Principal Financial Group Inc. lessened its position in shares of Chubb Limited (NYSE:CB) by 9.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,630,103 shares of the financial services provider’s stock after selling 164,387 shares during the quarter. Principal Financial Group Inc.’s holdings in Chubb were worth $259,088,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. increased its holdings in Chubb by 8.5% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 34,614 shares of the financial services provider’s stock valued at $5,501,000 after purchasing an additional 2,705 shares during the last quarter. Toronto Dominion Bank increased its holdings in Chubb by 17.5% in the second quarter. Toronto Dominion Bank now owns 257,109 shares of the financial services provider’s stock valued at $40,865,000 after purchasing an additional 38,240 shares during the last quarter. Avantax Planning Partners Inc. bought a new stake in Chubb in the second quarter valued at about $234,000. Van Leeuwen & Company LLC increased its holdings in Chubb by 1.6% in the second quarter. Van Leeuwen & Company LLC now owns 9,050 shares of the financial services provider’s stock valued at $1,464,000 after purchasing an additional 144 shares during the last quarter. Finally, Ethic Inc. increased its holdings in Chubb by 41.2% in the second quarter. Ethic Inc. now owns 12,784 shares of the financial services provider’s stock valued at $2,032,000 after purchasing an additional 3,733 shares during the last quarter. 86.68% of the stock is currently owned by institutional investors and hedge funds.
CB opened at $181.28 on Wednesday. Chubb Limited has a 12-month low of $111.93 and a 12-month high of $187.90. The stock has a market cap of $79.53 billion, a price-to-earnings ratio of 10.02, a PEG ratio of 1.45 and a beta of 0.73. The business has a 50 day moving average of $175.70 and a 200-day moving average of $169.15. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.25.
Chubb announced that its board has authorized a stock buyback plan on Monday, July 19th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 6.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 8th. Stockholders of record on Friday, September 17th will be given a $0.80 dividend. The ex-dividend date of this dividend is Thursday, September 16th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.77%. Chubb’s payout ratio is 43.78%.
In other Chubb news, insider John J. Lupica sold 10,140 shares of the firm’s stock in a transaction on Wednesday, August 11th. The stock was sold at an average price of $180.00, for a total transaction of $1,825,200.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Timothy Alan Boroughs sold 30,000 shares of the firm’s stock in a transaction on Monday, August 23rd. The stock was sold at an average price of $186.61, for a total value of $5,598,300.00. Following the transaction, the executive vice president now owns 144,197 shares in the company, valued at approximately $26,908,602.17. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,188 shares of company stock worth $10,920,772. 0.41% of the stock is owned by corporate insiders.
CB has been the subject of a number of recent analyst reports. Royal Bank of Canada upped their price objective on Chubb from $184.00 to $195.00 and gave the company an “outperform” rating in a report on Thursday, July 29th. William Blair restated a “market perform” rating on shares of Chubb in a report on Wednesday, July 28th. Argus upgraded Chubb from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a report on Friday, July 30th. JMP Securities increased their price target on Chubb from $190.00 to $200.00 and gave the stock an “outperform” rating in a report on Wednesday, July 28th. Finally, increased their price target on Chubb from $187.00 to $190.00 and gave the stock a “buy” rating in a report on Monday, June 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Chubb presently has an average rating of “Buy” and an average target price of $180.06.
Chubb Company Profile
Chubb Ltd. is a holding company, which engages in the provision of commercial and personal property and casualty insurance, personal accident and accident and health (A&H), reinsurance, and life insurance. It operates through the following segments: 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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