Montecito Bank & Trust Lowers Holdings in Chubb Limited (NYSE:CB)

Montecito Bank & Trust decreased its holdings in Chubb Limited (NYSE:CB) by 3.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,687 shares of the financial services provider’s stock after selling 92 shares during the quarter. Montecito Bank & Trust’s holdings in Chubb were worth $696,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CB. Lazard Asset Management LLC lifted its stake in Chubb by 978.1% in the third quarter. Lazard Asset Management LLC now owns 546,556 shares of the financial services provider’s stock worth $113,781,000 after acquiring an additional 495,860 shares during the last quarter. Alphinity Investment Management Pty Ltd lifted its stake in Chubb by 155.8% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 532,015 shares of the financial services provider’s stock worth $120,235,000 after acquiring an additional 324,019 shares during the last quarter. ING Groep NV lifted its stake in Chubb by 175,378.1% in the fourth quarter. ING Groep NV now owns 112,306 shares of the financial services provider’s stock worth $25,381,000 after acquiring an additional 112,242 shares during the last quarter. Graypoint LLC lifted its stake in Chubb by 1,275.7% in the fourth quarter. Graypoint LLC now owns 31,599 shares of the financial services provider’s stock worth $7,141,000 after acquiring an additional 29,302 shares during the last quarter. Finally, BKM Wealth Management LLC purchased a new position in Chubb in the fourth quarter worth approximately $1,403,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analyst Ratings Changes

CB has been the subject of a number of recent research reports. Morgan Stanley lifted their price target on shares of Chubb from $258.00 to $260.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Citigroup reissued a “neutral” rating and set a $275.00 price objective (up previously from $238.00) on shares of Chubb in a report on Thursday, March 14th. Piper Sandler reissued an “overweight” rating and set a $282.00 price objective on shares of Chubb in a report on Monday, April 1st. HSBC reissued a “hold” rating and set a $270.00 price objective (down previously from $275.00) on shares of Chubb in a report on Thursday, April 4th. Finally, Roth Mkm reissued a “buy” rating and set a $280.00 price objective on shares of Chubb in a report on Wednesday, April 24th. Eleven analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $266.70.

Insider Buying and Selling at Chubb

In other Chubb news, CAO Annmarie T. Hagan sold 1,529 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $263.81, for a total value of $403,365.49. Following the transaction, the chief accounting officer now directly owns 7,718 shares of the company’s stock, valued at approximately $2,036,085.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Chubb news, COO John W. Keogh sold 34,707 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $251.98, for a total transaction of $8,745,469.86. Following the sale, the chief operating officer now directly owns 284,136 shares in the company, valued at approximately $71,596,589.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Annmarie T. Hagan sold 1,529 shares of the business’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $263.81, for a total transaction of $403,365.49. Following the sale, the chief accounting officer now owns 7,718 shares in the company, valued at $2,036,085.58. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,352 shares of company stock valued at $9,968,293. 0.86% of the stock is owned by company insiders.

Chubb Stock Performance

Shares of Chubb stock opened at $266.49 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.29 and a quick ratio of 0.29. The stock has a market capitalization of $108.21 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 6.30 and a beta of 0.66. The firm’s fifty day simple moving average is $257.36 and its 200-day simple moving average is $246.94. Chubb Limited has a 12 month low of $183.71 and a 12 month high of $275.41.

Chubb (NYSE:CB) last announced its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $5.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.29 by $0.12. The company had revenue of $12.22 billion for the quarter, compared to analysts’ expectations of $11.75 billion. Chubb had a net margin of 17.99% and a return on equity of 16.29%. Chubb’s revenue was up 14.1% compared to the same quarter last year. During the same period in the previous year, the company posted $4.41 EPS. As a group, equities analysts forecast that Chubb Limited will post 21.19 earnings per share for the current year.

Chubb Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Friday, June 14th will be paid a $0.91 dividend. This is a boost from Chubb’s previous quarterly dividend of $0.86. This represents a $3.64 annualized dividend and a yield of 1.37%. The ex-dividend date of this dividend is Friday, June 14th. Chubb’s payout ratio is currently 16.16%.

About Chubb

Chubb Limited provides insurance and reinsurance products worldwide. The company's North America Commercial P&C Insurance segment offers commercial property, casualty, workers' compensation, package policies, risk management, financial lines, marine, construction, environmental, medical risk, cyber risk, surety, and casualty; and group accident and health insurance to large, middle market, and small commercial businesses.