Fifth Third Bancorp Decreases Stake in Chubb Limited (NYSE:CB)

Fifth Third Bancorp decreased its holdings in shares of Chubb Limited (NYSE:CB) by 7.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 174,550 shares of the financial services provider’s stock after selling 14,809 shares during the quarter. Fifth Third Bancorp’s holdings in Chubb were worth $52,712,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in CB. Peoples Bank KS bought a new stake in shares of Chubb during the 1st quarter worth $25,000. Sierra Ocean LLC purchased a new position in shares of Chubb in the fourth quarter valued at about $29,000. Crowley Wealth Management Inc. purchased a new position in Chubb during the 4th quarter valued at about $29,000. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of Chubb by 254.3% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 124 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 89 shares in the last quarter. Finally, Human Investing LLC bought a new position in Chubb in the 4th quarter worth $36,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Insider Transactions at Chubb

In other Chubb news, EVP Timothy Alan Boroughs sold 14,748 shares of the firm’s stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $296.12, for a total value of $4,367,177.76. Following the completion of the sale, the executive vice president now directly owns 29,194 shares of the company’s stock, valued at $8,644,927.28. This trade represents a 33.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO John W. Keogh purchased 9,810 shares of the firm’s stock in a transaction dated Friday, June 6th. The stock was acquired at an average cost of $292.99 per share, for a total transaction of $2,874,231.90. Following the purchase, the chief operating officer now owns 247,538 shares in the company, valued at approximately $72,526,158.62. The trade was a 4.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders sold 121,856 shares of company stock valued at $35,537,155. Corporate insiders own 0.77% of the company’s stock.

Chubb Stock Up 1.2%

NYSE CB opened at $289.10 on Friday. The stock has a market cap of $115.85 billion, a PE ratio of 12.72, a P/E/G ratio of 3.36 and a beta of 0.54. The company has a current ratio of 0.25, a quick ratio of 0.28 and a debt-to-equity ratio of 0.21. Chubb Limited has a 12 month low of $251.42 and a 12 month high of $306.91. The stock’s 50 day moving average is $287.47 and its 200 day moving average is $281.79.

Chubb (NYSE:CB) last announced its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $3.68 EPS for the quarter, beating analysts’ consensus estimates of $3.28 by $0.40. Chubb had a return on equity of 13.75% and a net margin of 16.63%. The company had revenue of $12.65 billion during the quarter, compared to analyst estimates of $11.22 billion. Research analysts predict that Chubb Limited will post 21.52 EPS for the current fiscal year.

Chubb announced that its Board of Directors has authorized a stock buyback program on Thursday, May 15th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 4.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Chubb Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Friday, June 13th will be paid a dividend of $0.97 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.88 annualized dividend and a dividend yield of 1.34%. This is a positive change from Chubb’s previous quarterly dividend of $0.91. Chubb’s dividend payout ratio (DPR) is currently 18.67%.

Analyst Upgrades and Downgrades

CB has been the subject of a number of research analyst reports. Piper Sandler raised their target price on Chubb from $310.00 to $335.00 and gave the company an “overweight” rating in a research note on Tuesday, April 1st. Morgan Stanley raised their price target on shares of Chubb from $280.00 to $300.00 and gave the company an “equal weight” rating in a research report on Monday, May 19th. Keefe, Bruyette & Woods decreased their target price on Chubb from $316.00 to $314.00 and set an “outperform” rating for the company in a research report on Thursday, April 24th. Raymond James reissued a “strong-buy” rating on shares of Chubb in a report on Thursday, April 24th. Finally, Wells Fargo & Company raised their price objective on shares of Chubb from $268.00 to $278.00 and gave the stock an “equal weight” rating in a report on Thursday, April 24th. Two analysts have rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $307.53.

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.