Kornitzer Capital Management Inc. KS Makes New Investment in CNA Financial Corporation $CNA

Kornitzer Capital Management Inc. KS acquired a new stake in shares of CNA Financial Corporation (NYSE:CNA) in the 1st quarter, HoldingsChannel reports. The institutional investor acquired 10,490 shares of the insurance provider’s stock, valued at approximately $482,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CNA. Amundi grew its holdings in shares of CNA Financial by 5.3% during the first quarter. Amundi now owns 7,787 shares of the insurance provider’s stock worth $395,000 after purchasing an additional 389 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of CNA Financial by 0.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 351,997 shares of the insurance provider’s stock valued at $17,878,000 after purchasing an additional 2,466 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of CNA Financial by 12.9% during the 1st quarter. Empowered Funds LLC now owns 5,966 shares of the insurance provider’s stock valued at $303,000 after buying an additional 684 shares in the last quarter. Focus Partners Wealth bought a new stake in CNA Financial in the 1st quarter worth approximately $281,000. Finally, Quantbot Technologies LP purchased a new stake in CNA Financial in the second quarter worth approximately $55,000. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

CNA Financial Stock Performance

Shares of NYSE:CNA opened at $51.90 on Tuesday. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.27. The company has a 50-day moving average price of $45.61 and a 200-day moving average price of $46.80. The company has a market cap of $14.04 billion, a price-to-earnings ratio of 11.61, a price-to-earnings-growth ratio of 7.07 and a beta of 0.28. CNA Financial Corporation has a 12 month low of $41.53 and a 12 month high of $52.86.

CNA Financial (NYSE:CNA) last posted its earnings results on Monday, May 4th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.47). CNA Financial had a return on equity of 11.57% and a net margin of 8.08%.The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same period in the previous year, the business earned $1.03 earnings per share. As a group, equities analysts anticipate that CNA Financial Corporation will post 4.05 EPS for the current year.

CNA Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Monday, May 18th were issued a $0.48 dividend. The ex-dividend date was Monday, May 18th. This represents a $1.92 annualized dividend and a yield of 3.7%. CNA Financial’s dividend payout ratio (DPR) is 42.95%.

Analysts Set New Price Targets

CNA has been the subject of several recent research reports. Zacks Research downgraded shares of CNA Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Weiss Ratings upgraded CNA Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, June 30th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, CNA Financial presently has a consensus rating of “Hold”.

CNA Financial Company Profile

CNA Financial Corporation is a leading U.S.-based commercial property and casualty insurance company offering a broad portfolio of risk management and insurance solutions. The company underwrites coverage for businesses of all sizes across a variety of industry sectors, including manufacturing, healthcare, energy, technology, construction and real estate. In addition to core property and casualty insurance, CNA delivers specialized products such as surety bonds, professional liability, environmental liability and commercial auto coverage.

Headquartered in Chicago, Illinois, CNA traces its origins to the founding of Continental Casualty Company in 1897.