AMG National Trust Bank has reduced its stake in Chubb Limited (NYSE: CB) by 1.8%, according to its latest Form 13F filing with the Securities and Exchange Commission (SEC). As of the end of the second quarter, the bank held 3,745 shares of the financial services provider, worth approximately $1.09 million, following the sale of 70 shares during the quarter.
Several other hedge funds have also made adjustments to their positions in Chubb. Earned Wealth Advisors LLC increased its holdings by 11.0%, now owning 1,183 shares valued at $343,000 after purchasing an additional 117 shares. IFG Advisory LLC raised its stake by 2.5%, reaching a total of 11,508 shares valued at $3.33 million after acquiring 286 more shares. Amplius Wealth Advisors LLC experienced a significant growth of 26.0%, amassing 83,240 shares worth $24.12 million after buying an additional 17,180 shares.
Additionally, Mesirow Financial Investment Management Inc. increased its holdings by 1.7%, now owning 2,682 shares valued at $777,000, while Simon Quick Advisors LLC expanded its holdings by 22.1%, acquiring 2,738 shares worth $793,000. In total, institutional investors and hedge funds own 83.81% of Chubb’s stock.
In other developments, insider John J. Lupica sold 23,698 shares of Chubb on October 27. The shares were sold at an average price of $281.00, resulting in a transaction valued at $6.66 million. Following this transaction, Lupica retains ownership of 90,600 shares, valued at approximately $25.46 million, marking a 20.73% decrease in his stake.
Chubb’s financial performance continues to impress. The company reported quarterly earnings on October 21, revealing earnings per share (EPS) of $7.49, significantly exceeding the consensus estimate of $5.51 by $1.98. The firm generated revenue of $14.87 billion, surpassing analyst expectations of $12.95 billion. Chubb reported a net margin of 16.53% and a return on equity of 12.93%, with revenue increasing by 7.5% year-over-year.
Chubb has also declared a quarterly dividend of $0.97, paid on October 3 to shareholders of record as of September 12. This dividend represents an annualized total of $3.88 with a yield of 1.4%, and the company’s payout ratio stands at 16.19%.
Analysts continue to provide various ratings for Chubb. Cantor Fitzgerald has maintained a “neutral” rating with a price target of $300.00. BMO Capital Markets restated a “market perform” rating with a $283.00 target, while Wells Fargo & Company raised its target from $277.00 to $293.00 and rated the stock as “equal weight.” Piper Sandler reaffirmed a “neutral” rating with a lower target of $283.00, down from $335.00. In total, analysts have rated Chubb with one “strong buy,” seven “buy,” thirteen “hold,” and one “sell” rating. Currently, the consensus rating stands at “hold” with a target price of $307.79.
Chubb Limited operates globally, providing a broad range of insurance and reinsurance products. Its North America Commercial P&C Insurance segment offers various services, including commercial property, casualty, and group accident and health insurance to businesses of all sizes.
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