First Manhattan Co. raised its stake in shares of Cincinnati Financial Co. (NASDAQ:CINF) by 36.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,437 shares of the insurance provider’s stock after buying an additional 648 shares during the period. First Manhattan Co.’s holdings in Cincinnati Financial were worth $183,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of CINF. Norges Bank acquired a new position in Cincinnati Financial during the fourth quarter valued at $118,284,000. State Street Corp raised its position in Cincinnati Financial by 8.8% in the fourth quarter. State Street Corp now owns 9,738,423 shares of the insurance provider’s stock valued at $737,679,000 after buying an additional 791,500 shares during the last quarter. Johnson Investment Counsel Inc. raised its position in Cincinnati Financial by 58.6% in the third quarter. Johnson Investment Counsel Inc. now owns 940,445 shares of the insurance provider’s stock valued at $70,928,000 after buying an additional 347,375 shares during the last quarter. Asset Management One Co. Ltd. raised its position in shares of Cincinnati Financial by 627.9% in the fourth quarter. Asset Management One Co. Ltd. now owns 265,940 shares of the insurance provider’s stock valued at $20,148,000 after buying an additional 229,403 shares during the last quarter. Finally, Panagora Asset Management Inc. raised its position in shares of Cincinnati Financial by 100.0% in the third quarter. Panagora Asset Management Inc. now owns 352,763 shares of the insurance provider’s stock valued at $26,605,000 after buying an additional 176,420 shares during the last quarter. 61.09% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Cincinnati Financial Co. (NASDAQ:CINF) opened at 69.04 on Friday. Cincinnati Financial Co. has a 1-year low of $67.42 and a 1-year high of $79.60. The stock’s 50 day moving average price is $70.62 and its 200 day moving average price is $72.73. The company has a market cap of $11.37 billion, a P/E ratio of 19.01 and a beta of 0.81.
Cincinnati Financial (NASDAQ:CINF) last released its earnings results on Wednesday, April 26th. The insurance provider reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.05. The business had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.37 billion. Cincinnati Financial had a return on equity of 7.33% and a net margin of 10.85%. Cincinnati Financial’s quarterly revenue was up 11.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.13 earnings per share. Equities research analysts forecast that Cincinnati Financial Co. will post $2.80 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Wednesday, June 21st will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.90%. Cincinnati Financial’s dividend payout ratio is currently 54.08%.
Several research analysts have weighed in on the company. Zacks Investment Research lowered Cincinnati Financial from a “buy” rating to a “hold” rating in a research report on Thursday, April 20th. Keefe, Bruyette & Woods set a $70.00 target price on Cincinnati Financial and gave the stock a “hold” rating in a research report on Wednesday, March 22nd. Finally, MKM Partners reaffirmed a “buy” rating and issued a $90.00 target price on shares of Cincinnati Financial in a research report on Friday, February 10th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Cincinnati Financial has an average rating of “Hold” and an average price target of $81.00.
In related news, Director David P. Osborn bought 1,925 shares of the stock in a transaction that occurred on Monday, May 8th. The shares were acquired at an average price of $70.00 per share, with a total value of $134,750.00. Following the completion of the transaction, the director now owns 21,542 shares in the company, valued at $1,507,940. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 9.22% of the stock is currently owned by 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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