Douglass Winthrop Advisors LLC Reduces Stake in Chubb Ltd (CB)
Douglass Winthrop Advisors LLC lessened its position in Chubb Ltd (NYSE:CB) by 6.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 23,341 shares of the financial services provider’s stock after selling 1,590 shares during the quarter. Douglass Winthrop Advisors LLC’s holdings in Chubb were worth $3,411,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of CB. Financial Gravity Companies Inc. bought a new stake in shares of Chubb in the 4th quarter worth $103,000. Welch Group LLC bought a new stake in shares of Chubb in the 4th quarter worth $110,000. Horan Capital Advisors LLC. bought a new stake in shares of Chubb in the 3rd quarter worth $133,000. Covenant Multifamily Offices LLC bought a new stake in shares of Chubb in the 4th quarter worth $135,000. Finally, Zions Bancorporation raised its stake in shares of Chubb by 716.3% in the 3rd quarter. Zions Bancorporation now owns 1,151 shares of the financial services provider’s stock worth $164,000 after buying an additional 1,010 shares in the last quarter. 86.10% of the stock is currently owned by institutional investors.
In other news, CEO Evan G. Greenberg sold 95,761 shares of Chubb stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $145.56, for a total transaction of $13,938,971.16. Following the transaction, the chief executive officer now owns 1,367,229 shares in the company, valued at $199,013,853.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Juan C. Andrade sold 9,373 shares of Chubb stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $146.06, for a total value of $1,369,020.38. Following the transaction, the insider now owns 110,195 shares in the company, valued at approximately $16,095,081.70. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.
Chubb (NYSE:CB) last announced its earnings results on Tuesday, January 30th. The financial services provider reported $3.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.86. Chubb had a return on equity of 7.52% and a net margin of 11.87%. The company had revenue of $7.05 billion for the quarter, compared to analyst estimates of $6.64 billion. During the same period in the previous year, the firm earned $2.72 earnings per share. Chubb’s revenue for the quarter was up 1.6% compared to the same quarter last year. research analysts anticipate that Chubb Ltd will post 10.76 EPS for the current fiscal year.
Chubb declared that its Board of Directors has authorized a share repurchase plan on Thursday, December 21st that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 20th. Stockholders of record on Thursday, March 29th will be issued a dividend of $0.71 per share. The ex-dividend date is Wednesday, March 28th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.03%. Chubb’s dividend payout ratio is 34.63%.
A number of research firms have recently commented on CB. Bank of America boosted their price objective on Chubb from $168.00 to $171.00 and gave the stock a “buy” rating in a research note on Wednesday, January 31st. Wells Fargo & Co reaffirmed a “buy” rating and set a $169.00 target price on shares of Chubb in a research report on Tuesday, January 30th. Zacks Investment Research raised Chubb from a “hold” rating to a “buy” rating and set a $164.00 target price on the stock in a research report on Wednesday, January 3rd. JPMorgan Chase & Co. raised Chubb from a “neutral” rating to an “overweight” rating in a research report on Wednesday, November 8th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $170.00 target price on shares of Chubb in a research report on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the stock. Chubb presently has a consensus rating of “Buy” and an average target price of $165.25.
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Chubb Limited is a holding company. The Company, through its subsidiaries, provides a range of insurance and reinsurance products and services to clients around the world. Its segments include North America Commercial property and casualty (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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