First City Capital Management Inc. Cuts Holdings in Chubb Limited (NYSE:CB)

First City Capital Management Inc. reduced its position in Chubb Limited (NYSE:CB) by 2.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,188 shares of the financial services provider’s stock after selling 50 shares during the quarter. First City Capital Management Inc.’s holdings in Chubb were worth $661,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in CB. Peoples Bank KS purchased a new position in Chubb in the first quarter valued at about $25,000. Sierra Ocean LLC purchased a new position in Chubb in the fourth quarter valued at about $29,000. Crowley Wealth Management Inc. purchased a new position in Chubb in the fourth quarter valued at about $29,000. Strategic Financial Concepts LLC purchased a new position in Chubb in the fourth quarter valued at about $30,000. Finally, Kayne Anderson Rudnick Investment Management LLC raised its position in Chubb by 254.3% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 124 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 89 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Chubb Stock Up 0.8%

Shares of Chubb stock opened at $293.95 on Friday. The company has a quick ratio of 0.28, a current ratio of 0.25 and a debt-to-equity ratio of 0.21. The firm has a market cap of $117.79 billion, a P/E ratio of 12.94, a P/E/G ratio of 3.36 and a beta of 0.54. Chubb Limited has a fifty-two week low of $251.42 and a fifty-two week high of $306.91. The business has a 50-day moving average price of $287.64 and a 200 day moving average price of $281.72.

Chubb (NYSE:CB) last announced its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $3.68 earnings per share for the quarter, beating the consensus estimate of $3.28 by $0.40. The firm had revenue of $12.65 billion during the quarter, compared to analyst estimates of $11.22 billion. Chubb had a return on equity of 13.75% and a net margin of 16.63%. On average, sell-side analysts forecast that Chubb Limited will post 21.52 earnings per share for the current fiscal year.

Chubb Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Friday, June 13th will be paid a $0.97 dividend. This is an increase from Chubb’s previous quarterly dividend of $0.91. This represents a $3.88 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date is Friday, June 13th. Chubb’s payout ratio is presently 18.67%.

Chubb declared that its Board of Directors has initiated a stock buyback program on Thursday, May 15th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 4.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have commented on the company. Wells Fargo & Company raised their price objective on Chubb from $268.00 to $278.00 and gave the company an “equal weight” rating in a research report on Thursday, April 24th. Piper Sandler raised their target price on Chubb from $310.00 to $335.00 and gave the company an “overweight” rating in a research note on Tuesday, April 1st. JPMorgan Chase & Co. raised their target price on Chubb from $300.00 to $307.00 and gave the company a “neutral” rating in a research note on Tuesday, April 8th. Jefferies Financial Group raised their target price on Chubb from $307.00 to $308.00 and gave the company a “hold” rating in a research note on Friday, April 11th. Finally, UBS Group raised their target price on Chubb from $303.00 to $304.00 and gave the company a “neutral” rating in a research note on Monday, April 28th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Chubb currently has an average rating of “Moderate Buy” and a consensus price target of $307.53.

Insider Activity

In other news, EVP Timothy Alan Boroughs sold 14,748 shares of the company’s stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $296.12, for a total transaction of $4,367,177.76. Following the completion of the transaction, the executive vice president now directly owns 29,194 shares of the company’s stock, valued at approximately $8,644,927.28. This represents a 33.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Evan G. Greenberg sold 25,728 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $291.45, for a total value of $7,498,425.60. Following the transaction, the chief executive officer now directly owns 584,395 shares of the company’s stock, valued at $170,321,922.75. This trade represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 138,553 shares of company stock valued at $40,387,620. 0.77% of the stock is currently owned by insiders.

Chubb Company 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.