Davis Asset Management L.P. Takes $168.51 Million Position in Chubb Limited $CB

Davis Asset Management L.P. bought a new stake in Chubb Limited (NYSE:CB) in the 2nd quarter, Holdings Channel.com reports. The fund bought 494,556 shares of the financial services provider’s stock, valued at approximately $168,515,000. Chubb accounts for approximately 4.3% of Davis Asset Management L.P.’s holdings, making the stock its 7th largest position.

Several other large investors also recently modified their holdings of CB. Bank of Nova Scotia acquired a new stake in Chubb during the 2nd quarter worth approximately $27,348,000. Elevation Point Wealth Partners LLC acquired a new position in Chubb in the 2nd quarter worth $1,843,000. Alta Advisers Ltd bought a new position in Chubb during the 2nd quarter worth about $428,000. Daiichi Life Insurance Co. Ltd. bought a new position in Chubb during the 2nd quarter worth about $23,215,000. Finally, Commerce Bank acquired a new stake in shares of Chubb in the 2nd quarter valued at about $36,660,000. 83.81% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CB has been the subject of several recent research reports. Morgan Stanley upped their price objective on Chubb from $340.00 to $360.00 and gave the stock an “equal weight” rating in a research report on Wednesday. UBS Group lifted their target price on Chubb from $340.00 to $369.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. Cantor Fitzgerald boosted their target price on Chubb from $318.00 to $337.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Weiss Ratings raised Chubb from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 29th. Finally, HSBC cut shares of Chubb from a “buy” rating to a “hold” rating and raised their price target for the stock from $370.00 to $373.00 in a research note on Monday, July 6th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $361.00.

Chubb Trading Down 0.5%

Chubb stock opened at $341.15 on Friday. The company has a market cap of $131.62 billion, a price-to-earnings ratio of 12.07, a P/E/G ratio of 1.65 and a beta of 0.39. The firm has a 50-day moving average of $345.88 and a 200-day moving average of $333.31. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.29 and a quick ratio of 0.29. Chubb Limited has a one year low of $265.30 and a one year high of $365.91.

Chubb (NYSE:CB) last released its earnings results on Tuesday, July 21st. The financial services provider reported $7.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.77 by $0.49. Chubb had a return on equity of 14.47% and a net margin of 18.10%.The business had revenue of $11.97 billion for the quarter, compared to the consensus estimate of $15.07 billion. During the same quarter in the previous year, the business earned $6.14 earnings per share. Chubb’s quarterly revenue was up 3.6% on a year-over-year basis. On average, equities analysts expect that Chubb Limited will post 27.49 earnings per share for the current fiscal year.

Chubb Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Friday, September 11th will be paid a $1.02 dividend. This represents a $4.08 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Friday, September 11th. Chubb’s dividend payout ratio (DPR) is currently 14.43%.

Insider Buying and Selling

In other Chubb news, EVP Joseph F. Wayland sold 8,502 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $364.54, for a total transaction of $3,099,319.08. Following the transaction, the executive vice president owned 33,749 shares of the company’s stock, valued at $12,302,860.46. The trade was a 20.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO John W. Keogh sold 23,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $321.51, for a total value of $7,394,730.00. Following the sale, the chief operating officer owned 203,322 shares in the company, valued at approximately $65,370,056.22. This represents a 10.16% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.37% of the stock is owned by company insiders.

Chubb Company Profile

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.