Westpac Banking Corp Reduces Holdings in Cincinnati Financial Co. (NASDAQ:CINF)

Westpac Banking Corp decreased its position in shares of Cincinnati Financial Co. (NASDAQ:CINF) by 97.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 267 shares of the insurance provider’s stock after selling 12,644 shares during the period. Westpac Banking Corp’s holdings in Cincinnati Financial were worth $26,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. United Capital Financial Advisers LLC increased its stake in Cincinnati Financial by 0.9% during the 1st quarter. United Capital Financial Advisers LLC now owns 9,645 shares of the insurance provider’s stock worth $1,311,000 after buying an additional 87 shares during the period. Guardian Wealth Advisors LLC increased its position 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 worth $745,000 after purchasing an additional 102 shares during the last quarter. Steward Partners Investment Advisory LLC increased its position 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 worth $68,000 after purchasing an additional 110 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its position 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 worth $1,232,000 after purchasing an additional 113 shares during the last quarter. Finally, Crossmark Global Holdings Inc. increased its position 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 worth $1,095,000 after purchasing an additional 132 shares during the last quarter. Hedge funds and other institutional investors own 64.81% of the company’s stock.

Insider Buying and Selling

In other Cincinnati Financial news, Director Dirk J. Debbink bought 1,000 shares of the company’s stock in a transaction that occurred on Monday, October 30th. The shares were acquired at an average cost of $98.78 per share, for a total transaction of $98,780.00. Following the acquisition, the director now directly owns 49,542 shares of the company’s stock, valued at $4,893,758.76. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.95% of the company’s stock.

Cincinnati Financial Trading Down 0.1 %

Cincinnati Financial stock opened at $100.78 on Tuesday. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.08. The firm has a 50-day moving average price of $102.30 and a two-hundred day moving average price of $102.45. The firm has a market capitalization of $15.81 billion, a price-to-earnings ratio of 9.53, a PEG ratio of 1.00 and a beta of 0.64. Cincinnati Financial Co. has a 52-week low of $95.01 and a 52-week high of $130.66.

Cincinnati Financial (NASDAQ:CINF) last issued its quarterly earnings results on Friday, October 27th. The insurance provider reported $1.66 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.59. The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $2 billion. Cincinnati Financial had a net margin of 17.12% and a return on equity of 7.41%. The business’s revenue for the quarter was up 28.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.73 EPS. Sell-side analysts expect that Cincinnati Financial Co. will post 5.58 earnings per share for the current year.

Cincinnati Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Tuesday, December 19th will be issued a $0.75 dividend. The ex-dividend date is Monday, December 18th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.98%. Cincinnati Financial’s payout ratio is currently 28.38%.

Wall Street Analyst Weigh In

CINF has been the subject of several research analyst reports. Piper Sandler boosted their target price on shares of Cincinnati Financial from $105.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, October 30th. Oppenheimer began coverage on shares of Cincinnati Financial in a research report on Thursday, November 16th. They issued a “market perform” rating for the company. TheStreet lowered shares of Cincinnati Financial from a “b” rating to a “c+” rating in a report on Thursday, October 26th. Finally, StockNews.com began coverage on shares of Cincinnati Financial in a report on Thursday, October 5th. They issued a “hold” rating for the company. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $116.33.

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.