Chubb Corp. (CB) Stake Cut by Rock Point Advisors LLC
Rock Point Advisors LLC lowered its stake in Chubb Corp. (NYSE:CB) by 26.0% during the second quarter, Holdings Channel reports. The fund owned 73,864 shares of the company’s stock after selling 25,892 shares during the period. Chubb Corp. accounts for approximately 5.2% of Rock Point Advisors LLC’s portfolio, making the stock its 2nd largest position. Rock Point Advisors LLC’s holdings in Chubb Corp. were worth $9,655,000 as of its most recent filing with the SEC.
A number of other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP boosted its stake in Chubb Corp. by 1,144.2% in the first quarter. Wellington Management Group LLP now owns 32,841,412 shares of the company’s stock worth $3,913,055,000 after buying an additional 30,201,897 shares during the period. Geode Capital Management LLC boosted its stake in Chubb Corp. by 101.2% in the first quarter. Geode Capital Management LLC now owns 3,709,659 shares of the company’s stock worth $441,104,000 after buying an additional 1,866,068 shares during the period. UBS Asset Management Americas Inc. boosted its stake in Chubb Corp. by 193.3% in the first quarter. UBS Asset Management Americas Inc. now owns 2,284,749 shares of the company’s stock worth $272,228,000 after buying an additional 1,505,808 shares during the period. American Century Companies Inc. boosted its stake in Chubb Corp. by 8.4% in the second quarter. American Century Companies Inc. now owns 2,271,885 shares of the company’s stock worth $296,958,000 after buying an additional 175,687 shares during the period. Finally, Altrinsic Global Advisors LLC purchased a new stake in Chubb Corp. during the first quarter worth about $243,416,000. 87.24% of the stock is currently owned by hedge funds and other institutional investors.
Chubb Corp. (NYSE:CB) traded down 0.14% during mid-day trading on Monday, hitting $125.68. 869,599 shares of the stock traded hands. The firm’s 50-day moving average price is $125.48 and its 200-day moving average price is $125.01. The firm has a market cap of $58.45 billion, a P/E ratio of 20.82 and a beta of 1.02. Chubb Corp. has a 52 week low of $106.82 and a 52 week high of $131.00.
Chubb Corp. (NYSE:CB) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $2.25 EPS for the quarter, missing the Zacks’ consensus estimate of $2.45 by $0.20. Chubb Corp. had a net margin of 9.35% and a return on equity of 9.92%. The company earned $7.64 billion during the quarter, compared to analyst estimates of $7.40 billion. During the same quarter last year, the company posted $2.08 EPS. The firm’s quarterly revenue was up 59.7% on a year-over-year basis. On average, equities analysts forecast that Chubb Corp. will post $9.60 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 21st. Investors of record on Friday, September 30th will be paid a $0.69 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.76 dividend on an annualized basis and a yield of 2.20%. Chubb Corp.’s dividend payout ratio (DPR) is currently 44.37%.
CB has been the subject of a number of recent analyst reports. MKM Partners restated a “buy” rating and set a $150.00 price target (up from $140.00) on shares of Chubb Corp. in a report on Friday, July 15th. BMO Capital Markets cut shares of Chubb Corp. from an “outperform” rating to a “market perform” rating and set a $136.00 price target for the company. in a report on Monday, July 11th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Chubb Corp. from a “sell” rating to a “hold” rating in a report on Wednesday, August 31st. Credit Suisse Group AG set a $136.00 price target on shares of Chubb Corp. and gave the company a “buy” rating in a report on Monday, September 12th. Finally, Citigroup Inc. restated a “neutral” rating on shares of Chubb Corp. in a report on Tuesday, June 21st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the stock. Chubb Corp. presently has an average rating of “Buy” and a consensus target price of $132.14.
In related news, Director Robert W. Scully purchased 10,725 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were acquired at an average price of $125.95 per share, for a total transaction of $1,350,813.75. Following the purchase, the director now owns 5,779 shares in the company, valued at $727,865.05. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sean Ringsted sold 15,570 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $125.00, for a total transaction of $1,946,250.00. Following the completion of the transaction, the executive vice president now owns 169,762 shares in the company, valued at approximately $21,220,250. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by corporate insiders.
Chubb Corp. Company Profile
Chubb Limited (Chubb), formerly ACE Limited, is a holding company. The Company, through its subsidiaries, provides a range of insurance and reinsurance products to insureds across the world. The Company’s segments include North America Commercial 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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