PNC Financial Services Group Inc. Has $270.37 Million Position in Chubb Limited (NYSE:CB)

Key Points

• PNC Financial Services Group Inc. reduced its stake in Chubb Limited by 1.8%, owning approximately $270.37 million worth of Chubb shares after selling 16,154 shares in the first quarter.
• Chubb's COO, John W. Keogh, sold 85,083 shares of the company's stock for nearly $24.7 million, which resulted in a 26.36% decrease in his ownership.
• The company announced a $5 billion stock buyback program, indicating management's belief that the stock is undervalued, and recently increased its quarterly dividend to $0.97 per share.

PNC Financial Services Group Inc. reduced its position in shares of Chubb Limited (NYSE:CB - Free Report) by 1.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 895,293 shares of the financial services provider's stock after selling 16,154 shares during the period. PNC Financial Services Group Inc. owned about 0.22% of Chubb worth $270,370,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CB. Peoples Bank KS bought a new stake in shares of Chubb during the first quarter worth about $25,000. Opal Wealth Advisors LLC acquired a new position in shares of Chubb in the first quarter worth approximately $25,000. North Capital Inc. acquired a new position in shares of Chubb in the first quarter worth approximately $26,000. IMA Advisory Services Inc. acquired a new position in shares of Chubb in the first quarter worth approximately $31,000. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Chubb by 254.3% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 124 shares of the financial services provider's stock worth $34,000 after acquiring an additional 89 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Insider Transactions at Chubb

In other news, COO John W. Keogh sold 85,083 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $290.24, for a total transaction of $24,694,489.92. Following the transaction, the chief operating officer directly owned 237,728 shares of the company's stock, valued at $68,998,174.72. This represents a 26.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John J. Lupica sold 5,513 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $290.06, for a total value of $1,599,100.78. Following the sale, the insider owned 91,180 shares of the company's stock, valued at $26,447,670.80. This trade represents a 5.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 100,390 shares of company stock valued at $29,163,135 over the last ninety days. 0.77% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CB has been the topic of a number of recent analyst reports. HSBC lowered Chubb from a "buy" rating to a "hold" rating and cut their price objective for the stock from $317.00 to $300.00 in a research note on Friday. Keefe, Bruyette & Woods lifted their price objective on Chubb from $314.00 to $324.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Chubb in a research note on Thursday, April 24th. Piper Sandler reaffirmed a "neutral" rating and issued a $283.00 price objective (down from $335.00) on shares of Chubb in a research note on Thursday, July 24th. Finally, Morgan Stanley lifted their price objective on Chubb from $280.00 to $300.00 and gave the stock an "equal weight" rating in a research note on Monday, May 19th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $301.50.

Chubb Price Performance

Shares of NYSE:CB opened at $267.40 on Friday. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.18. Chubb Limited has a twelve month low of $252.16 and a twelve month high of $306.91. The stock's 50 day moving average is $282.23 and its 200-day moving average is $282.35. The firm has a market capitalization of $106.61 billion, a price-to-earnings ratio of 11.80, a PEG ratio of 3.02 and a beta of 0.53.

Chubb (NYSE:CB - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The financial services provider reported $6.14 earnings per share for the quarter, topping analysts' consensus estimates of $5.84 by $0.30. Chubb had a return on equity of 12.34% and a net margin of 16.08%. The company had revenue of $14.20 billion for the quarter, compared to analyst estimates of $12.53 billion. During the same period in the prior year, the firm earned $5.38 earnings per share. Chubb's revenue for the quarter was up 6.3% on a year-over-year basis. Sell-side analysts forecast that Chubb Limited will post 21.52 EPS for the current fiscal year.

Chubb announced that its Board of Directors has initiated a stock buyback program on Thursday, May 15th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Chubb Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Friday, June 13th were given a dividend of $0.97 per share. The ex-dividend date of this dividend was Friday, June 13th. This is a positive change from Chubb's previous quarterly dividend of $0.91. This represents a $3.88 dividend on an annualized basis and a dividend yield of 1.5%. Chubb's payout ratio is currently 17.12%.

About Chubb

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

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