Dynamic Technology Lab Private Ltd Buys New Stake in Chubb Ltd (CB)
Dynamic Technology Lab Private Ltd bought a new position in shares of Chubb Ltd (NYSE:CB) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 12,802 shares of the financial services provider’s stock, valued at approximately $1,711,000.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Capital Fund Management S.A. grew its stake in Chubb by 61.3% during the third quarter. Capital Fund Management S.A. now owns 9,354 shares of the financial services provider’s stock worth $1,250,000 after buying an additional 3,554 shares during the period. WEALTHFRONT Corp grew its stake in Chubb by 54.8% during the third quarter. WEALTHFRONT Corp now owns 16,859 shares of the financial services provider’s stock worth $2,253,000 after buying an additional 5,966 shares during the period. Woodley Farra Manion Portfolio Management Inc. grew its stake in Chubb by 0.8% during the third quarter. Woodley Farra Manion Portfolio Management Inc. now owns 222,386 shares of the financial services provider’s stock worth $29,720,000 after buying an additional 1,832 shares during the period. Utah Retirement Systems grew its stake in Chubb by 0.5% during the third quarter. Utah Retirement Systems now owns 86,212 shares of the financial services provider’s stock worth $11,521,000 after buying an additional 400 shares during the period. Finally, Riverhead Capital Management LLC grew its stake in Chubb by 25.3% during the third quarter. Riverhead Capital Management LLC now owns 12,047 shares of the financial services provider’s stock worth $1,610,000 after buying an additional 2,430 shares during the period. Institutional investors own 87.61% of the company’s stock.
Several equities research analysts have issued reports on CB shares. Citigroup decreased their price objective on shares of Chubb from $150.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, October 25th. Wells Fargo & Co reiterated a “buy” rating and set a $160.00 price objective on shares of Chubb in a research note on Monday. Zacks Investment Research upgraded shares of Chubb from a “sell” rating to a “hold” rating in a research note on Tuesday, October 16th. ValuEngine upgraded shares of Chubb from a “sell” rating to a “hold” rating in a research note on Tuesday, September 4th. Finally, Morgan Stanley decreased their price objective on shares of Chubb from $166.00 to $153.00 and set an “overweight” rating for the company in a research note on Wednesday, November 14th. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. Chubb has a consensus rating of “Hold” and a consensus price target of $156.80.
Chubb (NYSE:CB) last posted its earnings results on Tuesday, October 23rd. The financial services provider reported $2.41 EPS for the quarter, topping analysts’ consensus estimates of $2.39 by $0.02. Chubb had a net margin of 15.37% and a return on equity of 9.71%. The business had revenue of $7.55 billion for the quarter, compared to analysts’ expectations of $7.63 billion. During the same period in the previous year, the company posted ($0.13) earnings per share. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Chubb Ltd will post 9.68 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 11th. Stockholders of record on Friday, December 21st will be given a dividend of $0.73 per share. The ex-dividend date is Thursday, December 20th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.22%. Chubb’s payout ratio is currently 36.36%.
Chubb announced that its board has initiated a stock repurchase plan on Thursday, November 15th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In related news, Director Michael G. Atieh sold 1,200 shares of the company’s stock in a transaction on Wednesday, November 28th. The shares were sold at an average price of $133.27, for a total value of $159,924.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Evan G. Greenberg sold 227,994 shares of the company’s stock in a transaction on Wednesday, September 19th. The shares were sold at an average price of $140.29, for a total transaction of $31,985,278.26. Following the completion of the sale, the chief executive officer now directly owns 1,583,326 shares in the company, valued at $222,124,804.54. The disclosure for this sale can be found here. Over the last three months, insiders have sold 244,207 shares of company stock worth $34,237,330. Corporate insiders own 0.44% of the company’s stock.
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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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