Berkshire Bank Sells 332 Shares of Chubb Limited $CB
by Renee Jackson · The Cerbat GemBerkshire Bank lessened its stake in Chubb Limited (NYSE:CB – Free Report) by 2.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,009 shares of the financial services provider’s stock after selling 332 shares during the quarter. Chubb makes up about 1.0% of Berkshire Bank’s investment portfolio, making the stock its 24th largest position. Berkshire Bank’s holdings in Chubb were worth $4,348,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Peoples Bank KS bought a new position in Chubb during the 1st quarter worth about $25,000. Opal Wealth Advisors LLC acquired a new stake in Chubb in the 1st quarter valued at $25,000. North Capital Inc. purchased a new position in shares of Chubb during the 1st quarter worth $26,000. IMA Advisory Services Inc. purchased a new stake in Chubb in the 1st quarter valued at about $31,000. Finally, 1248 Management LLC purchased a new stake in Chubb during the first quarter worth about $31,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.
Insider Activity
In other news, Director Michael Corbat purchased 425 shares of the company’s stock in a transaction on Friday, July 25th. The shares were purchased at an average price of $269.80 per share, with a total value of $114,665.00. Following the purchase, the director directly owned 2,450 shares of the company’s stock, valued at $661,010. This trade represents a 20.99% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John J. Lupica sold 5,513 shares of Chubb stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $290.06, for a total value of $1,599,100.78. Following the completion of the sale, the insider directly owned 91,180 shares in the company, valued at $26,447,670.80. This represents a 5.70% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.86% of the company’s stock.
Analysts Set New Price Targets
CB has been the subject of several research analyst reports. Wells Fargo & Company cut their price objective on Chubb from $285.00 to $267.00 and set an “equal weight” rating for the company in a research report on Thursday, July 24th. HSBC downgraded Chubb from a “buy” rating to a “hold” rating and dropped their target price for the company from $317.00 to $300.00 in a report on Friday, August 1st. Wolfe Research set a $320.00 price target on shares of Chubb and gave the stock an “outperform” rating in a research report on Monday. Citigroup started coverage on Chubb in a research report on Wednesday, August 13th. They set a “buy” rating and a $326.00 price objective for the company. Finally, Evercore ISI set a $312.00 price target on Chubb in a research report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $303.06.
Check Out Our Latest Analysis on Chubb
Chubb Trading Down 1.5%
Chubb stock opened at $274.03 on Tuesday. The business has a 50 day moving average price of $274.26 and a two-hundred day moving average price of $283.34. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.18. The stock has a market cap of $109.25 billion, a price-to-earnings ratio of 12.09, a price-to-earnings-growth ratio of 3.14 and a beta of 0.56. Chubb Limited has a 12 month low of $252.16 and a 12 month high of $306.91.
Chubb (NYSE:CB – Get Free Report) last issued its earnings results on Tuesday, July 22nd. The financial services provider reported $6.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.84 by $0.30. The business had revenue of $14.20 billion during the quarter, compared to analysts’ expectations of $12.53 billion. Chubb had a return on equity of 12.34% and a net margin of 16.08%.Chubb’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.38 EPS. As a group, equities analysts forecast that Chubb Limited will post 21.52 EPS for the current year.
Chubb Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Friday, September 12th will be issued a dividend of $0.97 per share. The ex-dividend date is Friday, September 12th. This represents a $3.88 annualized dividend and a yield of 1.4%. Chubb’s payout ratio is currently 17.12%.
Chubb Profile
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.
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