Renaissance Technologies LLC Has $44.56 Million Holdings in Chubb Ltd (CB)
Renaissance Technologies LLC decreased its position in shares of Chubb Ltd (NYSE:CB) by 73.5% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 333,446 shares of the financial services provider’s stock after selling 923,015 shares during the period. Renaissance Technologies LLC owned approximately 0.07% of Chubb worth $44,562,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently bought and sold shares of CB. Riverhead Capital Management LLC lifted its position in shares of Chubb by 25.3% during the third quarter. Riverhead Capital Management LLC now owns 12,047 shares of the financial services provider’s stock valued at $1,610,000 after buying an additional 2,430 shares during the last quarter. Honkamp Krueger Financial Services Inc. purchased a new stake in shares of Chubb during the third quarter valued at about $113,000. Eaton Vance Management lifted its position in shares of Chubb by 2.1% during the third quarter. Eaton Vance Management now owns 756,295 shares of the financial services provider’s stock valued at $101,071,000 after buying an additional 15,590 shares during the last quarter. Monument Capital Management lifted its position in shares of Chubb by 16.0% during the third quarter. Monument Capital Management now owns 13,697 shares of the financial services provider’s stock valued at $1,831,000 after buying an additional 1,886 shares during the last quarter. Finally, Stevens Capital Management LP lifted its position in shares of Chubb by 58.9% during the third quarter. Stevens Capital Management LP now owns 150,434 shares of the financial services provider’s stock valued at $20,104,000 after buying an additional 55,783 shares during the last quarter. Institutional investors and hedge funds own 87.62% of the company’s stock.
In other news, CEO Evan G. Greenberg sold 227,994 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 1,583,326 shares in the company, valued at $222,124,804.54. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Timothy Alan Boroughs sold 14,971 shares of the company’s stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $139.37, for a total transaction of $2,086,508.27. Following the transaction, the insider now owns 202,794 shares in the company, valued at approximately $28,263,399.78. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 244,207 shares of company stock worth $34,237,330. Corporate insiders own 0.44% of the company’s stock.
Chubb (NYSE:CB) last posted its quarterly earnings data on Tuesday, October 23rd. The financial services provider reported $2.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.39 by $0.02. Chubb had a net margin of 15.37% and a return on equity of 9.71%. The firm had revenue of $7.55 billion for the quarter, compared to the consensus estimate of $7.63 billion. During the same quarter in the prior year, the company posted ($0.13) earnings per share. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. On average, analysts anticipate that Chubb Ltd will post 9.68 earnings per share for the current fiscal year.
Chubb declared that its Board of Directors has authorized a stock buyback program on Thursday, November 15th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 2.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 11th. Stockholders of record on Friday, December 21st will be issued a dividend of $0.73 per share. The ex-dividend date is Thursday, December 20th. This represents a $2.92 annualized dividend and a dividend yield of 2.28%. Chubb’s dividend payout ratio (DPR) is currently 36.36%.
CB has been the subject of several analyst reports. Wells Fargo & Co reissued a “buy” rating and set a $169.00 price target on shares of Chubb in a research report on Wednesday, October 10th. Zacks Investment Research lowered shares of Chubb from a “hold” rating to a “sell” rating in a research report on Tuesday, September 25th. Citigroup decreased their price target on shares of Chubb from $157.00 to $150.00 and set a “buy” rating for the company in a research report on Friday, October 12th. ValuEngine raised shares of Chubb from a “sell” rating to a “hold” rating in a research report on Tuesday, September 4th. Finally, Morgan Stanley decreased their price target on shares of Chubb from $166.00 to $153.00 and set an “overweight” rating for the company in a research report on Wednesday, November 14th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $156.80.
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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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