Corebridge Financial Inc. Reduces Stake in Chubb Limited (NYSE:CB)

Corebridge Financial Inc. lessened its stake in shares of Chubb Limited (NYSE:CB) by 4.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 100,311 shares of the financial services provider’s stock after selling 4,316 shares during the period. Corebridge Financial Inc.’s holdings in Chubb were worth $27,716,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Continuum Advisory LLC raised its stake in Chubb by 56.5% during the third quarter. Continuum Advisory LLC now owns 97 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 35 shares during the period. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Chubb during the 3rd quarter worth approximately $29,000. Raelipskie Partnership acquired a new stake in shares of Chubb during the 3rd quarter worth approximately $29,000. Sierra Ocean LLC purchased a new stake in shares of Chubb during the 4th quarter valued at approximately $29,000. Finally, Crowley Wealth Management Inc. acquired a new position in Chubb in the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Chubb Stock Down 1.0 %

Chubb stock opened at $291.08 on Monday. The firm has a market capitalization of $116.55 billion, a P/E ratio of 12.81, a P/E/G ratio of 3.36 and a beta of 0.66. The company has a current ratio of 0.25, a quick ratio of 0.28 and a debt-to-equity ratio of 0.21. Chubb Limited has a twelve month low of $238.85 and a twelve month high of $302.05. The stock’s fifty day simple moving average is $276.57 and its 200-day simple moving average is $281.19.

Chubb (NYSE:CB) last posted its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $6.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.33 by $0.69. Chubb had a return on equity of 13.75% and a net margin of 16.63%. As a group, equities analysts expect that Chubb Limited will post 21.52 earnings per share for the current fiscal year.

Chubb Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 1.25%. The ex-dividend date is Friday, March 14th. Chubb’s dividend payout ratio (DPR) is presently 16.02%.

Wall Street Analyst Weigh In

Several research firms have issued reports on CB. Hsbc Global Res raised Chubb from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 5th. Keefe, Bruyette & Woods raised their price objective on Chubb from $328.00 to $329.00 and gave the stock an “outperform” rating in a research report on Friday, January 31st. Royal Bank of Canada restated an “outperform” rating and issued a $320.00 price objective on shares of Chubb in a report on Thursday, January 30th. HSBC raised shares of Chubb from a “hold” rating to a “buy” rating and set a $323.00 target price for the company in a research note on Wednesday, March 5th. Finally, JMP Securities reissued a “market outperform” rating and issued a $325.00 price target on shares of Chubb in a research note on Wednesday, January 29th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $301.00.

Insiders Place Their Bets

In other Chubb news, EVP Joseph F. Wayland sold 12,231 shares of Chubb stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $294.82, for a total transaction of $3,605,943.42. Following the completion of the sale, the executive vice president now directly owns 78,422 shares of the company’s stock, valued at $23,120,374.04. The trade was a 13.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO George F. Ohsiek sold 763 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $290.41, for a total value of $221,582.83. Following the completion of the transaction, the chief accounting officer now owns 20,044 shares in the company, valued at approximately $5,820,978.04. The trade was a 3.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 63,470 shares of company stock worth $18,562,730 in the last 90 days. Corporate insiders own 0.86% of the company’s stock.

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.