New York Life Investment Management LLC Cuts Stake in Cincinnati Financial Co. (NASDAQ:CINF)

New York Life Investment Management LLC cut its holdings in Cincinnati Financial Co. (NASDAQ:CINF) by 8.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,211 shares of the insurance provider’s stock after selling 2,081 shares during the quarter. New York Life Investment Management LLC’s holdings in Cincinnati Financial were worth $2,298,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CINF. Savant Capital LLC boosted its position in Cincinnati Financial by 1.6% during the fourth quarter. Savant Capital LLC now owns 6,041 shares of the insurance provider’s stock valued at $625,000 after purchasing an additional 96 shares in the last quarter. Octavia Wealth Advisors LLC boosted its holdings in shares of Cincinnati Financial by 0.9% in the 3rd quarter. Octavia Wealth Advisors LLC now owns 11,258 shares of the insurance provider’s stock valued at $1,160,000 after buying an additional 101 shares in the last quarter. Pinion Investment Advisors LLC grew its position in shares of Cincinnati Financial by 2.9% in the 4th quarter. Pinion Investment Advisors LLC now owns 3,613 shares of the insurance provider’s stock worth $374,000 after buying an additional 101 shares during the last quarter. Belpointe Asset Management LLC raised its stake in shares of Cincinnati Financial by 3.0% during the 3rd quarter. Belpointe Asset Management LLC now owns 3,568 shares of the insurance provider’s stock worth $365,000 after acquiring an additional 103 shares in the last quarter. Finally, UMB Bank n.a. lifted its position in Cincinnati Financial by 11.6% during the fourth quarter. UMB Bank n.a. now owns 1,004 shares of the insurance provider’s stock valued at $104,000 after acquiring an additional 104 shares during the last quarter. 65.24% of the stock is currently owned by institutional investors.

Insider Activity at Cincinnati Financial

In other news, Director Dirk J. Debbink bought 1,000 shares of the stock in a transaction dated Monday, April 29th. The shares were acquired at an average cost of $113.47 per share, with a total value of $113,470.00. Following the purchase, the director now directly owns 53,988 shares in the company, valued at approximately $6,126,018.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 2.83% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CINF shares. Keefe, Bruyette & Woods upped their price target on Cincinnati Financial from $136.00 to $143.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. BMO Capital Markets upgraded Cincinnati Financial from a “market perform” rating to an “outperform” rating and increased their price target for the company from $125.00 to $135.00 in a research note on Monday, March 25th. Piper Sandler restated a “neutral” rating and set a $116.00 price target on shares of Cincinnati Financial in a research note on Monday, April 1st. TheStreet raised shares of Cincinnati Financial from a “c+” rating to a “b” rating in a research report on Tuesday, February 6th. Finally, Citigroup boosted their target price on shares of Cincinnati Financial from $120.00 to $126.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $124.50.

Cincinnati Financial Price Performance

NASDAQ:CINF opened at $117.38 on Tuesday. The firm’s fifty day moving average is $118.22 and its two-hundred day moving average is $109.77. The firm has a market cap of $18.38 billion, a price-to-earnings ratio of 7.81, a PEG ratio of 2.50 and a beta of 0.63. Cincinnati Financial Co. has a one year low of $95.01 and a one year high of $124.35. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.26 and a current ratio of 0.26.

Cincinnati Financial (NASDAQ:CINF) last posted its earnings results on Friday, April 26th. The insurance provider reported $1.72 EPS for the quarter, topping the consensus estimate of $1.69 by $0.03. Cincinnati Financial had a return on equity of 9.34% and a net margin of 22.16%. The firm had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period last year, the company earned $0.89 earnings per share. Cincinnati Financial’s revenue for the quarter was up 31.0% compared to the same quarter last year. Research analysts expect that Cincinnati Financial Co. will post 6.37 EPS for the current year.

Cincinnati Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Tuesday, June 18th will be issued a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 2.76%. Cincinnati Financial’s dividend payout ratio (DPR) is presently 21.56%.

Cincinnati Financial Profile

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.