Adage Capital Partners GP L.L.C. Sells 243,300 Shares of Cincinnati Financial Corporation $CINF

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in Cincinnati Financial Corporation by 70.3% in the first quarter, now holding 102,700 shares worth approximately $15.17 million.
• Several institutional investors have also adjusted their positions in Cincinnati Financial, with 65.24% of the stock currently owned by hedge funds and other institutional investors.
• Cincinnati Financial announced a quarterly dividend of $0.87 per share, with a yield of 2.3%, set to be paid on October 15th to investors of record on September 22nd.

Adage Capital Partners GP L.L.C. lessened its stake in shares of Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 70.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 102,700 shares of the insurance provider's stock after selling 243,300 shares during the period. Adage Capital Partners GP L.L.C. owned 0.07% of Cincinnati Financial worth $15,171,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CINF. Vanguard Group Inc. increased its holdings in shares of Cincinnati Financial by 0.5% during the first quarter. Vanguard Group Inc. now owns 19,255,478 shares of the insurance provider's stock valued at $2,844,419,000 after acquiring an additional 87,773 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Cincinnati Financial by 6.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,364,272 shares of the insurance provider's stock valued at $940,130,000 after purchasing an additional 358,018 shares during the period. Invesco Ltd. grew its position in Cincinnati Financial by 2.2% in the 1st quarter. Invesco Ltd. now owns 1,848,509 shares of the insurance provider's stock valued at $273,062,000 after purchasing an additional 40,222 shares during the period. GQG Partners LLC bought a new stake in Cincinnati Financial during the 1st quarter valued at $270,005,000. Finally, Johnson Investment Counsel Inc. raised its holdings in shares of Cincinnati Financial by 4.2% in the 1st quarter. Johnson Investment Counsel Inc. now owns 1,388,176 shares of the insurance provider's stock worth $205,061,000 after acquiring an additional 55,487 shares during the last quarter. 65.24% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Keefe, Bruyette & Woods lifted their price target on Cincinnati Financial from $167.00 to $168.00 and gave the company an "outperform" rating in a research note on Tuesday, August 5th. Roth Capital upped their price target on Cincinnati Financial from $160.00 to $175.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $159.40.

Cincinnati Financial Stock Performance

Shares of NASDAQ CINF traded up $4.45 during midday trading on Thursday, reaching $156.76. The company's stock had a trading volume of 395,249 shares, compared to its average volume of 412,578. The stock has a market capitalization of $24.51 billion, a P/E ratio of 13.60, a PEG ratio of 7.45 and a beta of 0.72. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a 50 day moving average price of $151.00 and a 200-day moving average price of $145.95. Cincinnati Financial Corporation has a 12-month low of $123.01 and a 12-month high of $161.74.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The insurance provider reported $1.97 EPS for the quarter, beating analysts' consensus estimates of $1.39 by $0.58. Cincinnati Financial had a return on equity of 7.14% and a net margin of 15.59%.The company had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.80 billion. During the same period last year, the business posted $1.29 earnings per share. Cincinnati Financial's revenue was up 15.5% on a year-over-year basis. As a group, equities analysts predict that Cincinnati Financial Corporation will post 5.36 earnings per share for the current year.

Cincinnati Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 22nd will be paid a dividend of $0.87 per share. This represents a $3.48 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Monday, September 22nd. Cincinnati Financial's payout ratio is presently 30.18%.

Cincinnati Financial Company Profile

Cincinnati Financial Corporation, together with its subsidiaries, provides property casualty insurance products in the United States. It 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.