Assenagon Asset Management S.A. Buys 128,926 Shares of Cincinnati Financial Corporation $CINF

Key Points

• Assenagon Asset Management S.A. boosted its stake in Cincinnati Financial by 7,646.9% in Q4, buying an additional 128,926 shares to hold 130,612 shares (~0.08%) worth about $21.33 million.
• Cincinnati Financial beat expectations for the quarter with EPS of $3.37 vs. $2.86 est and revenue of $3.09 billion, a 21.8% year-over-year increase.
• The company raised its quarterly dividend to $0.94 (annualized $3.76), implying a ~2.4% yield and a payout ratio of ~24.8%, with an ex-dividend date of March 24.

Assenagon Asset Management S.A. boosted its stake in Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 7,646.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 130,612 shares of the insurance provider's stock after purchasing an additional 128,926 shares during the quarter. Assenagon Asset Management S.A. owned about 0.08% of Cincinnati Financial worth $21,332,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Bison Wealth LLC purchased a new position in Cincinnati Financial during the 4th quarter valued at approximately $210,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Cincinnati Financial by 2.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,112 shares of the insurance provider's stock worth $2,823,000 after acquiring an additional 525 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Cincinnati Financial by 43.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 567,894 shares of the insurance provider's stock valued at $83,889,000 after acquiring an additional 173,343 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Cincinnati Financial by 5.4% during the 2nd quarter. American Century Companies Inc. now owns 55,178 shares of the insurance provider's stock valued at $8,217,000 after acquiring an additional 2,817 shares during the last quarter. Finally, Prudential Financial Inc. grew its holdings in shares of Cincinnati Financial by 7.6% in the second quarter. Prudential Financial Inc. now owns 96,240 shares of the insurance provider's stock valued at $14,332,000 after purchasing an additional 6,757 shares in the last quarter. Hedge funds and other institutional investors own 65.24% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CINF. Piper Sandler boosted their price target on shares of Cincinnati Financial from $150.00 to $157.00 and gave the stock a "neutral" rating in a research report on Monday, December 22nd. Weiss Ratings lowered shares of Cincinnati Financial from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Tuesday. Wall Street Zen cut shares of Cincinnati Financial from a "buy" rating to a "hold" rating in a research note on Sunday, February 8th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Cincinnati Financial from $180.00 to $191.00 and gave the stock an "outperform" rating in a report on Tuesday, January 6th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $174.33.

Cincinnati Financial Price Performance

Shares of Cincinnati Financial stock opened at $157.55 on Friday. The stock has a market cap of $24.53 billion, a price-to-earnings ratio of 10.39, a price-to-earnings-growth ratio of 3.46 and a beta of 0.63. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a 50 day moving average price of $162.95 and a 200-day moving average price of $161.65. Cincinnati Financial Corporation has a one year low of $123.01 and a one year high of $174.27.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last released its quarterly earnings results on Monday, February 9th. The insurance provider reported $3.37 earnings per share for the quarter, beating the consensus estimate of $2.86 by $0.51. The company had revenue of $3.09 billion for the quarter, compared to analyst estimates of $2.92 billion. Cincinnati Financial had a return on equity of 8.45% and a net margin of 18.94%.Cincinnati Financial's quarterly revenue was up 21.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.14 EPS. Equities analysts expect that Cincinnati Financial Corporation will post 5.36 EPS for the current year.

Cincinnati Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 24th will be issued a $0.94 dividend. This is a boost from Cincinnati Financial's previous quarterly dividend of $0.87. The ex-dividend date is Tuesday, March 24th. This represents a $3.76 annualized dividend and a dividend yield of 2.4%. Cincinnati Financial's dividend payout ratio (DPR) is 24.79%.

About Cincinnati Financial

Cincinnati Financial Corporation NASDAQ: CINF is an insurance holding company headquartered in the Cincinnati area of Ohio that provides property and casualty insurance products and related services. Founded as part of the Cincinnati Insurance group, the company operates through a set of insurance subsidiaries to underwrite and service policies for both personal and commercial customers. Cincinnati Financial is publicly traded and emphasizes underwriting discipline and long-term relationships with its distribution partners and policyholders.

The company's core business centers on property and casualty insurance, including homeowners, automobile, commercial casualty, commercial multi-peril, and specialty commercial coverages.

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