State of Tennessee Treasury Department decreased its stake in shares of Cincinnati Financial Co. (NASDAQ:CINF) by 12.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,948 shares of the insurance provider’s stock after selling 5,764 shares during the period. State of Tennessee Treasury Department’s holdings in Cincinnati Financial were worth $2,959,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of the stock. Russell Investments Group Ltd. acquired a new stake in shares of Cincinnati Financial during the fourth quarter valued at about $12,107,000. Sciencast Management LP acquired a new stake in shares of Cincinnati Financial during the fourth quarter valued at about $517,000. Washington Trust Bank increased its stake in shares of Cincinnati Financial by 4,967.4% in the first quarter. Washington Trust Bank now owns 4,814 shares of the insurance provider’s stock valued at $348,000 after buying an additional 4,719 shares during the period. First Republic Investment Management Inc. increased its position in Cincinnati Financial by 59.7% in the fourth quarter. First Republic Investment Management Inc. now owns 21,191 shares of the insurance provider’s stock worth $1,606,000 after buying an additional 7,922 shares during the last quarter. Finally, Franklin Resources Inc. increased its position in Cincinnati Financial by 187.0% in the fourth quarter. Franklin Resources Inc. now owns 27,817 shares of the insurance provider’s stock worth $2,107,000 after buying an additional 18,125 shares during the last quarter. 61.09% of the stock is currently owned by institutional investors and hedge funds.
Cincinnati Financial Co. (CINF) traded up 1.08% during mid-day trading on Friday, hitting $71.22. The stock had a trading volume of 234,665 shares. The stock has a market cap of $11.73 billion, a PE ratio of 19.61 and a beta of 0.81. The firm’s 50-day moving average price is $70.24 and its 200-day moving average price is $72.65. Cincinnati Financial Co. has a 1-year low of $68.11 and a 1-year high of $79.60.
Cincinnati Financial (NASDAQ:CINF) last released its quarterly earnings data on Wednesday, April 26th. The insurance provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.05. The company had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Cincinnati Financial had a net margin of 10.85% and a return on equity of 7.33%. The firm’s quarterly revenue was up 11.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.13 EPS. On average, equities analysts expect that Cincinnati Financial Co. will post $2.80 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Wednesday, June 21st will be given a $0.50 dividend. The ex-dividend date of this dividend is Monday, June 19th. This represents a $2.00 annualized dividend and a yield of 2.84%. Cincinnati Financial’s dividend payout ratio (DPR) is 54.08%.
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A number of research firms recently issued reports on CINF. Royal Bank of Canada reiterated a “hold” rating and set a $72.00 price objective on shares of Cincinnati Financial in a report on Monday, May 22nd. Zacks Investment Research downgraded Cincinnati Financial from a “buy” rating to a “hold” rating in a report on Thursday, April 20th. Keefe, Bruyette & Woods set a $70.00 price target on Cincinnati Financial and gave the company a “hold” rating in a research report on Wednesday, March 22nd. Finally, MKM Partners reissued a “buy” rating and set a $90.00 price target on shares of Cincinnati Financial in a research report on Friday, February 10th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $78.75.
In other Cincinnati Financial news, Director David P. Osborn purchased 1,925 shares of the stock in a transaction dated Monday, May 8th. The stock was purchased at an average price of $70.00 per share, with a total value of $134,750.00. Following the transaction, the director now owns 21,542 shares of the company’s stock, valued at $1,507,940. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 9.22% of the stock is owned by insiders.
Cincinnati Financial Company Profile
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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