Bank of America Corp DE Buys New Shares in Cincinnati Financial Corporation $CINF

Key Points

• Bank of America acquired 1.88 million Cincinnati Financial shares worth approximately $347.9 million, giving it a 1.22% stake. Institutional investors collectively own 65.24% of the insurer.
• Cincinnati Financial reported quarterly EPS of $1.43, missing the $1.82 consensus estimate, while revenue reached $4.27 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $195.40.
• The company declared a quarterly dividend of $0.94 per share, equivalent to an annualized $3.76 payout and a 2.2% yield; a company director also purchased 1,000 shares.

Bank of America Corp DE purchased a new position in shares of Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,879,069 shares of the insurance provider's stock, valued at approximately $347,891,000. Bank of America Corp DE owned about 1.22% of Cincinnati Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. BIP Wealth LLC boosted its holdings in Cincinnati Financial by 1.6% in the second quarter. BIP Wealth LLC now owns 3,891 shares of the insurance provider's stock valued at $720,000 after acquiring an additional 63 shares during the last quarter. Oppenheimer & Co. Inc. lifted its stake in shares of Cincinnati Financial by 0.5% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 14,129 shares of the insurance provider's stock valued at $2,616,000 after purchasing an additional 68 shares in the last quarter. McAdam LLC lifted its stake in shares of Cincinnati Financial by 2.6% in the 2nd quarter. McAdam LLC now owns 2,763 shares of the insurance provider's stock valued at $512,000 after purchasing an additional 70 shares in the last quarter. Essex Financial Services Inc. grew its holdings in shares of Cincinnati Financial by 3.5% during the 4th quarter. Essex Financial Services Inc. now owns 2,288 shares of the insurance provider's stock worth $374,000 after purchasing an additional 77 shares during the period. Finally, William B. Walkup & Associates Inc. grew its holdings in shares of Cincinnati Financial by 2.9% during the 1st quarter. William B. Walkup & Associates Inc. now owns 2,898 shares of the insurance provider's stock worth $428,000 after purchasing an additional 82 shares during the period. Institutional investors and hedge funds own 65.24% of the company's stock.

Insider Activity at Cincinnati Financial

In other news, Director Dirk Debbink bought 1,000 shares of the firm's stock in a transaction dated Tuesday, August 25th. The stock was acquired at an average cost of $171.64 per share, for a total transaction of $171,640.00. Following the completion of 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.94% of the company's stock.

Cincinnati Financial Price Performance

CINF stock opened at $170.77 on Thursday. The firm has a market cap of $26.21 billion, a P/E ratio of 8.06, a price-to-earnings-growth ratio of 3.59 and a beta of 0.53. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.31 and a current ratio of 0.31. Cincinnati Financial Corporation has a 1 year low of $150.00 and a 1 year high of $194.81. The stock has a 50-day simple moving average of $174.69 and a 200-day simple moving average of $169.37.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The insurance provider reported $1.43 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.39). The company had revenue of $4.27 billion for the quarter, compared to analyst estimates 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 firm posted $1.97 earnings per share. On average, equities analysts predict that Cincinnati Financial Corporation will post 8.31 earnings per share for the current fiscal year.

Cincinnati Financial Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Atlantic Securities set a $197.00 target price on shares of Cincinnati Financial in a research report on Wednesday, July 15th. Bank of America downgraded shares of Cincinnati Financial from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $197.00 to $193.00 in a research note on Thursday, July 30th. Weiss Ratings raised shares of Cincinnati Financial from a "buy (a-)" rating to a "buy (a)" rating in a research report on Thursday, September 10th. Piper Sandler raised their target price on shares of Cincinnati Financial from $175.00 to $197.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods cut their target price on shares of Cincinnati Financial from $201.00 to $190.00 and set a "market perform" rating on the stock in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target 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.

Want to see what other hedge funds are holding CINF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cincinnati Financial Corporation (NASDAQ:CINF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.