Sumitomo Life Insurance Co. Makes New Investment in Chubb Limited $CB

Sumitomo Life Insurance Co. purchased a new stake in shares of Chubb Limited (NYSE:CB) in the second quarter, HoldingsChannel reports. The institutional investor purchased 5,296 shares of the financial services provider’s stock, valued at approximately $1,805,000.

Other hedge funds also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Chubb in the second quarter valued at $9,913,336,000. Norges Bank acquired a new position in Chubb during the fourth quarter worth about $1,081,190,000. Bank of New York Mellon Corp acquired a new position in Chubb during the second quarter worth about $1,042,549,000. Price T Rowe Associates Inc. MD raised its position in Chubb by 25.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,947,799 shares of the financial services provider’s stock worth $4,665,508,000 after acquiring an additional 3,049,987 shares in the last quarter. Finally, Berkshire Hathaway Inc raised its position in Chubb by 9.3% in the fourth quarter. Berkshire Hathaway Inc now owns 34,249,183 shares of the financial services provider’s stock worth $10,689,855,000 after acquiring an additional 2,916,288 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CB has been the subject of several recent research reports. UBS Group increased their target price on shares of Chubb from $340.00 to $369.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Barclays set a $387.00 price target on shares of Chubb in a research report on Tuesday, July 7th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $400.00 price target on shares of Chubb in a report on Wednesday, July 22nd. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $354.00 price objective on shares of Chubb in a research report on Wednesday, July 22nd. Finally, Morgan Stanley raised their price objective on Chubb from $340.00 to $360.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Chubb presently has an average rating of “Hold” and an average target price of $361.00.

Insider Buying and Selling

In related news, COO John W. Keogh sold 23,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $321.51, for a total value of $7,394,730.00. Following the completion of the transaction, the chief operating officer owned 203,322 shares of the company’s stock, valued at approximately $65,370,056.22. This trade represents a 10.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Joseph F. Wayland sold 8,502 shares of Chubb stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $364.54, for a total transaction of $3,099,319.08. Following the transaction, the executive vice president owned 33,749 shares in the company, valued at approximately $12,302,860.46. The trade was a 20.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.37% of the company’s stock.

Chubb Price Performance

CB stock opened at $341.15 on Friday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.22. Chubb Limited has a one year low of $265.30 and a one year high of $365.91. The firm has a market capitalization of $131.62 billion, a PE ratio of 12.07, a P/E/G ratio of 1.66 and a beta of 0.39. The firm has a 50-day moving average of $345.88 and a two-hundred day moving average of $333.31.

Chubb (NYSE:CB) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $7.26 EPS for the quarter, topping the consensus estimate of $6.77 by $0.49. The company had revenue of $11.97 billion during the quarter, compared to analysts’ expectations of $15.07 billion. Chubb had a net margin of 18.10% and a return on equity of 14.47%. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period last year, the company posted $6.14 earnings per share. On average, analysts forecast that Chubb Limited will post 27.49 earnings per share for the current year.

Chubb Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Friday, September 11th will be paid a $1.02 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a $4.08 dividend on an annualized basis and a yield of 1.2%. Chubb’s dividend payout ratio (DPR) is currently 14.43%.

Chubb Profile

Chubb is a global property and casualty insurance company that underwrites a broad range of commercial and personal insurance products and related services. Its offerings include commercial property and casualty coverage, specialty liability, professional and management liability, cyber and technology insurance, marine and energy, surety, accident and health solutions, and high-net-worth personal lines such as homeowners, auto and valuables protection. Chubb serves businesses, individuals and institutions with tailored underwriting and risk-transfer solutions across multiple industry sectors.

In addition to core underwriting, Chubb provides risk engineering, loss control, claims management and risk consulting services intended to reduce loss severity and help clients manage exposures.