Cullen Frost Bankers Inc. Trims Position in Chubb Limited (NYSE:CB)

Cullen Frost Bankers Inc. trimmed its position in shares of Chubb Limited (NYSE:CB) by 4.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,377 shares of the financial services provider’s stock after selling 3,479 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Chubb were worth $21,268,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Capital World Investors boosted its position in shares of Chubb by 6.6% during the 1st quarter. Capital World Investors now owns 10,997,092 shares of the financial services provider’s stock valued at $2,849,677,000 after acquiring an additional 685,677 shares during the last quarter. Capital Research Global Investors increased its stake in Chubb by 44.4% in the first quarter. Capital Research Global Investors now owns 6,713,331 shares of the financial services provider’s stock valued at $1,739,625,000 after purchasing an additional 2,064,730 shares during the last quarter. Norges Bank purchased a new position in shares of Chubb during the fourth quarter worth approximately $957,756,000. Lazard Asset Management LLC grew its position in shares of Chubb by 14.8% during the first quarter. Lazard Asset Management LLC now owns 3,543,763 shares of the financial services provider’s stock worth $918,294,000 after acquiring an additional 457,881 shares during the last quarter. Finally, Raymond James & Associates grew its position in shares of Chubb by 2.9% during the second quarter. Raymond James & Associates now owns 3,051,081 shares of the financial services provider’s stock worth $778,270,000 after acquiring an additional 87,059 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on CB shares. Morgan Stanley reduced their target price on Chubb from $260.00 to $259.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. Bank of America raised their target price on Chubb from $257.00 to $264.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Barclays began coverage on Chubb in a report on Wednesday. They issued an “overweight” rating and a $349.00 target price for the company. JPMorgan Chase & Co. lifted their price target on Chubb from $266.00 to $286.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th. Finally, JMP Securities lifted their price target on Chubb from $280.00 to $300.00 and gave the stock a “market outperform” 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, the stock has a consensus rating of “Hold” and an average target price of $274.70.

Chubb Price Performance

Shares of NYSE CB traded up $0.17 during mid-day trading on Friday, hitting $287.50. 1,722,890 shares of the stock traded hands, compared to its average volume of 1,613,882. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.31 and a quick ratio of 0.31. Chubb Limited has a twelve month low of $202.55 and a twelve month high of $293.13. The company has a market cap of $116.74 billion, a PE ratio of 12.76, a price-to-earnings-growth ratio of 5.59 and a beta of 0.66. The firm has a 50 day simple moving average of $268.91 and a two-hundred day simple moving average of $260.69.

Chubb (NYSE:CB) last announced its earnings results on Tuesday, July 23rd. The financial services provider reported $5.38 EPS for the quarter, topping the consensus estimate of $5.04 by $0.34. Chubb had a return on equity of 15.77% and a net margin of 18.14%. The firm had revenue of $13.36 billion for the quarter, compared to the consensus estimate of $13.04 billion. During the same period in the previous year, the business earned $4.92 EPS. The business’s quarterly revenue was up 11.8% compared to the same quarter last year. As a group, equities research analysts forecast that Chubb Limited will post 21.2 EPS for the current fiscal year.

Chubb Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.91 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $3.64 dividend on an annualized basis and a yield of 1.27%. Chubb’s dividend payout ratio (DPR) is currently 16.16%.

Insider Transactions at Chubb

In other Chubb news, EVP Peter C. Enns sold 8,200 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $266.06, for a total transaction of $2,181,692.00. Following the sale, the executive vice president now owns 45,853 shares of the company’s stock, valued at approximately $12,199,649.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider John J. Lupica sold 15,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $285.49, for a total transaction of $4,282,350.00. Following the completion of the sale, the insider now directly owns 103,950 shares in the company, valued at $29,676,685.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Peter C. Enns sold 8,200 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $266.06, for a total transaction of $2,181,692.00. Following the sale, the executive vice president now owns 45,853 shares of the company’s stock, valued at $12,199,649.18. The disclosure for this sale can be found here. Insiders have sold 33,981 shares of company stock worth $9,504,054 in the last 90 days. Insiders own 0.86% of the company’s stock.

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.