Empirical Finance LLC grew its stake in shares of Cincinnati Financial Corporation (NASDAQ:CINF – Free Report) by 266.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,658 shares of the insurance provider’s stock after acquiring an additional 14,297 shares during the period. Empirical Finance LLC’s holdings in Cincinnati Financial were worth $3,639,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Bison Wealth LLC acquired a new position in Cincinnati Financial in the fourth quarter worth about $210,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Cincinnati Financial by 2.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,112 shares of the insurance provider’s stock worth $2,823,000 after buying an additional 525 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Cincinnati Financial by 43.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 567,894 shares of the insurance provider’s stock worth $83,889,000 after buying an additional 173,343 shares during the last quarter. Federated Hermes Inc. acquired a new position in shares of Cincinnati Financial in the 2nd quarter worth approximately $101,000. Finally, Cerity Partners LLC grew its position in shares of Cincinnati Financial by 10.8% in the 2nd quarter. Cerity Partners LLC now owns 47,774 shares of the insurance provider’s stock worth $7,115,000 after acquiring an additional 4,674 shares in the last quarter. Institutional investors and hedge funds own 65.24% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms recently issued reports on CINF. Roth Capital upped their price target on Cincinnati Financial from $190.00 to $200.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Keefe, Bruyette & Woods decreased their price objective on shares of Cincinnati Financial from $201.00 to $190.00 and set a “market perform” rating for the company in a report on Wednesday, August 5th. Atlantic Securities set a $197.00 target price on shares of Cincinnati Financial in a research note on Wednesday, July 15th. Weiss Ratings cut shares of Cincinnati Financial from a “buy (a)” rating to a “buy (a-)” rating in a report on Friday, August 21st. Finally, Bank of America downgraded shares of Cincinnati Financial from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $197.00 to $193.00 in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Cincinnati Financial has an average rating of “Moderate Buy” and a consensus price target of $195.40.
Cincinnati Financial Stock Performance
Shares of NASDAQ:CINF traded down $1.96 during trading on Tuesday, hitting $169.14. 424,319 shares of the company traded hands, compared to its average volume of 744,058. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.05. The business’s fifty day moving average is $177.17 and its 200-day moving average is $169.00. The stock has a market capitalization of $25.96 billion, a price-to-earnings ratio of 7.98, a PEG ratio of 3.58 and a beta of 0.53. Cincinnati Financial Corporation has a one year low of $150.00 and a one year high of $194.81.
Cincinnati Financial (NASDAQ:CINF – Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The insurance provider reported $1.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.39). Cincinnati Financial had a return on equity of 9.63% and a net margin of 23.84%.The company had revenue of $4.27 billion during the quarter, compared to the consensus estimate of $2.71 billion. During the same period last year, the business posted $1.97 EPS. As a group, equities analysts predict that Cincinnati Financial Corporation will post 8.31 earnings per share for the current fiscal year.
Cincinnati Financial Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 23rd will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Wednesday, September 23rd. Cincinnati Financial’s dividend payout ratio (DPR) is presently 17.74%.
Insider Transactions at Cincinnati Financial
In other news, Director Dirk Debbink purchased 1,000 shares of Cincinnati Financial stock in a transaction dated Tuesday, August 25th. The stock was bought at an average price of $171.64 per share, with a total value of $171,640.00. Following the completion of the acquisition, the director owned 62,059 shares in the company, valued at $10,651,806.76. The trade was a 1.64% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.94% of the company’s stock.
About Cincinnati Financial
Cincinnati Financial Corporation (NASDAQ: CINF) is an insurance holding company headquartered in the Cincinnati area of Ohio that provides property and casualty insurance products and related services. Founded as part of the Cincinnati Insurance group, the company operates through a set of insurance subsidiaries to underwrite and service policies for both personal and commercial customers. Cincinnati Financial is publicly traded and emphasizes underwriting discipline and long-term relationships with its distribution partners and policyholders.
The company’s core business centers on property and casualty insurance, including homeowners, automobile, commercial casualty, commercial multi-peril, and specialty commercial coverages.
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