Envestnet Asset Management Inc. Sells 4,982 Shares of Cincinnati Financial Corporation $CINF

Envestnet Asset Management Inc. lowered its position in Cincinnati Financial Corporation (NASDAQ:CINF) by 3.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 153,427 shares of the insurance provider’s stock after selling 4,982 shares during the quarter. Envestnet Asset Management Inc. owned 0.10% of Cincinnati Financial worth $24,257,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the business. Norges Bank bought a new stake in Cincinnati Financial during the 2nd quarter worth approximately $235,714,000. Vanguard Group Inc. lifted its holdings in shares of Cincinnati Financial by 1.6% during the second quarter. Vanguard Group Inc. now owns 19,572,511 shares of the insurance provider’s stock worth $2,914,738,000 after purchasing an additional 317,033 shares during the period. Raymond James Financial Inc. grew its stake in shares of Cincinnati Financial by 48.6% in the second quarter. Raymond James Financial Inc. now owns 803,665 shares of the insurance provider’s stock worth $119,682,000 after purchasing an additional 262,715 shares during the last quarter. Amundi increased its holdings in Cincinnati Financial by 113.6% in the second quarter. Amundi now owns 454,996 shares of the insurance provider’s stock valued at $66,479,000 after purchasing an additional 242,020 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in Cincinnati Financial by 43.9% in the first quarter. Goldman Sachs Group Inc. now owns 567,894 shares of the insurance provider’s stock valued at $83,889,000 after purchasing an additional 173,343 shares during the period. Institutional investors own 65.24% of the company’s stock.

Wall Street Analysts Forecast Growth

CINF has been the topic of several recent research reports. Wall Street Zen downgraded Cincinnati Financial from a “buy” rating to a “hold” rating in a report on Sunday, February 8th. Keefe, Bruyette & Woods raised their price objective on Cincinnati Financial from $180.00 to $191.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 6th. Piper Sandler upped their target price on Cincinnati Financial from $150.00 to $157.00 and gave the company a “neutral” rating in a report on Monday, December 22nd. Weiss Ratings reissued a “buy (b+)” rating on shares of Cincinnati Financial in a research report on Monday, December 29th. Finally, Roth Mkm restated a “buy” rating and set a $175.00 price target on shares of Cincinnati Financial in a report on Tuesday, October 28th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $174.33.

Cincinnati Financial Stock Performance

Shares of Cincinnati Financial stock opened at $162.77 on Friday. The business has a 50-day simple moving average of $163.67 and a 200 day simple moving average of $159.45. Cincinnati Financial Corporation has a one year low of $123.01 and a one year high of $174.27. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.29 and a quick ratio of 0.30. The firm has a market capitalization of $25.40 billion, a price-to-earnings ratio of 10.73, a PEG ratio of 3.68 and a beta of 0.66.

Cincinnati Financial (NASDAQ:CINF) last announced its quarterly earnings results on Monday, February 9th. The insurance provider reported $3.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.86 by $0.51. The business had revenue of $3.09 billion for the quarter, compared to analyst estimates of $2.92 billion. Cincinnati Financial had a return on equity of 8.45% and a net margin of 18.94%.The company’s quarterly revenue was up 21.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.14 earnings per share. On average, research analysts anticipate that Cincinnati Financial Corporation will post 5.36 earnings per share for the current fiscal year.

Cincinnati Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 24th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Tuesday, March 24th. This is an increase from Cincinnati Financial’s previous quarterly dividend of $0.87. Cincinnati Financial’s payout ratio is 24.79%.

Cincinnati Financial Company Profile

Cincinnati Financial Corporation (NASDAQ: CINF) is an insurance holding company headquartered in the Cincinnati area of Ohio that provides property and casualty insurance products and related services. Founded as part of the Cincinnati Insurance group, the company operates through a set of insurance subsidiaries to underwrite and service policies for both personal and commercial customers. Cincinnati Financial is publicly traded and emphasizes underwriting discipline and long-term relationships with its distribution partners and policyholders.

The company’s core business centers on property and casualty insurance, including homeowners, automobile, commercial casualty, commercial multi-peril, and specialty commercial coverages.