Elite Wealth Management Inc. Makes New Investment in Chubb Limited $CB

Elite Wealth Management Inc. bought a new position in Chubb Limited (NYSE:CB) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 24,488 shares of the financial services provider’s stock, valued at approximately $7,981,000. Chubb comprises 2.6% of Elite Wealth Management Inc.’s portfolio, making the stock its 11th biggest holding.

Other hedge funds also recently made changes to their positions in the company. Berkshire Hathaway Inc lifted its stake in Chubb by 9.3% in the 4th quarter. Berkshire Hathaway Inc now owns 34,249,183 shares of the financial services provider’s stock valued at $10,689,855,000 after purchasing an additional 2,916,288 shares during the last quarter. State Street Corp boosted its position in Chubb by 0.4% in the third quarter. State Street Corp now owns 17,045,793 shares of the financial services provider’s stock valued at $4,827,852,000 after buying an additional 68,553 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Chubb by 25.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,947,799 shares of the financial services provider’s stock worth $4,665,508,000 after buying an additional 3,049,987 shares during the last quarter. GQG Partners LLC grew its stake in shares of Chubb by 15.2% during the fourth quarter. GQG Partners LLC now owns 12,481,176 shares of the financial services provider’s stock worth $3,895,627,000 after buying an additional 1,647,729 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Chubb by 11.6% during the second quarter. Bank of America Corp DE now owns 4,929,858 shares of the financial services provider’s stock worth $1,428,278,000 after buying an additional 513,852 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on CB. The Goldman Sachs Group increased their price target on Chubb from $362.00 to $386.00 and gave the company a “buy” rating in a research note on Wednesday, July 1st. Weiss Ratings raised Chubb from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, June 29th. Citizens Jmp reiterated a “market outperform” rating and issued a $400.00 target price on shares of Chubb in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. lifted their price target on Chubb from $340.00 to $370.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Finally, Evercore restated an “outperform” rating and set a $374.00 price target on shares of Chubb in a report on Friday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $360.09.

Chubb Stock Performance

NYSE CB opened at $359.00 on Tuesday. The company has a market capitalization of $139.24 billion, a price-to-earnings ratio of 12.70, a PEG ratio of 1.80 and a beta of 0.40. The company has a quick ratio of 0.28, a current ratio of 0.36 and a debt-to-equity ratio of 0.20. Chubb Limited has a twelve month low of $264.10 and a twelve month high of $365.29. The stock has a fifty day simple moving average of $336.13 and a 200 day simple moving average of $327.52.

Chubb (NYSE:CB) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $7.26 EPS for the quarter, topping the consensus estimate of $6.77 by $0.49. Chubb had a return on equity of 14.47% and a net margin of 18.10%.The firm had revenue of $16.01 billion for the quarter, compared to the consensus estimate of $15.07 billion. During the same period in the previous year, the business earned $6.14 EPS. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. Sell-side analysts expect that Chubb Limited will post 27.15 EPS for the current year.

Chubb Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th were given a $1.02 dividend. This is an increase from Chubb’s previous quarterly dividend of $0.97. The ex-dividend date was Friday, June 12th. This represents a $4.08 dividend on an annualized basis and a dividend yield of 1.1%. Chubb’s dividend payout ratio is presently 14.43%.

Insider Activity at Chubb

In other news, COO John W. Keogh sold 23,000 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $321.51, for a total value of $7,394,730.00. Following the sale, the chief operating officer directly owned 203,322 shares of the company’s stock, valued at approximately $65,370,056.22. This represents a 10.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.37% of the company’s stock.

About Chubb

Chubb is a global property and casualty insurance company that underwrites a broad range of commercial and personal insurance products and related services. Its offerings include commercial property and casualty coverage, specialty liability, professional and management liability, cyber and technology insurance, marine and energy, surety, accident and health solutions, and high-net-worth personal lines such as homeowners, auto and valuables protection. Chubb serves businesses, individuals and institutions with tailored underwriting and risk-transfer solutions across multiple industry sectors.

In addition to core underwriting, Chubb provides risk engineering, loss control, claims management and risk consulting services intended to reduce loss severity and help clients manage exposures.