New Mexico Educational Retirement Board cut its stake in shares of Cincinnati Financial Co. (NASDAQ:CINF) by 5.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,237 shares of the insurance provider’s stock after selling 800 shares during the period. New Mexico Educational Retirement Board’s holdings in Cincinnati Financial were worth $1,101,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the stock. Salem Investment Counselors Inc. purchased a new position in shares of Cincinnati Financial during the third quarter worth $108,000. Fuller & Thaler Asset Management Inc. boosted its position in shares of Cincinnati Financial by 46.2% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 1,900 shares of the insurance provider’s stock worth $143,000 after buying an additional 600 shares in the last quarter. MCF Advisors LLC boosted its position in shares of Cincinnati Financial by 2.4% in the first quarter. MCF Advisors LLC now owns 2,243 shares of the insurance provider’s stock worth $162,000 after buying an additional 52 shares in the last quarter. First Manhattan Co. boosted its position in shares of Cincinnati Financial by 36.2% in the first quarter. First Manhattan Co. now owns 2,437 shares of the insurance provider’s stock worth $183,000 after buying an additional 648 shares in the last quarter. Finally, First Heartland Consultants Inc. purchased a new position in shares of Cincinnati Financial during the third quarter worth $206,000. 61.09% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Cincinnati Financial Co. (CINF) traded up 1.87% during midday trading on Friday, hitting $71.78. The stock had a trading volume of 522,907 shares. The company’s 50 day moving average is $70.28 and its 200 day moving average is $72.63. Cincinnati Financial Co. has a 52-week low of $68.11 and a 52-week high of $79.60. The company has a market cap of $11.82 billion, a PE ratio of 19.77 and a beta of 0.81.
Cincinnati Financial (NASDAQ:CINF) last announced its earnings results on Wednesday, April 26th. The insurance provider reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.05. Cincinnati Financial had a net margin of 10.85% and a return on equity of 7.33%. The business had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the prior year, the company earned $1.13 earnings per share. The business’s revenue was up 11.7% compared to the same quarter last year. On average, analysts anticipate that Cincinnati Financial Co. will post $2.80 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Wednesday, June 21st will be issued a $0.50 dividend. The ex-dividend date is Monday, June 19th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.79%. Cincinnati Financial’s payout ratio is 54.08%.
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Several equities analysts recently issued reports on CINF shares. Royal Bank of Canada restated a “hold” rating and set a $72.00 price target on shares of Cincinnati Financial in a research report on Monday, May 22nd. Keefe, Bruyette & Woods set a $70.00 price target on Cincinnati Financial and gave the stock a “hold” rating in a research report on Wednesday, May 24th. MKM Partners restated a “buy” rating and set a $90.00 price target on shares of Cincinnati Financial in a research report on Friday, February 10th. Finally, Zacks Investment Research upgraded Cincinnati Financial from a “hold” rating to a “buy” rating and set a $83.00 price target on the stock in a research report on Tuesday, March 14th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Cincinnati Financial currently has a consensus rating of “Hold” and an average target price of $78.75.
In other Cincinnati Financial news, Director David P. Osborn bought 1,925 shares of Cincinnati Financial stock in a transaction dated Monday, May 8th. The stock was acquired at an average cost of $70.00 per share, with a total value of $134,750.00. Following the completion of the acquisition, the director now owns 21,542 shares of the company’s stock, valued at $1,507,940. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 9.22% of the stock is currently owned by corporate insiders.
About Cincinnati Financial
Cincinnati Financial Corporation is an insurance holding company. It operates through five segments: Commercial lines insurance, Personal lines insurance, Excess and surplus lines insurance, and Life insurance and Investments. Its Commercial Lines Insurance Segment provides five commercial business lines: commercial casualty, commercial property, commercial auto, workers’ compensation and other commercial lines.
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