Granite Bay Wealth Management LLC Takes $1.62 Million Position in Chubb Limited (NYSE:CB)

Granite Bay Wealth Management LLC purchased a new position in shares of Chubb Limited (NYSE:CB) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 6,300 shares of the financial services provider’s stock, valued at approximately $1,618,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Capital Research Global Investors lifted its position in shares of Chubb by 44.4% during the first quarter. Capital Research Global Investors now owns 6,713,331 shares of the financial services provider’s stock worth $1,739,625,000 after purchasing an additional 2,064,730 shares during the last quarter. Capital World Investors grew its holdings in shares of Chubb by 6.6% in the first quarter. Capital World Investors now owns 10,997,092 shares of the financial services provider’s stock worth $2,849,677,000 after purchasing an additional 685,677 shares during the last quarter. Confluence Investment Management LLC purchased a new position in Chubb in the 1st quarter worth about $165,932,000. Lazard Asset Management LLC lifted its holdings in Chubb by 14.8% during the 1st quarter. Lazard Asset Management LLC now owns 3,543,763 shares of the financial services provider’s stock valued at $918,294,000 after buying an additional 457,881 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado purchased a new stake in Chubb in the 4th quarter valued at about $97,207,000. 83.81% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on CB shares. Keefe, Bruyette & Woods raised their target price on shares of Chubb from $304.00 to $305.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. raised their price objective on Chubb from $266.00 to $286.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Royal Bank of Canada upped their target price on Chubb from $285.00 to $295.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. William Blair lowered Chubb from a “market perform” rating to an “underperform” rating in a research note on Friday, June 28th. Finally, Bank of America upped their price objective on shares of Chubb from $257.00 to $264.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Chubb presently has an average rating of “Hold” and a consensus price target of $274.70.

Insiders Place Their Bets

In other Chubb news, CEO Evan G. Greenberg sold 30,318 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $289.60, for a total value of $8,780,092.80. Following the completion of the transaction, the chief executive officer now owns 553,664 shares of the company’s stock, valued at $160,341,094.40. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Evan G. Greenberg sold 30,318 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $289.60, for a total value of $8,780,092.80. Following the completion of the transaction, the chief executive officer now directly owns 553,664 shares in the company, valued at $160,341,094.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Evan G. Greenberg sold 30,537 shares of Chubb stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $287.25, for a total value of $8,771,753.25. Following the sale, the chief executive officer now directly owns 583,982 shares of the company’s stock, valued at approximately $167,748,829.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 86,636 shares of company stock valued at $24,874,208. Insiders own 0.86% of the company’s stock.

Chubb Price Performance

NYSE CB opened at $288.39 on Tuesday. The firm’s fifty day simple moving average is $279.09 and its two-hundred day simple moving average is $264.94. The firm has a market capitalization of $117.10 billion, a P/E ratio of 12.80, a P/E/G ratio of 5.74 and a beta of 0.66. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.20. Chubb Limited has a 12-month low of $204.15 and a 12-month high of $294.18.

Chubb (NYSE:CB) last announced its earnings results on Tuesday, July 23rd. The financial services provider reported $5.38 earnings per share for the quarter, topping the consensus estimate of $5.04 by $0.34. The firm had revenue of $13.36 billion for the quarter, compared to the consensus estimate of $13.04 billion. Chubb had a return on equity of 15.77% and a net margin of 18.14%. The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the previous year, the business earned $4.92 EPS. Analysts forecast that Chubb Limited will post 21.21 EPS for the current fiscal year.

Chubb Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Friday, September 13th will be paid a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date of this dividend is Friday, September 13th. Chubb’s dividend payout ratio (DPR) is presently 16.16%.

Chubb Profile

Chubb Limited 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 risk, cyber risk, surety, and casualty; and group accident and health insurance to large, middle market, and small commercial businesses.