesday, January 31st. Bank of America increased their price objective on shares of Chubb from $168.00 to $171.00 and gave the company a “buy” rating in a research report on Wednesday, January 31st. Wells Fargo & Co reissued a “buy” rating and set a $169.00 price objective on shares of Chubb in a research report on Tuesday, January 30th. Finally, Zacks Investment Research downgraded shares of Chubb from a “buy” rating to a “sell” rating in a research report on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $165.25.
In other Chubb news, CEO Evan G. Greenberg sold 95,761 shares of the company’s stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $145.56, for a total transaction of $13,938,971.16. Following the transaction, the chief executive officer now owns 1,367,229 shares in the company, valued at approximately $199,013,853.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Juan C. Andrade sold 9,373 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $146.06, for a total transaction of $1,369,020.38. Following the transaction, the insider now owns 110,195 shares in the company, valued at approximately $16,095,081.70. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by corporate insiders.
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Chubb Company Profile
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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