PNC Financial Services Group Inc. Lowers Position in Chubb Limited $CB

Key Points

• PNC Financial Services Group reduced its stake in Chubb by 2.5% in the first quarter, selling 22,191 shares and ending with 848,391 shares valued at about $276.5 million.
• Chubb reported strong second-quarter earnings of $7.26 per share, beating analyst expectations and rising from $6.14 a year earlier. Revenue came in at $14.71 billion, slightly below estimates, but still up 3.6% year over year.
• The insurer also raised its quarterly dividend to $1.02 per share from $0.97, while analysts remain mixed overall with a consensus rating of Hold and an average price target of $359.09.

PNC Financial Services Group Inc. lessened its stake in Chubb Limited (NYSE:CB - Free Report) by 2.5% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 848,391 shares of the financial services provider's stock after selling 22,191 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.22% of Chubb worth $276,516,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Cherry Tree Wealth Management LLC lifted its stake in Chubb by 38.3% during the 4th quarter. Cherry Tree Wealth Management LLC now owns 112 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 31 shares in the last quarter. Phillips Wealth Planners LLC grew its stake in shares of Chubb by 1.8% in the 4th quarter. Phillips Wealth Planners LLC now owns 1,737 shares of the financial services provider's stock worth $521,000 after acquiring an additional 31 shares in the last quarter. Hoxton Planning & Management LLC grew its stake in shares of Chubb by 4.3% in the 4th quarter. Hoxton Planning & Management LLC now owns 746 shares of the financial services provider's stock worth $233,000 after acquiring an additional 31 shares in the last quarter. Kathmere Capital Management LLC raised its holdings in shares of Chubb by 2.7% in the fourth quarter. Kathmere Capital Management LLC now owns 1,297 shares of the financial services provider's stock valued at $405,000 after purchasing an additional 34 shares during the last quarter. Finally, Wright Investors Service Inc. raised its holdings in shares of Chubb by 0.7% in the fourth quarter. Wright Investors Service Inc. now owns 4,927 shares of the financial services provider's stock valued at $1,538,000 after purchasing an additional 34 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Insider Buying and Selling

In other Chubb news, COO John W. Keogh sold 23,000 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $321.51, for a total transaction of $7,394,730.00. Following the completion of the transaction, the chief operating officer directly owned 203,322 shares of the company's stock, valued at approximately $65,370,056.22. This represents a 10.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.37% of the company's stock.

Chubb Stock Performance

NYSE CB opened at $355.04 on Wednesday. The company has a market capitalization of $137.71 billion, a PE ratio of 12.54, a price-to-earnings-growth ratio of 1.83 and a beta of 0.40. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.28 and a current ratio of 0.28. Chubb Limited has a 52-week low of $264.10 and a 52-week high of $365.29. The company has a 50-day simple moving average of $333.63 and a 200 day simple moving average of $326.34.

Chubb (NYSE:CB - Get Free Report) last released its earnings results on Tuesday, July 21st. The financial services provider reported $7.26 earnings per share for the quarter, beating analysts' consensus estimates of $6.78 by $0.48. Chubb had a net margin of 18.58% and a return on equity of 14.30%. The firm had revenue of $14.71 billion for the quarter, compared to analysts' expectations of $15.07 billion. During the same period in the previous year, the company earned $6.14 earnings per share. The company's quarterly revenue was up 3.6% on a year-over-year basis. On average, research analysts predict that Chubb Limited will post 26.77 EPS for the current year.

Chubb Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Friday, June 12th were paid a $1.02 dividend. The ex-dividend date was Friday, June 12th. This is a positive change from Chubb's previous quarterly dividend of $0.97. This represents a $4.08 annualized dividend and a yield of 1.1%. Chubb's dividend payout ratio (DPR) is currently 14.41%.

Chubb News Summary

Here are the key news stories impacting Chubb this week:

• Positive Sentiment: Chubb reported Q2 earnings of $7.26 per share, topping consensus estimates and improving from $6.14 a year ago, which suggests stronger-than-expected profitability. Chubb (CB) Tops Q2 Earnings Estimates
• Positive Sentiment: The company said core operating income rose 14.6% and consolidated net premiums written increased 3.6% to $14.7 billion, signaling solid underwriting and premium growth. Chubb Reports Second Quarter Per Share Net Income...
• Positive Sentiment: The property and casualty combined ratio of 83.8% indicates strong underwriting discipline, which is favorable for insurers. Chubb Reports Second Quarter Per Share Net Income...
• Neutral Sentiment: JPMorgan raised its price target on Chubb to $370 while keeping a neutral rating, reflecting improved earnings expectations but not a strong change in stance. Benzinga report on JPMorgan price target increase
• Neutral Sentiment: Barclays reiterated a hold rating ahead of earnings, suggesting some analysts remained cautious despite the company’s strong fundamentals. Barclays Remains a Hold on Chubb (CB)

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. The Goldman Sachs Group boosted their price target on shares of Chubb from $362.00 to $386.00 and gave the stock a "buy" rating in a report on Wednesday, July 1st. Evercore reiterated an "outperform" rating and issued a $374.00 price objective on shares of Chubb in a research note on Friday, July 10th. Wells Fargo & Company lifted their target price on shares of Chubb from $333.00 to $358.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 9th. Barclays set a $387.00 target price on Chubb in a research note on Tuesday, July 7th. Finally, HSBC lowered Chubb from a "buy" rating to a "hold" rating and upped their target price for the company from $370.00 to $373.00 in a report on Monday, July 6th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Chubb currently has a consensus rating of "Hold" and an average price target of $359.09.

About Chubb

Chubb is a global property and casualty insurance company that underwrites a broad range of commercial and personal insurance products and related services. Its offerings include commercial property and casualty coverage, specialty liability, professional and management liability, cyber and technology insurance, marine and energy, surety, accident and health solutions, and high-net-worth personal lines such as homeowners, auto and valuables protection. Chubb serves businesses, individuals and institutions with tailored underwriting and risk-transfer solutions across multiple industry sectors.

In addition to core underwriting, Chubb provides risk engineering, loss control, claims management and risk consulting services intended to reduce loss severity and help clients manage exposures.

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