AMG National Trust Bank has reduced its investment in Chubb Limited (NYSE: CB) by 1.8%, as detailed in its latest Form 13F filing with the Securities and Exchange Commission (SEC). The financial institution now holds 3,745 shares of Chubb, valued at approximately $1.09 million, following the sale of 70 shares during the second quarter.
Several other investment firms have also adjusted their stakes in Chubb. Earned Wealth Advisors LLC increased its holdings by 11.0%, now owning 1,183 shares valued at $343,000. IFG Advisory LLC expanded its position by 2.5%, bringing its total to 11,508 shares worth $3.33 million. In a more significant move, Amplius Wealth Advisors LLC raised its stake by 26.0%, owning 83,240 shares valued at $24.12 million after acquiring an additional 17,180 shares.
Mesirow Financial Investment Management Inc. increased its holdings by 1.7%, now owning 2,682 shares valued at $777,000. Simon Quick Advisors LLC grew its stake by 22.1%, owning 2,738 shares worth $793,000. Currently, institutional investors and hedge funds own 83.81% of Chubb’s stock.
Recent Insider Activity
In a noteworthy transaction, Chubb’s insider, John J. Lupica, sold 23,698 shares on October 27, 2023, at an average price of $281.00, amounting to a total of $6.66 million. Following this sale, Lupica retains 90,600 shares valued at approximately $25.46 million, representing a 20.73% decrease in his ownership of the company.
Chubb’s Financial Performance
Chubb announced its quarterly earnings on October 21, 2023, revealing an earnings per share (EPS) of $7.49, surpassing analyst expectations of $5.51 by $1.98. The company’s revenue reached $14.87 billion for the quarter, exceeding forecasts of $12.95 billion. Chubb’s net margin stands at 16.53%, with a return on equity of 12.93%. Year-over-year, revenue increased by 7.5%, compared to $5.72 EPS in the same quarter last year.
Equities analysts project Chubb Limited will report an EPS of $21.52 for the current year, reflecting a strong outlook for the company.
Dividend and Analyst Ratings
Chubb also declared a quarterly dividend of $0.97, which was distributed on October 3, 2023, to shareholders who held shares as of September 12, 2023. This dividend reflects an annualized total of $3.88 and a yield of 1.4%, with a payout ratio of 16.19%.
Wall Street analysts have shared varied perspectives on Chubb’s stock. Cantor Fitzgerald reiterated a “neutral” rating with a price target of $300.00, while BMO Capital Markets maintained a “market perform” rating with a target of $283.00. Wells Fargo & Company increased its target from $277.00 to $293.00, indicating an “equal weight” rating. Overall, Chubb currently holds a consensus rating of “Hold” with a target price of $307.79, according to MarketBeat.
Chubb Limited operates in the insurance and reinsurance sector worldwide, providing a range of commercial property, casualty, and health insurance products. With a robust financial performance and strategic adjustments by major investors, Chubb continues to be a significant player in the financial services industry.
