Westpac Banking Corp lessened its stake in Cincinnati Financial Co. (NASDAQ:CINF – Free Report) by 97.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 267 shares of the insurance provider’s stock after selling 12,644 shares during the quarter. Westpac Banking Corp’s holdings in Cincinnati Financial were worth $26,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. United Capital Financial Advisers LLC boosted its holdings in shares of Cincinnati Financial by 0.9% in the 1st quarter. United Capital Financial Advisers LLC now owns 9,645 shares of the insurance provider’s stock valued at $1,311,000 after purchasing an additional 87 shares during the last quarter. Guardian Wealth Advisors LLC raised its stake in shares of Cincinnati Financial by 1.4% in the 2nd quarter. Guardian Wealth Advisors LLC now owns 7,655 shares of the insurance provider’s stock valued at $745,000 after acquiring an additional 102 shares during the period. Steward Partners Investment Advisory LLC raised its stake in shares of Cincinnati Financial by 19.7% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 667 shares of the insurance provider’s stock valued at $68,000 after acquiring an additional 110 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Cincinnati Financial by 0.9% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 12,657 shares of the insurance provider’s stock valued at $1,232,000 after acquiring an additional 113 shares during the period. Finally, Crossmark Global Holdings Inc. raised its stake in shares of Cincinnati Financial by 1.3% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 9,986 shares of the insurance provider’s stock valued at $1,095,000 after acquiring an additional 132 shares during the period. Institutional investors and hedge funds own 64.81% of the company’s stock.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on CINF shares. TheStreet downgraded shares of Cincinnati Financial from a “b” rating to a “c+” rating in a research note on Thursday, October 26th. StockNews.com started coverage on shares of Cincinnati Financial in a research note on Thursday, October 5th. They set a “hold” rating on the stock. Piper Sandler lifted their price target on shares of Cincinnati Financial from $105.00 to $110.00 and gave the stock a “neutral” rating in a research note on Monday, October 30th. Finally, Oppenheimer initiated coverage on shares of Cincinnati Financial in a research report on Thursday, November 16th. They issued a “market perform” rating for the company. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $116.33.
Insider Buying and Selling at Cincinnati Financial
In other news, Director Nancy Cunningham Benacci bought 1,000 shares of Cincinnati Financial stock in a transaction on Tuesday, September 12th. The stock was purchased at an average cost of $106.57 per share, with a total value of $106,570.00. Following the purchase, the director now directly owns 3,702 shares of the company’s stock, valued at approximately $394,522.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.95% of the stock is currently owned by company insiders.
Cincinnati Financial Trading Down 0.1 %
NASDAQ CINF opened at $100.78 on Tuesday. Cincinnati Financial Co. has a one year low of $95.01 and a one year high of $130.66. The company has a 50-day simple moving average of $102.30 and a 200-day simple moving average of $102.45. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.28 and a current ratio of 0.28. The firm has a market capitalization of $15.81 billion, a PE ratio of 9.53, a price-to-earnings-growth ratio of 1.00 and a beta of 0.64.
Cincinnati Financial (NASDAQ:CINF – Get Free Report) last posted its quarterly earnings results on Friday, October 27th. The insurance provider reported $1.66 EPS for the quarter, beating the consensus estimate of $1.07 by $0.59. Cincinnati Financial had a net margin of 17.12% and a return on equity of 7.41%. The business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $2 billion. During the same period in the previous year, the business posted $0.73 EPS. The company’s quarterly revenue was up 28.4% on a year-over-year basis. On average, equities analysts forecast that Cincinnati Financial Co. will post 5.58 earnings per share for the current year.
Cincinnati Financial Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Tuesday, December 19th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date is Monday, December 18th. Cincinnati Financial’s payout ratio is 28.38%.
About Cincinnati Financial
Cincinnati Financial Corporation, together with its subsidiaries, provides property casualty insurance products in the United States. The company 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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