Chubb Ltd (CB) Holdings Lifted by Wells Fargo & Company MN
Wells Fargo & Company MN lifted its holdings in shares of Chubb Ltd (NYSE:CB) by 0.4% in the 4th quarter, HoldingsChannel reports. The firm owned 5,496,940 shares of the financial services provider’s stock after acquiring an additional 19,850 shares during the period. Wells Fargo & Company MN’s holdings in Chubb were worth $803,269,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Welch Group LLC bought a new stake in Chubb in the 4th quarter worth approximately $110,000. Horan Capital Advisors LLC. bought a new stake in Chubb in the 3rd quarter worth approximately $133,000. Zions Bancorporation lifted its position in Chubb by 716.3% in the 3rd quarter. Zions Bancorporation now owns 1,151 shares of the financial services provider’s stock worth $164,000 after buying an additional 1,010 shares during the last quarter. Valeo Financial Advisors LLC bought a new stake in Chubb in the 3rd quarter worth approximately $198,000. Finally, Fisher Asset Management LLC bought a new stake in Chubb in the 3rd quarter worth approximately $200,000. 87.40% of the stock is owned by institutional investors.
Several brokerages have weighed in on CB. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $153.00 price objective on shares of Chubb in a research report on Sunday, October 29th. Zacks Investment Research downgraded Chubb from a “buy” rating to a “sell” rating in a report on Friday, January 5th. Royal Bank of Canada restated a “buy” rating and set a $170.00 target price on shares of Chubb in a report on Wednesday, January 31st. Bank of America upped their target price on Chubb from $168.00 to $171.00 and gave the company a “buy” rating in a report on Wednesday, January 31st. Finally, Credit Suisse Group restated a “neutral” rating and set a $156.00 target price on shares of Chubb in a report on Tuesday, December 19th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $163.92.
Chubb (NYSE:CB) last issued its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $3.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.31 by $0.86. The company had revenue of $7.05 billion for the quarter, compared to analysts’ expectations of $6.64 billion. Chubb had a return on equity of 7.52% and a net margin of 11.87%. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.72 earnings per share. analysts predict that Chubb Ltd will post 10.76 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, January 19th. Investors of record on Friday, December 29th were paid a $0.71 dividend. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $2.84 annualized dividend and a yield of 1.95%. Chubb’s payout ratio is 34.63%.
Chubb declared that its Board of Directors has initiated a share repurchase plan on Thursday, December 21st that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Timothy Alan Boroughs sold 18,611 shares of the stock in a transaction on Friday, December 1st. The stock was sold at an average price of $151.22, for a total value of $2,814,355.42. Following the sale, the insider now directly owns 201,165 shares of the company’s stock, valued at $30,420,171.30. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Evan G. Greenberg sold 95,761 shares of the stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $145.56, for a total value of $13,938,971.16. Following the completion of the sale, the chief executive officer now directly owns 1,367,229 shares in the company, valued at $199,013,853.24. The disclosure for this sale can be found here. 0.43% of the stock is owned by corporate insiders.
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Chubb Limited is a holding company. The Company, through its subsidiaries, provides a range of insurance and reinsurance products and services to clients around the world. Its segments include North America Commercial property and casualty (P&C) Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance and Life Insurance.
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