Assenagon Asset Management S.A. Buys 37,638 Shares of Cincinnati Financial Corporation $CINF

Key Points

• Assenagon Asset Management S.A. significantly increased its stake in Cincinnati Financial Corporation by 1,581.4% in Q2, acquiring an additional 37,638 shares for a total of 40,018 shares valued at approximately $5.96 million.
• Cincinnati Financial reported $1.97 earnings per share (EPS), exceeding analysts' expectations of $1.39, and showed a 15.5% increase in revenue year-over-year amidst a competitive market.
• The company announced a quarterly dividend of $0.87, yielding 2.3%, with the next payment scheduled for October 15th, rewarding investors as the firm maintains a moderate payout ratio of 30.18%.

Assenagon Asset Management S.A. grew its stake in shares of Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 1,581.4% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 40,018 shares of the insurance provider's stock after purchasing an additional 37,638 shares during the period. Assenagon Asset Management S.A.'s holdings in Cincinnati Financial were worth $5,959,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CINF. GQG Partners LLC bought a new stake in Cincinnati Financial during the 1st quarter worth approximately $270,005,000. GAMMA Investing LLC increased its holdings in Cincinnati Financial by 15,698.7% during the 1st quarter. GAMMA Investing LLC now owns 816,005 shares of the insurance provider's stock worth $120,540,000 after purchasing an additional 810,840 shares in the last quarter. Raymond James Financial Inc. increased its holdings in Cincinnati Financial by 558.8% during the 1st quarter. Raymond James Financial Inc. now owns 540,950 shares of the insurance provider's stock worth $79,909,000 after purchasing an additional 458,841 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Cincinnati Financial by 6.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,364,272 shares of the insurance provider's stock worth $940,130,000 after purchasing an additional 358,018 shares in the last quarter. Finally, Nuveen LLC bought a new stake in Cincinnati Financial during the 1st quarter worth approximately $47,070,000. 65.24% of the stock is owned by institutional investors.

Cincinnati Financial Stock Performance

NASDAQ:CINF opened at $154.44 on Wednesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.29 and a current ratio of 0.29. Cincinnati Financial Corporation has a 52-week low of $123.01 and a 52-week high of $161.74. The firm has a market cap of $24.15 billion, a price-to-earnings ratio of 13.39, a PEG ratio of 7.57 and a beta of 0.72. The business's fifty day moving average is $152.26 and its 200 day moving average is $146.64.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The insurance provider reported $1.97 earnings per share (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 for the quarter, compared to analyst estimates of $2.80 billion. During the same period in the previous year, the company posted $1.29 EPS. The firm's revenue for the quarter was up 15.5% compared to the same quarter last year. Research analysts predict that Cincinnati Financial Corporation will post 5.36 EPS for the current year.

Cincinnati Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 22nd will be given a $0.87 dividend. This represents a $3.48 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Monday, September 22nd. Cincinnati Financial's dividend payout ratio (DPR) is 30.18%.

Analysts Set New Price Targets

CINF has been the subject of several recent analyst reports. Keefe, Bruyette & Woods upped their target price on Cincinnati Financial from $167.00 to $168.00 and gave the company an "outperform" rating in a report on Tuesday, August 5th. Roth Capital upped their target price on Cincinnati Financial from $160.00 to $175.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $159.40.

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.

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