Corbyn Investment Management Inc. MD Raises Holdings in Chubb Ltd (CB)
Corbyn Investment Management Inc. MD grew its stake in shares of Chubb Ltd (NYSE:CB) by 20,973.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,644 shares of the financial services provider’s stock after acquiring an additional 12,584 shares during the period. Corbyn Investment Management Inc. MD’s holdings in Chubb were worth $1,606,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of CB. WCM Investment Management CA lifted its position in Chubb by 94.4% during the first quarter. WCM Investment Management CA now owns 23,004,754 shares of the financial services provider’s stock worth $3,146,362,000 after acquiring an additional 11,169,592 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in Chubb during the second quarter worth approximately $95,936,000. CI Global Investments Inc. lifted its position in Chubb by 72.9% during the first quarter. CI Global Investments Inc. now owns 1,753,343 shares of the financial services provider’s stock worth $239,805,000 after acquiring an additional 739,045 shares during the last quarter. American Century Companies Inc. lifted its position in Chubb by 12.3% during the second quarter. American Century Companies Inc. now owns 4,610,946 shares of the financial services provider’s stock worth $585,682,000 after acquiring an additional 504,768 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in Chubb by 3.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 13,848,022 shares of the financial services provider’s stock worth $1,758,976,000 after acquiring an additional 488,028 shares during the last quarter. Hedge funds and other institutional investors own 90.43% of the company’s stock.
Several brokerages have issued reports on CB. ValuEngine downgraded shares of Chubb from a “hold” rating to a “sell” rating in a research report on Tuesday, May 29th. Deutsche Bank downgraded shares of Chubb from a “hold” rating to a “sell” rating and cut their price objective for the stock from $135.00 to $126.00 in a research report on Monday, August 13th. Wells Fargo & Co restated a “buy” rating on shares of Chubb in a research report on Wednesday, August 8th. Citigroup cut their price objective on shares of Chubb from $157.00 to $151.00 and set a “buy” rating for the company in a research report on Thursday, July 12th. Finally, Zacks Investment Research raised shares of Chubb from a “sell” rating to a “hold” rating in a report on Wednesday, July 4th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. Chubb has a consensus rating of “Hold” and a consensus target price of $160.09.
Chubb (NYSE:CB) last announced its earnings results on Tuesday, July 24th. The financial services provider reported $2.68 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.62 by $0.06. Chubb had a net margin of 11.53% and a return on equity of 7.41%. The company had revenue of $7.45 billion for the quarter, compared to analysts’ expectations of $7.30 billion. During the same period last year, the firm earned $2.50 earnings per share. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. equities analysts predict that Chubb Ltd will post 10.41 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 12th. Stockholders of record on Friday, September 21st will be issued a dividend of $0.73 per share. The ex-dividend date is Thursday, September 20th. This represents a $2.92 annualized dividend and a dividend yield of 2.18%. Chubb’s dividend payout ratio is presently 36.36%.
In other news, Director Michael G. Atieh sold 920 shares of the firm’s stock in a transaction that occurred on Monday, June 4th. The shares were sold at an average price of $130.86, for a total transaction of $120,391.20. Following the transaction, the director now directly owns 40,561 shares of the company’s stock, valued at $5,307,812.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders have bought 135 shares of company stock worth $19,612 and have sold 1,048 shares worth $138,338. 0.44% of the stock is currently owned by company insiders.
Chubb Limited, through its subsidiaries, provides insurance and reinsurance products worldwide. Its North America Commercial P&C Insurance segment offers commercial property, marine, general casualty, workers' compensation, package policies, and risk management; and professional lines, marine, construction, environmental, medical, cyber risk, and excess casualty, as well as group accident and health insurance to large, middle market, and small commercial businesses in the United States, Canada, and Bermuda.
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