Fosun International Ltd Buys 4,600 Shares of Chubb Ltd (CB)
Fosun International Ltd boosted its stake in shares of Chubb Ltd (NYSE:CB) by 72.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,981 shares of the financial services provider’s stock after buying an additional 4,600 shares during the quarter. Fosun International Ltd’s holdings in Chubb were worth $1,408,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in CB. Gradient Investments LLC raised its position in shares of Chubb by 260.0% in the 4th quarter. Gradient Investments LLC now owns 216 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 156 shares in the last quarter. Moody National Bank Trust Division bought a new position in shares of Chubb in the 4th quarter worth about $37,000. Massey Quick Simon & CO. LLC bought a new position in shares of Chubb in the 4th quarter worth about $42,000. Clean Yield Group bought a new position in shares of Chubb in the 4th quarter worth about $82,000. Finally, Belpointe Asset Management LLC bought a new position in shares of Chubb in the 3rd quarter worth about $100,000. 87.50% of the stock is currently owned by hedge funds and other institutional investors.
CB has been the subject of a number of research analyst reports. Zacks Investment Research lowered Chubb from a “hold” rating to a “sell” rating in a research report on Wednesday, January 16th. Wells Fargo & Co reaffirmed a “buy” rating and issued a $160.00 target price on shares of Chubb in a research report on Monday, December 3rd. Deutsche Bank decreased their target price on Chubb from $123.00 to $121.00 and set a “sell” rating for the company in a research report on Monday, January 7th. Morgan Stanley decreased their target price on Chubb from $166.00 to $153.00 and set an “overweight” rating for the company in a research report on Wednesday, November 14th. Finally, Compass Point initiated coverage on Chubb in a research report on Tuesday, January 15th. They issued a “buy” rating and a $165.00 target price for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $155.11.
The company also recently announced a quarterly dividend, which was paid on Friday, January 11th. Investors of record on Friday, December 21st were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date was Thursday, December 20th. Chubb’s payout ratio is 36.36%.
Chubb declared that its board has initiated a share repurchase plan on Thursday, November 15th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 2.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.
In related news, Director Michael G. Atieh sold 1,200 shares of the business’s stock in a transaction dated Wednesday, November 28th. The stock was sold at an average price of $133.27, for a total value of $159,924.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 1,242 shares of company stock valued at $165,544 over the last ninety days. 0.44% of the stock is currently owned by corporate insiders.
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Chubb Limited, through its subsidiaries, provides insurance and reinsurance products worldwide. Its North America Commercial P&C Insurance segment offers commercial property, marine, general casualty, workers' compensation, package policies, and risk management; and professional lines, marine, construction, environmental, medical, cyber risk, and excess casualty, as well as group accident and health insurance to large, middle market, and small commercial businesses in the United States, Canada, and Bermuda.
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