DAVENPORT & Co LLC Sells 753 Shares of Chubb Ltd (NYSE:CB)

DAVENPORT & Co LLC decreased its position in Chubb Ltd (NYSE:CB) by 16.1% during the second quarter, Holdings Channel reports. The fund owned 3,936 shares of the financial services provider’s stock after selling 753 shares during the period. DAVENPORT & Co LLC’s holdings in Chubb were worth $498,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of CB. Capital World Investors increased its position in Chubb by 55.1% in the first quarter. Capital World Investors now owns 11,140,099 shares of the financial services provider’s stock worth $1,244,244,000 after buying an additional 3,958,065 shares in the last quarter. Nuance Investments LLC grew its position in shares of Chubb by 169.5% during the first quarter. Nuance Investments LLC now owns 1,465,127 shares of the financial services provider’s stock worth $163,640,000 after purchasing an additional 921,501 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Chubb by 6.7% during the first quarter. Massachusetts Financial Services Co. MA now owns 14,659,734 shares of the financial services provider’s stock worth $1,637,347,000 after purchasing an additional 919,127 shares in the last quarter. Viking Global Investors LP purchased a new stake in shares of Chubb during the first quarter worth about $102,592,000. Finally, Cullen Capital Management LLC grew its position in shares of Chubb by 221.1% during the first quarter. Cullen Capital Management LLC now owns 1,168,503 shares of the financial services provider’s stock worth $130,510,000 after purchasing an additional 804,637 shares in the last quarter. 87.42% of the stock is currently owned by institutional investors.

CB has been the subject of several research analyst reports. MKM Partners cut their target price on Chubb from $170.00 to $145.00 and set a “buy” rating for the company in a research report on Wednesday, April 22nd. JMP Securities cut their target price on Chubb from $175.00 to $165.00 and set a “market outperform” rating for the company in a research report on Thursday, April 16th. Bank of America cut their target price on Chubb from $132.00 to $114.00 and set an “underperform” rating for the company in a research report on Tuesday, July 7th. Morgan Stanley increased their target price on Chubb from $121.00 to $130.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 15th. Finally, Royal Bank of Canada raised their price target on Chubb from $150.00 to $155.00 and gave the company an “outperform” rating in a report on Thursday. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Chubb presently has a consensus rating of “Hold” and a consensus price target of $147.50.

NYSE:CB opened at $127.24 on Friday. The firm has a market capitalization of $57.43 billion, a price-to-earnings ratio of 26.68, a PEG ratio of 1.86 and a beta of 0.71. Chubb Ltd has a 1 year low of $87.35 and a 1 year high of $167.74. The business has a 50 day simple moving average of $129.08 and a 200-day simple moving average of $129.18. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.33 and a quick ratio of 0.31.

Chubb (NYSE:CB) last posted its quarterly earnings data on Tuesday, July 28th. The financial services provider reported ($0.56) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.66) by $0.10. The business had revenue of $7.74 billion during the quarter, compared to analyst estimates of $7.80 billion. Chubb had a return on equity of 5.98% and a net margin of 6.10%. The company’s revenue for the quarter was down .4% on a year-over-year basis. During the same period last year, the company earned $2.60 EPS. As a group, analysts expect that Chubb Ltd will post 6.91 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Friday, June 19th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 2.45%. This is a positive change from Chubb’s previous quarterly dividend of $0.75. The ex-dividend date was Thursday, June 18th. Chubb’s dividend payout ratio (DPR) is presently 30.86%.

About Chubb

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.

Further Reading: Market Timing

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Institutional Ownership by Quarter for Chubb (NYSE:CB)

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