Covington Capital Management Has $12.60 Million Holdings in Chubb Ltd (NYSE:CB)

Covington Capital Management lessened its stake in Chubb Ltd (NYSE:CB) by 1.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 85,516 shares of the financial services provider’s stock after selling 1,598 shares during the quarter. Covington Capital Management’s holdings in Chubb were worth $12,596,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. Mcmillion Capital Management Inc. acquired a new position in Chubb during the second quarter worth about $27,000. JNBA Financial Advisors raised its holdings in Chubb by 223.2% during the 2nd quarter. JNBA Financial Advisors now owns 181 shares of the financial services provider’s stock worth $27,000 after buying an additional 125 shares during the period. Ascent Wealth Partners LLC acquired a new stake in shares of Chubb in the first quarter valued at approximately $28,000. Meridian Wealth Management LLC acquired a new stake in shares of Chubb in the second quarter valued at approximately $28,000. Finally, QCM Cayman Ltd. raised its holdings in shares of Chubb by 90.5% in the first quarter. QCM Cayman Ltd. now owns 21,359 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 10,148 shares during the last quarter. 89.45% of the stock is owned by institutional investors and hedge funds.

In related news, insider Paul Bennett Medini sold 2,125 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $153.72, for a total value of $326,655.00. Following the sale, the insider now directly owns 89,534 shares in the company, valued at $13,763,166.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul J. Krump sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $155.00, for a total value of $775,000.00. Following the completion of the sale, the insider now owns 118,865 shares in the company, valued at $18,424,075. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,625 shares of company stock worth $4,037,880. Company insiders own 0.47% of the company’s stock.

CB has been the subject of a number of research analyst reports. Compass Point cut shares of Chubb from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $165.00 to $156.00 in a research report on Wednesday, May 29th. They noted that the move was a valuation call. UBS Group boosted their target price on Chubb from $156.00 to $157.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Atlantic Securities downgraded Chubb from a “neutral” rating to an “underweight” rating and set a $135.00 target price for the company. in a research note on Thursday, June 20th. Barclays set a $185.00 target price on Chubb and gave the stock a “buy” rating in a research note on Monday, August 12th. Finally, Wells Fargo & Co boosted their target price on Chubb from $157.00 to $165.00 and gave the stock an “outperform” rating in a research note on Thursday, July 11th. Three research analysts have rated the stock with a sell rating, six have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $153.00.

Shares of NYSE:CB traded down $0.50 during midday trading on Wednesday, hitting $158.34. 196,761 shares of the stock were exchanged, compared to its average volume of 1,398,146. The stock has a market capitalization of $71.86 billion, a price-to-earnings ratio of 16.77, a P/E/G ratio of 1.52 and a beta of 0.69. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.32 and a current ratio of 0.32. The business’s 50-day moving average price is $157.07 and its 200 day moving average price is $147.59. Chubb Ltd has a 12 month low of $119.54 and a 12 month high of $162.19.

Chubb (NYSE:CB) last released its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $2.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.58 by $0.02. The company had revenue of $7.76 billion for the quarter, compared to analysts’ expectations of $7.65 billion. Chubb had a return on equity of 8.53% and a net margin of 11.00%. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.68 earnings per share. As a group, sell-side analysts expect that Chubb Ltd will post 10.4 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 20th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend is Thursday, September 19th. Chubb’s dividend payout ratio (DPR) is currently 31.78%.

Chubb Profile

Chubb Limited, through its subsidiaries, provides insurance and reinsurance products worldwide. The company's North America Commercial P&C Insurance segment offers commercial property, marine, general casualty, workers' compensation, package policies, and risk management; professional lines, marine, construction, environmental, medical, cyber risk, surety, and excess casualty; and group accident and health insurance to large, middle market, and small commercial businesses in the United States, Canada, and Bermuda.

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Institutional Ownership by Quarter for Chubb (NYSE:CB)

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