CIBC Asset Management Inc Cuts Position in Cincinnati Financial Co. (NASDAQ:CINF)

CIBC Asset Management Inc trimmed its position in Cincinnati Financial Co. (NASDAQ:CINFFree Report) by 4.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,473 shares of the insurance provider’s stock after selling 945 shares during the quarter. CIBC Asset Management Inc’s holdings in Cincinnati Financial were worth $2,222,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CINF. Norges Bank purchased a new position in shares of Cincinnati Financial in the 4th quarter worth about $179,305,000. AQR Capital Management LLC raised its holdings in shares of Cincinnati Financial by 1,870.3% in the 3rd quarter. AQR Capital Management LLC now owns 274,030 shares of the insurance provider’s stock worth $28,031,000 after purchasing an additional 260,122 shares during the period. AEGON ASSET MANAGEMENT UK Plc purchased a new position in shares of Cincinnati Financial in the 4th quarter worth about $21,036,000. London Co. of Virginia raised its holdings in shares of Cincinnati Financial by 7.8% in the 3rd quarter. London Co. of Virginia now owns 2,773,076 shares of the insurance provider’s stock worth $283,658,000 after purchasing an additional 200,414 shares during the period. Finally, Los Angeles Capital Management LLC raised its holdings in shares of Cincinnati Financial by 16.8% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,295,928 shares of the insurance provider’s stock worth $134,077,000 after purchasing an additional 186,629 shares during the period. 65.24% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Keefe, Bruyette & Woods raised their target price on Cincinnati Financial from $136.00 to $143.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. BMO Capital Markets upgraded Cincinnati Financial from a “market perform” rating to an “outperform” rating and raised their target price for the company from $125.00 to $135.00 in a report on Monday, March 25th. Citigroup raised their target price on Cincinnati Financial from $120.00 to $126.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Finally, Piper Sandler reiterated a “neutral” rating and set a $116.00 target price on shares of Cincinnati Financial in a report on Monday, April 1st. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $126.00.

View Our Latest Stock Analysis on Cincinnati Financial

Cincinnati Financial Price Performance

Shares of NASDAQ CINF opened at $115.97 on Friday. Cincinnati Financial Co. has a fifty-two week low of $95.01 and a fifty-two week high of $124.35. The business has a 50 day moving average price of $117.90 and a two-hundred day moving average price of $112.50. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.07. The firm has a market cap of $18.16 billion, a PE ratio of 7.72, a price-to-earnings-growth ratio of 2.45 and a beta of 0.65.

Cincinnati Financial (NASDAQ:CINFGet Free Report) last issued its quarterly earnings data on Friday, April 26th. The insurance provider reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $2.13 billion. During the same quarter last year, the firm earned $0.89 EPS. Cincinnati Financial’s quarterly revenue was up 31.0% on a year-over-year basis. Sell-side analysts expect that Cincinnati Financial Co. will post 6.37 earnings per share for the current fiscal year.

Cincinnati Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Tuesday, June 18th will be given a $0.81 dividend. The ex-dividend date is Tuesday, June 18th. This represents a $3.24 annualized dividend and a dividend yield of 2.79%. Cincinnati Financial’s payout ratio is 21.56%.

Insider Transactions at Cincinnati Financial

In other news, Director Dirk J. Debbink bought 1,000 shares of the firm’s stock in a transaction dated Monday, April 29th. The stock was bought at an average price of $113.47 per share, for a total transaction of $113,470.00. Following the transaction, the director now owns 53,988 shares in the company, valued at $6,126,018.36. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.83% of the company’s stock.

Cincinnati Financial Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Cincinnati Financial (NASDAQ:CINF)

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