Covington Investment Advisors Inc. Acquires New Position in Chubb Limited $CB

Covington Investment Advisors Inc. acquired a new stake in Chubb Limited (NYSE:CB) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 2,284 shares of the financial services provider’s stock, valued at approximately $778,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. IMG Wealth Management Inc. purchased a new position in shares of Chubb during the 2nd quarter valued at $25,000. Dunhill Financial LLC acquired a new stake in Chubb during the second quarter valued at $25,000. CBIZ Investment Advisory Services LLC grew its stake in Chubb by 148.5% in the fourth quarter. CBIZ Investment Advisory Services LLC now owns 82 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 49 shares in the last quarter. Frazier Financial Advisors LLC grew its stake in Chubb by 86.4% in the first quarter. Frazier Financial Advisors LLC now owns 82 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 38 shares in the last quarter. Finally, Merkkuri Wealth Advisors LLC acquired a new position in Chubb in the 1st quarter worth about $29,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Chubb Stock Performance

Shares of NYSE CB opened at $341.15 on Monday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.29 and a current ratio of 0.29. The firm 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 business’s 50-day simple moving average is $345.88 and its 200-day simple moving average is $333.46. Chubb Limited has a 52 week low of $265.30 and a 52 week high of $365.91.

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

Chubb Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CB shares. Mizuho lifted their price target on Chubb from $335.00 to $352.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. HSBC downgraded Chubb from a “buy” rating to a “hold” rating and increased their price objective for the stock from $370.00 to $373.00 in a report on Monday, July 6th. Atlantic Securities set a $301.00 price objective on shares of Chubb in a research report on Wednesday, July 15th. Piper Sandler lifted their target price on shares of Chubb from $340.00 to $374.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Chubb from $340.00 to $370.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Chubb has a consensus rating of “Hold” and an average target price of $361.00.

Insiders Place Their Bets

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

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.