US Bancorp DE lessened its position in Cincinnati Financial Co. (NASDAQ:CINF) by 3.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 792,095 shares of the insurance provider’s stock after selling 24,299 shares during the period. US Bancorp DE’s holdings in Cincinnati Financial were worth $68,041,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in CINF. Clark Capital Management Group Inc. boosted its stake in shares of Cincinnati Financial by 6.1% during the 1st quarter. Clark Capital Management Group Inc. now owns 211,070 shares of the insurance provider’s stock valued at $18,131,000 after purchasing an additional 12,061 shares in the last quarter. FormulaFolio Investments LLC bought a new stake in shares of Cincinnati Financial during the 1st quarter valued at about $225,000. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Cincinnati Financial by 2.0% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 642,553 shares of the insurance provider’s stock valued at $55,195,000 after acquiring an additional 12,588 shares during the period. JPMorgan Chase & Co. lifted its position in Cincinnati Financial by 5.4% during the 1st quarter. JPMorgan Chase & Co. now owns 2,310,391 shares of the insurance provider’s stock valued at $198,462,000 after acquiring an additional 118,643 shares during the period. Finally, ETF Managers Group LLC lifted its position in Cincinnati Financial by 9.6% during the 1st quarter. ETF Managers Group LLC now owns 1,956 shares of the insurance provider’s stock valued at $168,000 after acquiring an additional 171 shares during the period. 65.12% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently issued reports on the stock. Credit Suisse Group raised shares of Cincinnati Financial from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $90.00 to $110.00 in a research report on Friday. BidaskClub raised shares of Cincinnati Financial from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. Finally, Zacks Investment Research cut shares of Cincinnati Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 10th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $95.67.
Cincinnati Financial (NASDAQ:CINF) last issued its quarterly earnings results on Wednesday, April 24th. The insurance provider reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.11. Cincinnati Financial had a net margin of 15.97% and a return on equity of 7.35%. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $1.47 billion. During the same period last year, the company posted $0.72 EPS. Cincinnati Financial’s revenue was up 76.4% on a year-over-year basis. Research analysts expect that Cincinnati Financial Co. will post 3.55 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Wednesday, June 19th will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Tuesday, June 18th. This represents a $2.24 dividend on an annualized basis and a yield of 2.27%. Cincinnati Financial’s dividend payout ratio (DPR) is currently 66.87%.
Cincinnati Financial Company Profile
Cincinnati Financial Corporation, together with its subsidiary, 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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