PNC Financial Services Group Inc. Cuts Stock Holdings in Chubb Limited $CB

PNC Financial Services Group Inc. cut its stake in Chubb Limited (NYSE:CB) by 1.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 878,443 shares of the financial services provider’s stock after selling 10,696 shares during the period. PNC Financial Services Group Inc.’s holdings in Chubb were worth $247,940,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Harbor Capital Advisors Inc. increased its holdings in Chubb by 93.6% in the third quarter. Harbor Capital Advisors Inc. now owns 91 shares of the financial services provider’s stock valued at $26,000 after buying an additional 44 shares during the last quarter. Cedar Mountain Advisors LLC boosted its holdings in Chubb by 155.6% in the third quarter. Cedar Mountain Advisors LLC now owns 92 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 56 shares in the last quarter. VSM Wealth Advisory LLC purchased a new position in Chubb in the second quarter valued at approximately $32,000. Cornerstone Planning Group LLC raised its holdings in Chubb by 81.5% during the third quarter. Cornerstone Planning Group LLC now owns 118 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 53 shares in the last quarter. Finally, Heartwood Wealth Advisors LLC purchased a new stake in shares of Chubb during the 3rd quarter worth approximately $34,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

Chubb Stock Performance

Shares of CB stock opened at $324.57 on Friday. The stock’s 50-day moving average price is $310.71 and its 200 day moving average price is $291.22. The company has a quick ratio of 0.27, a current ratio of 0.24 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $127.73 billion, a PE ratio of 12.61, a price-to-earnings-growth ratio of 2.07 and a beta of 0.49. Chubb Limited has a 52-week low of $263.14 and a 52-week high of $335.60.

Chubb (NYSE:CB) last announced its earnings results on Tuesday, February 3rd. The financial services provider reported $7.52 earnings per share for the quarter, beating the consensus estimate of $6.33 by $1.19. Chubb had a return on equity of 13.15% and a net margin of 17.36%.The company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $11.11 billion. During the same period last year, the business posted $6.02 EPS. The company’s revenue was up 8.9% on a year-over-year basis. As a group, equities research analysts forecast that Chubb Limited will post 21.52 EPS for the current year.

Chubb Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Friday, December 12th were given a dividend of $0.97 per share. The ex-dividend date was Friday, December 12th. This represents a $3.88 dividend on an annualized basis and a yield of 1.2%. Chubb’s dividend payout ratio is presently 15.08%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CB. BMO Capital Markets increased their target price on shares of Chubb from $283.00 to $326.00 and gave the company a “market perform” rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Chubb from $303.00 to $304.00 and gave the company a “hold” rating in a research note on Monday, November 24th. JPMorgan Chase & Co. lifted their target price on Chubb from $327.00 to $330.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 4th. Raymond James Financial upped their target price on Chubb from $340.00 to $380.00 and gave the company a “strong-buy” rating in a research report on Monday, February 9th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $366.00 price target on shares of Chubb in a research report on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $340.09.

Insiders Place Their Bets

In related news, EVP Timothy Alan Boroughs sold 27,817 shares of the stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $331.98, for a total transaction of $9,234,687.66. Following the completion of the transaction, the executive vice president directly owned 11,810 shares of the company’s stock, valued at $3,920,683.80. This represents a 70.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Evan G. Greenberg sold 15,060 shares of the firm’s stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $331.47, for a total transaction of $4,991,938.20. Following the completion of the sale, the chief executive officer owned 511,576 shares of the company’s stock, valued at approximately $169,572,096.72. The trade was a 2.86% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 54,307 shares of company stock valued at $17,611,016. 0.77% of the stock is owned by insiders.

Chubb Company Profile

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.