Payden & Rygel Boosts Stock Position in Chubb Limited (NYSE:CB)

Payden & Rygel grew its stake in Chubb Limited (NYSE:CB) by 0.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 77,670 shares of the financial services provider’s stock after purchasing an additional 400 shares during the period. Chubb makes up about 1.7% of Payden & Rygel’s holdings, making the stock its 14th largest holding. Payden & Rygel’s holdings in Chubb were worth $22,399,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Moors & Cabot Inc. lifted its holdings in Chubb by 7.7% in the third quarter. Moors & Cabot Inc. now owns 11,825 shares of the financial services provider’s stock valued at $3,410,000 after acquiring an additional 845 shares during the last quarter. Altman Advisors Inc. acquired a new position in Chubb in the third quarter valued at approximately $2,112,000. First Horizon Advisors Inc. lifted its holdings in Chubb by 1.5% in the third quarter. First Horizon Advisors Inc. now owns 41,789 shares of the financial services provider’s stock valued at $12,052,000 after acquiring an additional 612 shares during the last quarter. Commerce Bank lifted its holdings in Chubb by 1.7% in the third quarter. Commerce Bank now owns 220,424 shares of the financial services provider’s stock valued at $63,568,000 after acquiring an additional 3,733 shares during the last quarter. Finally, Prospera Private Wealth LLC acquired a new position in Chubb during the third quarter worth $127,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on CB. Bank of America upped their price target on Chubb from $275.00 to $282.00 and gave the stock an “underperform” rating in a research note on Thursday, October 10th. Wells Fargo & Company upped their price target on Chubb from $266.00 to $268.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Morgan Stanley upped their price target on Chubb from $295.00 to $300.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Jefferies Financial Group upped their price target on Chubb from $294.00 to $295.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Finally, Piper Sandler upped their price target on Chubb from $281.00 to $305.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Chubb currently has a consensus rating of “Hold” and an average target price of $287.37.

Chubb Stock Performance

Shares of NYSE:CB traded down $1.09 during trading on Wednesday, reaching $282.78. The company had a trading volume of 182,024 shares, compared to its average volume of 1,598,940. The firm has a market capitalization of $113.99 billion, a price-to-earnings ratio of 11.63, a price-to-earnings-growth ratio of 6.71 and a beta of 0.67. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.28 and a quick ratio of 0.28. The stock’s fifty day moving average price is $287.63 and its 200 day moving average price is $273.89. Chubb Limited has a fifty-two week low of $216.90 and a fifty-two week high of $302.05.

Chubb (NYSE:CB) last posted its earnings results on Tuesday, October 29th. The financial services provider reported $5.72 EPS for the quarter, topping analysts’ consensus estimates of $4.98 by $0.74. Chubb had a return on equity of 15.46% and a net margin of 18.32%. The company had revenue of $13.83 billion for the quarter, compared to the consensus estimate of $14.16 billion. During the same period in the previous year, the business earned $4.95 earnings per share. Chubb’s quarterly revenue was up 5.5% compared to the same quarter last year. As a group, equities research analysts predict that Chubb Limited will post 21.77 EPS for the current year.

Insider Activity at Chubb

In other Chubb news, insider John J. Lupica sold 15,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $285.49, for a total transaction of $4,282,350.00. Following the completion of the sale, the insider now directly owns 103,950 shares in the company, valued at $29,676,685.50. This represents a 12.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Evan G. Greenberg sold 30,318 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $289.60, for a total value of $8,780,092.80. Following the sale, the chief executive officer now owns 553,664 shares of the company’s stock, valued at $160,341,094.40. This represents a 5.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 82,715 shares of company stock worth $23,803,540. 0.86% of the stock is currently owned by insiders.

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.