Connor Clark & Lunn Investment Management Ltd. Takes $44.54 Million Position in Chubb Limited $CB

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Chubb Limited (NYSE:CB) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 130,723 shares of the financial services provider’s stock, valued at approximately $44,543,000.

Other large investors have also modified their holdings of the company. XXEC Inc. purchased a new stake in Chubb during the 2nd quarter valued at about $228,226,000. BlackRock Inc. purchased a new stake in Chubb in the second quarter valued at $9,913,336,000. GQG Partners LLC purchased a new stake in Chubb in the 2nd quarter valued at about $4,250,113,000. Norges Bank purchased a new stake in shares of Chubb in the 4th quarter valued at approximately $1,081,190,000. Finally, Bank of New York Mellon Corp purchased a new stake in Chubb in the second quarter valued at approximately $1,042,549,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Insider Buying and Selling

In related news, COO John W. Keogh sold 23,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $321.51, for a total value of $7,394,730.00. Following the sale, the chief operating officer owned 203,322 shares in the company, valued at $65,370,056.22. This represents a 10.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Joseph F. Wayland sold 8,502 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $364.54, for a total value of $3,099,319.08. Following the completion of the transaction, the executive vice president directly owned 33,749 shares of the company’s stock, valued at $12,302,860.46. The trade was a 20.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.37% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CB has been the topic of several research reports. Morgan Stanley increased their price target on shares of Chubb from $340.00 to $360.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 19th. Wells Fargo & Company decreased their price target on Chubb from $358.00 to $356.00 and set an “equal weight” rating for the company in a report on Thursday, July 23rd. Barclays set a $387.00 price objective on shares of Chubb in a research report on Tuesday, July 7th. Evercore reissued an “outperform” rating and issued a $374.00 target price on shares of Chubb in a research report on Friday, July 10th. Finally, Cantor Fitzgerald increased their price target on shares of Chubb from $318.00 to $337.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $361.00.

Chubb Stock Performance

NYSE:CB opened at $345.63 on Tuesday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.22. Chubb Limited has a fifty-two week low of $265.30 and a fifty-two week high of $365.91. The stock has a market cap of $133.34 billion, a PE ratio of 12.23, a price-to-earnings-growth ratio of 1.65 and a beta of 0.39. The firm’s fifty day simple moving average is $346.25 and its 200-day simple moving average is $333.69.

Chubb (NYSE:CB) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $7.26 EPS for the quarter, beating the consensus estimate of $6.77 by $0.49. The firm had revenue of $11.97 billion during the quarter, compared to analysts’ expectations of $15.07 billion. Chubb had a net margin of 18.10% and a return on equity of 14.47%. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter last year, the business earned $6.14 earnings per share. Analysts expect that Chubb Limited will post 27.49 earnings per share for the current fiscal year.

Chubb Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Friday, September 11th will be issued a $1.02 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a $4.08 dividend on an annualized basis and a yield of 1.2%. Chubb’s dividend payout ratio (DPR) is 14.43%.

Chubb Profile

Chubb is a global property and casualty insurance company that underwrites a broad range of commercial and personal insurance products and related services. Its offerings include commercial property and casualty coverage, specialty liability, professional and management liability, cyber and technology insurance, marine and energy, surety, accident and health solutions, and high-net-worth personal lines such as homeowners, auto and valuables protection. Chubb serves businesses, individuals and institutions with tailored underwriting and risk-transfer solutions across multiple industry sectors.

In addition to core underwriting, Chubb provides risk engineering, loss control, claims management and risk consulting services intended to reduce loss severity and help clients manage exposures.