State Treasurer State of Michigan reduced its stake in shares of Cincinnati Financial Co. (NASDAQ:CINF) by 4.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 43,321 shares of the insurance provider’s stock after selling 1,800 shares during the period. State Treasurer State of Michigan’s holdings in Cincinnati Financial were worth $3,354,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Cincinnati Financial in the fourth quarter valued at approximately $89,000. Quantamental Technologies LLC acquired a new stake in shares of Cincinnati Financial in the fourth quarter valued at approximately $100,000. Trust Co. of Vermont raised its holdings in shares of Cincinnati Financial by 98.5% in the third quarter. Trust Co. of Vermont now owns 1,465 shares of the insurance provider’s stock valued at $113,000 after purchasing an additional 727 shares during the last quarter. First Mercantile Trust Co. raised its holdings in shares of Cincinnati Financial by 47.1% in the fourth quarter. First Mercantile Trust Co. now owns 1,500 shares of the insurance provider’s stock valued at $116,000 after purchasing an additional 480 shares during the last quarter. Finally, Legacy Financial Advisors Inc. raised its holdings in shares of Cincinnati Financial by 21.1% in the fourth quarter. Legacy Financial Advisors Inc. now owns 1,594 shares of the insurance provider’s stock valued at $123,000 after purchasing an additional 278 shares during the last quarter. Hedge funds and other institutional investors own 63.54% of the company’s stock.
A number of analysts have recently issued reports on the stock. BidaskClub upgraded shares of Cincinnati Financial from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 5th. Zacks Investment Research downgraded shares of Cincinnati Financial from a “buy” rating to a “hold” rating in a report on Thursday, January 17th. Finally, Buckingham Research began coverage on shares of Cincinnati Financial in a report on Friday, December 14th. They issued a “neutral” rating and a $80.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $79.00.
Cincinnati Financial (NASDAQ:CINF) last issued its earnings results on Wednesday, February 6th. The insurance provider reported $0.98 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.14. The business had revenue of $710.00 million for the quarter, compared to the consensus estimate of $1.47 billion. Cincinnati Financial had a net margin of 5.31% and a return on equity of 6.86%. The firm’s revenue for the quarter was down 49.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.93 earnings per share. As a group, research analysts forecast that Cincinnati Financial Co. will post 3.28 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Wednesday, March 20th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 2.69%. This is an increase from Cincinnati Financial’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Tuesday, March 19th. Cincinnati Financial’s payout ratio is presently 63.28%.
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Cincinnati Financial Profile
Cincinnati Financial Corporation provides property casualty insurance products in the United States. The company operates in five segments: Commercial Lines Insurance, Personal Lines Insurance, Excess and Surplus Lines Insurance, Life Insurance, and Investments. The Commercial Lines Insurance segment provides coverage for commercial casualty, commercial property, commercial auto, and workers' compensation.
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