Allworth Financial LP Increases Stock Position in Cincinnati Financial Corporation $CINF

Key Points

• Allworth Financial increased its Cincinnati Financial stake by 506.4% in the second quarter, holding 37,731 shares valued at approximately $6.99 million. Institutional investors collectively own 65.24% of the company.
• Cincinnati Financial reported quarterly EPS of $1.43, below the $1.82 analyst consensus, while revenue reached $4.27 billion. Analysts expect full-year EPS of $8.31.
• The company declared a quarterly dividend of $0.94 per share, equivalent to $3.76 annually and a 2.2% yield. Wall Street maintains a “Moderate Buy” consensus with an average price target of $195.40.

Allworth Financial LP lifted its stake in Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 506.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 37,731 shares of the insurance provider's stock after acquiring an additional 31,509 shares during the quarter. Allworth Financial LP's holdings in Cincinnati Financial were worth $6,986,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in CINF. Arizona State Retirement System raised its stake in Cincinnati Financial by 268.4% during the 2nd quarter. Arizona State Retirement System now owns 156,184 shares of the insurance provider's stock valued at $28,916,000 after buying an additional 113,790 shares during the last quarter. Waverly Advisors LLC grew its holdings in shares of Cincinnati Financial by 56.9% in the second quarter. Waverly Advisors LLC now owns 134,084 shares of the insurance provider's stock worth $24,824,000 after acquiring an additional 48,638 shares during the period. Empirical Finance LLC increased its position in Cincinnati Financial by 266.7% during the second quarter. Empirical Finance LLC now owns 19,658 shares of the insurance provider's stock valued at $3,639,000 after acquiring an additional 14,297 shares during the last quarter. Nykredit A S bought a new position in Cincinnati Financial in the second quarter valued at about $29,340,000. Finally, Parkside Financial Bank & Trust boosted its position in Cincinnati Financial by 449.8% in the second quarter. Parkside Financial Bank & Trust now owns 2,727 shares of the insurance provider's stock worth $505,000 after purchasing an additional 2,231 shares during the last quarter. 65.24% of the stock is owned by hedge funds and other institutional investors.

Cincinnati Financial Price Performance

Shares of NASDAQ:CINF opened at $169.21 on Thursday. The company has a market capitalization of $25.97 billion, a P/E ratio of 7.98, a P/E/G ratio of 3.54 and a beta of 0.53. Cincinnati Financial Corporation has a 1-year low of $150.00 and a 1-year high of $194.81. The firm's 50 day simple moving average is $176.49 and its two-hundred day simple moving average is $169.09. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.31 and a quick ratio of 0.31.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last announced its quarterly earnings data on Monday, July 27th. The insurance provider reported $1.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.82 by ($0.39). The firm had revenue of $4.27 billion during the quarter, compared to analysts' expectations of $2.71 billion. Cincinnati Financial had a return on equity of 9.63% and a net margin of 23.84%.During the same period last year, the company earned $1.97 earnings per share. Research analysts expect that Cincinnati Financial Corporation will post 8.31 EPS for the current fiscal year.

Cincinnati Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 23rd will be given a dividend of $0.94 per share. The ex-dividend date is Wednesday, September 23rd. This represents a $3.76 annualized dividend and a dividend yield of 2.2%. Cincinnati Financial's dividend payout ratio (DPR) is currently 17.74%.

Insider Activity

In other Cincinnati Financial news, Director Dirk Debbink bought 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The shares were bought at an average price of $171.64 per share, with a total value of $171,640.00. Following the purchase, the director owned 62,059 shares of the company's stock, valued at $10,651,806.76. This trade represents a 1.64% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 2.94% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CINF. Roth Capital raised their price objective on shares of Cincinnati Financial from $190.00 to $200.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Keefe, Bruyette & Woods decreased their price target on shares of Cincinnati Financial from $201.00 to $190.00 and set a "market perform" rating on the stock in a research report on Wednesday, August 5th. Piper Sandler increased their price target on shares of Cincinnati Financial from $175.00 to $197.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. Atlantic Securities set a $197.00 price target on shares of Cincinnati Financial in a research note on Wednesday, July 15th. Finally, Weiss Ratings lowered Cincinnati Financial from a "buy (a)" rating to a "buy (a-)" rating in a research note on Friday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, Cincinnati Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $195.40.

Cincinnati Financial Company Profile

Cincinnati Financial Corporation is an insurance holding company headquartered in Fairfield, Ohio. Founded in 1950 by four independent insurance agents, the company markets its products primarily through a network of independent agencies.

Its principal business is property and casualty insurance, including commercial coverage for businesses, workers' compensation, commercial auto, homeowners insurance, personal auto insurance and other personal lines. The company also offers excess and surplus lines coverage for specialized or higher-risk exposures.

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