AMG National Trust Bank has decreased its stake in Chubb Limited (NYSE: CB), now valued at approximately $1.09 million. This adjustment occurred during the second quarter of 2023, as indicated in their recent Form 13F filing with the Securities and Exchange Commission (SEC). Following the sale of 70 shares, AMG National Trust Bank holds a total of 3,745 shares of the financial services provider.
Several other investment firms have also altered their positions in Chubb. Earned Wealth Advisors LLC increased its holdings by 11.0%, acquiring an additional 117 shares to reach a total of 1,183 shares, now valued at $343,000. IFG Advisory LLC also expanded its stake by 2.5%, bringing its total to 11,508 shares, valued at $3.33 million. Amplius Wealth Advisors LLC made a more significant move, increasing its holdings by 26.0% to own 83,240 shares, worth about $24.1 million.
In addition, Mesirow Financial Investment Management Inc. added 45 shares, increasing its total to 2,682 shares, valued at $777,000. Simon Quick Advisors LLC also reported a 22.1% increase, now holding 2,738 shares valued at $793,000. Overall, institutional investors and hedge funds currently own 83.81% of Chubb’s stock.
Insider Activity and Recent Earnings
In recent insider trading news, John J. Lupica, a corporate insider, sold 23,698 shares of Chubb on October 27, 2023, at an average price of $281.00, amounting to a total value of $6.66 million. Following this sale, Lupica retains 90,600 shares, valued at approximately $25.46 million, reflecting a 20.73% decrease in his ownership.
Chubb Limited reported its quarterly earnings on October 21, 2023, revealing an earnings per share (EPS) of $7.49, which surpassed analyst estimates of $5.51 by $1.98. The company generated $14.87 billion in revenue, significantly exceeding the projected $12.95 billion. Chubb’s net profit margin stood at 16.53%, with a return on equity of 12.93%. This quarter’s revenue reflects a 7.5% increase compared to the same period last year, during which the firm reported an EPS of $5.72.
Dividends and Analyst Ratings
On October 3, 2023, Chubb announced a quarterly dividend of $0.97 per share, payable to shareholders of record from September 12, 2023. This dividend indicates an annualized payout of $3.88, yielding 1.4% based on current stock prices. The company’s payout ratio is currently 16.19%.
Wall Street analysts have been active in evaluating Chubb’s stock. Cantor Fitzgerald reiterated a “neutral” rating, setting a price target of $300.00. BMO Capital Markets also maintained a “market perform” rating with a target of $283.00. Wells Fargo & Company adjusted its target from $277.00 to $293.00 while retaining an “equal weight” rating. Piper Sandler reaffirmed a “neutral” rating with a revised target of $283.00, down from $335.00. HSBC Global Research changed its rating from “strong-buy” to “hold.”
Currently, Chubb has received a mix of ratings from analysts: one “Strong Buy,” seven “Buy,” thirteen “Hold,” and one “Sell.” According to MarketBeat, the consensus rating for Chubb stands at “Hold,” with a target price averaging $307.79.
Chubb Limited, a prominent provider of insurance and reinsurance products, continues to demonstrate resilience in the financial services sector. Its North America Commercial P&C Insurance segment offers a wide range of services, including commercial property, casualty insurance, and risk management solutions for various business sectors.
