Pinnacle Associates Ltd. grew its holdings in shares of Chubb Ltd (NYSE:CB) by 6.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 38,194 shares of the financial services provider’s stock after buying an additional 2,216 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Chubb were worth $4,851,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Clarus Wealth Advisors bought a new position in Chubb in the second quarter worth approximately $113,000. FNY Investment Advisers LLC bought a new position in Chubb in the second quarter worth approximately $127,000. Bedel Financial Consulting Inc. bought a new position in Chubb in the first quarter worth approximately $128,000. Edge Wealth Management LLC bought a new position in Chubb in the second quarter worth approximately $133,000. Finally, Fairfield Bush & CO. bought a new position in Chubb in the first quarter worth approximately $137,000. 89.34% of the stock is currently owned by hedge funds and other institutional investors.
In other Chubb news, Director Michael G. Atieh sold 920 shares of the company’s stock in a transaction on Monday, June 4th. The stock was sold at an average price of $130.86, for a total transaction of $120,391.20. Following the completion of the sale, the director now owns 40,561 shares in the company, valued at $5,307,812.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In the last 90 days, insiders have acquired 135 shares of company stock valued at $19,612 and have sold 1,048 shares valued at $138,338. 0.44% of the stock is owned by corporate insiders.
Chubb stock opened at $134.85 on Tuesday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.24. The firm has a market cap of $62.10 billion, a price-to-earnings ratio of 16.79, a P/E/G ratio of 1.29 and a beta of 1.07. Chubb Ltd has a twelve month low of $123.96 and a twelve month high of $157.50.
Chubb (NYSE:CB) last posted its earnings results on Tuesday, July 24th. The financial services provider reported $2.68 earnings per share for the quarter, topping analysts’ consensus estimates of $2.62 by $0.06. The company had revenue of $7.45 billion during the quarter, compared to analyst estimates of $7.30 billion. Chubb had a return on equity of 7.41% and a net margin of 11.53%. Chubb’s revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.50 earnings per share. analysts anticipate that Chubb Ltd will post 10.41 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 12th. Shareholders of record on Friday, September 21st will be issued a dividend of $0.73 per share. The ex-dividend date of this dividend is Thursday, September 20th. This represents a $2.92 dividend on an annualized basis and a yield of 2.17%. Chubb’s dividend payout ratio is currently 36.36%.
Several brokerages recently issued reports on CB. ValuEngine cut Chubb from a “hold” rating to a “sell” rating in a research note on Tuesday, May 29th. Deutsche Bank cut Chubb from a “hold” rating to a “sell” rating and dropped their price objective for the stock from $135.00 to $126.00 in a research note on Monday, August 13th. Wells Fargo & Co reissued a “buy” rating on shares of Chubb in a research note on Wednesday, August 8th. Citigroup dropped their price objective on Chubb from $157.00 to $151.00 and set a “buy” rating on the stock in a research note on Thursday, July 12th. Finally, Zacks Investment Research raised Chubb from a “sell” rating to a “hold” rating in a research note on Wednesday, July 4th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. Chubb has an average rating of “Hold” and an average target price of $160.09.
Chubb Limited, through its subsidiaries, provides insurance and reinsurance products worldwide. Its North America Commercial P&C Insurance segment offers commercial property, marine, general casualty, workers' compensation, package policies, and risk management; and professional lines, marine, construction, environmental, medical, cyber risk, and excess casualty, as well as group accident and health insurance to large, middle market, and small commercial businesses in the United States, Canada, and Bermuda.
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