State of Michigan Retirement System Grows Position in Chubb Ltd (NYSE:CB)
State of Michigan Retirement System raised its holdings in shares of Chubb Ltd (NYSE:CB) by 10.9% during the 2nd quarter, Holdings Channel.com reports. The firm owned 115,239 shares of the financial services provider’s stock after acquiring an additional 11,362 shares during the quarter. State of Michigan Retirement System’s holdings in Chubb were worth $14,592,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. IBM Retirement Fund increased its position in shares of Chubb by 53.1% during the first quarter. IBM Retirement Fund now owns 11,568 shares of the financial services provider’s stock valued at $1,292,000 after buying an additional 4,014 shares during the period. Somerset Trust Co increased its position in shares of Chubb by 1.8% during the second quarter. Somerset Trust Co now owns 15,849 shares of the financial services provider’s stock valued at $2,007,000 after buying an additional 273 shares during the period. Global Retirement Partners LLC increased its position in shares of Chubb by 11.0% during the second quarter. Global Retirement Partners LLC now owns 6,858 shares of the financial services provider’s stock valued at $868,000 after buying an additional 677 shares during the period. Canandaigua National Corp bought a new stake in shares of Chubb during the second quarter valued at about $1,567,000. Finally, Diversified Trust Co increased its position in shares of Chubb by 162.5% during the second quarter. Diversified Trust Co now owns 36,764 shares of the financial services provider’s stock valued at $4,655,000 after buying an additional 22,758 shares during the period. 87.42% of the stock is currently owned by institutional investors and hedge funds.
NYSE CB traded down $2.76 on Friday, reaching $127.24. 2,174,248 shares of the company’s stock traded hands, compared to its average volume of 1,587,494. Chubb Ltd has a 12 month low of $87.35 and a 12 month high of $167.74. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.33 and a quick ratio of 0.31. The stock has a 50-day simple moving average of $129.08 and a 200 day simple moving average of $129.18. The stock has a market cap of $57.43 billion, a PE ratio of 26.68, a P/E/G ratio of 1.91 and a beta of 0.71.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Friday, June 19th were given a dividend of $0.78 per share. This is a boost from Chubb’s previous quarterly dividend of $0.75. This represents a $3.12 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend was Thursday, June 18th. Chubb’s dividend payout ratio (DPR) is presently 30.86%.
Several equities research analysts have recently weighed in on the company. Raymond James upped their price target on Chubb from $130.00 to $150.00 and gave the company an “outperform” rating in a research report on Friday, June 5th. Zacks Investment Research cut Chubb from a “hold” rating to a “sell” rating and set a $133.00 price target on the stock. in a research report on Thursday, July 9th. Evercore ISI upgraded shares of Chubb from an “in-line” rating to an “outperform” rating and set a $157.00 price objective on the stock in a research report on Thursday, July 16th. ValuEngine upgraded shares of Chubb from a “sell” rating to a “hold” rating in a research report on Thursday, June 25th. Finally, Morgan Stanley upped their price objective on shares of Chubb from $121.00 to $130.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 15th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $147.50.
Chubb Limited, through its subsidiaries, provides insurance and reinsurance products worldwide. The company's North America Commercial P&C Insurance segment offers commercial property, marine, general casualty, workers' compensation, package policies, and risk management; professional 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 in the United States, Canada, and Bermuda.
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