Mackenzie Financial Corp Takes Position in Chubb Limited (NYSE:CB)

Posted by on Jul 12th, 2023

Mackenzie Financial Corp purchased a new position in shares of Chubb Limited (NYSE:CB – Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 71,521 shares of the financial services provider’s stock, valued at approximately $13,888,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. FSM Wealth Advisors LLC grew its stake in Chubb by 16.0% in the first quarter. FSM Wealth Advisors LLC now owns 2,671 shares of the financial services provider’s stock valued at $519,000 after purchasing an additional 369 shares in the last quarter. DB Fitzpatrick & Co Inc bought a new position in Chubb during the first quarter valued at approximately $1,267,000. Davidson Trust Co. raised its position in Chubb by 22.9% during the first quarter. Davidson Trust Co. now owns 7,026 shares of the financial services provider’s stock valued at $1,364,000 after acquiring an additional 1,307 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Chubb by 1.9% in the first quarter. DekaBank Deutsche Girozentrale now owns 217,386 shares of the financial services provider’s stock valued at $42,266,000 after acquiring an additional 4,155 shares during the last quarter. Finally, NovaPoint Capital LLC increased its stake in shares of Chubb by 4.4% during the 1st quarter. NovaPoint Capital LLC now owns 19,010 shares of the financial services provider’s stock worth $3,691,000 after purchasing an additional 801 shares during the last quarter. 87.39% of the stock is owned by hedge funds and other institutional investors.

Chubb Stock Performance

NYSE CB opened at $192.11 on Wednesday. Chubb Limited has a twelve month low of $173.78 and a twelve month high of $231.37. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.27. The stock has a market cap of $79.57 billion, a P/E ratio of 15.42, a PEG ratio of 1.09 and a beta of 0.65. The company’s 50-day simple moving average is $193.69 and its 200 day simple moving average is $203.23.

Chubb (NYSE:CB – Get Free Report) last released its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $4.41 earnings per share for the quarter, beating the consensus estimate of $4.37 by $0.04. The company had revenue of $9.42 billion for the quarter, compared to analyst estimates of $9.39 billion. Chubb had a return on equity of 13.13% and a net margin of 11.71%. The company’s revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the company posted $3.82 EPS. As a group, research analysts forecast that Chubb Limited will post 17.65 earnings per share for the current fiscal year.

Chubb announced that its Board of Directors has authorized a stock buyback program on Monday, June 12th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 6.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Chubb Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 7th. Shareholders of record on Friday, June 16th were paid a $0.86 dividend. The ex-dividend date was Thursday, June 15th. This represents a $3.44 dividend on an annualized basis and a yield of 1.79%. This is a positive change from Chubb’s previous quarterly dividend of $0.83. Chubb’s payout ratio is currently 27.61%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CB shares. Citigroup upgraded shares of Chubb from a “neutral” rating to a “buy” rating and set a $229.00 price objective for the company in a report on Tuesday, April 18th. Evercore ISI cut their price objective on Chubb from $259.00 to $242.00 and set an “outperform” rating on the stock in a research note on Thursday, April 13th. Jefferies Financial Group decreased their target price on Chubb from $237.00 to $221.00 and set a “hold” rating for the company in a research report on Monday, April 10th. Piper Sandler reduced their price objective on shares of Chubb from $248.00 to $237.00 in a research note on Thursday, July 6th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Chubb from $241.00 to $250.00 in a report on Thursday, July 6th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Chubb has an average rating of “Moderate Buy” and an average price target of $241.46.

About Chubb

(Free Report)

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, cyber risk, surety, and excess casualty; and group accident and health insurance to large, middle market, and small commercial businesses.

Read More

Institutional Ownership by Quarter for Chubb (NYSE:CB)

Receive News & Ratings for Chubb Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chubb and related companies with MarketBeat.com's FREE daily email newsletter.