Allspring Global Investments Holdings LLC Buys 353 Shares of Cincinnati Financial Co. (NASDAQ:CINF)

Allspring Global Investments Holdings LLC lifted its stake in shares of Cincinnati Financial Co. (NASDAQ:CINF) by 2.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,062 shares of the insurance provider’s stock after purchasing an additional 353 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Cincinnati Financial were worth $1,662,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. London Co. of Virginia grew its stake in Cincinnati Financial by 7.8% in the third quarter. London Co. of Virginia now owns 2,773,076 shares of the insurance provider’s stock valued at $283,658,000 after acquiring an additional 200,414 shares during the period. Northern Trust Corp grew its position in Cincinnati Financial by 2.0% in the 3rd quarter. Northern Trust Corp now owns 1,732,270 shares of the insurance provider’s stock valued at $177,194,000 after purchasing an additional 33,942 shares during the period. Johnson Investment Counsel Inc. increased its stake in Cincinnati Financial by 2.6% during the 3rd quarter. Johnson Investment Counsel Inc. now owns 1,353,199 shares of the insurance provider’s stock valued at $138,419,000 after purchasing an additional 34,880 shares in the last quarter. Invesco Ltd. raised its holdings in Cincinnati Financial by 2.9% during the third quarter. Invesco Ltd. now owns 1,287,675 shares of the insurance provider’s stock worth $131,716,000 after buying an additional 36,759 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Cincinnati Financial by 3.0% during the third quarter. Bank of New York Mellon Corp now owns 1,245,242 shares of the insurance provider’s stock valued at $127,376,000 after buying an additional 36,024 shares during the last quarter. 65.24% of the stock is currently owned by institutional investors and hedge funds.

Cincinnati Financial Price Performance

Shares of NASDAQ:CINF opened at $120.96 on Tuesday. The company has a market capitalization of $18.95 billion, a P/E ratio of 10.37, a price-to-earnings-growth ratio of 2.42 and a beta of 0.63. The company’s 50-day moving average is $117.20 and its 200 day moving average is $108.73. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.27 and a current ratio of 0.27. Cincinnati Financial Co. has a fifty-two week low of $95.01 and a fifty-two week high of $124.35.

Cincinnati Financial (NASDAQ:CINF) last released its earnings results on Wednesday, February 7th. The insurance provider reported $2.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.95 by $0.33. Cincinnati Financial had a net margin of 18.41% and a return on equity of 8.56%. The firm had revenue of $3.36 billion for the quarter, compared to analysts’ expectations of $2.02 billion. During the same period in the previous year, the company earned $1.27 earnings per share. The company’s quarterly revenue was up 7.7% on a year-over-year basis. On average, equities research analysts forecast that Cincinnati Financial Co. will post 6.33 earnings per share for the current year.

Cincinnati Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Tuesday, March 19th were paid a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a dividend yield of 2.68%. This is a positive change from Cincinnati Financial’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Monday, March 18th. Cincinnati Financial’s payout ratio is presently 27.76%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Citigroup upped their target price on shares of Cincinnati Financial from $120.00 to $126.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. TheStreet upgraded Cincinnati Financial from a “c+” rating to a “b” rating in a report on Tuesday, February 6th. Piper Sandler reissued a “neutral” rating and issued a $116.00 price target on shares of Cincinnati Financial in a research report on Monday, April 1st. BMO Capital Markets raised shares of Cincinnati Financial from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $125.00 to $135.00 in a report on Monday, March 25th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Cincinnati Financial from $136.00 to $143.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $123.57.

About Cincinnati Financial

Cincinnati Financial Corporation, together with its subsidiaries, provides property casualty insurance products in the United States. It operates through five segments: Commercial Lines Insurance, Personal Lines Insurance, Excess and Surplus Lines Insurance, Life Insurance, and Investments. The Commercial Lines Insurance segment offers coverage for commercial casualty, commercial property, commercial auto, and workers' compensation.