Bank of America Corp DE Sells 61,228 Shares of Cincinnati Financial Corporation $CINF

Key Points

• Bank of America reduced its Cincinnati Financial stake by 3.2%, selling 61,228 shares in the first quarter. It still held 1.86 million shares valued at approximately $292.7 million, representing about 1.2% of the company.
• Institutional ownership remains substantial at 65.24%, with several investors—including Amundi, Kentucky Retirement Systems and EverSource Wealth Advisors—adding to their positions during the quarter.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $197.60. Cincinnati Financial’s latest quarterly EPS of $1.43 missed estimates of $1.82, while shares recently traded at $178.03.

Bank of America Corp DE decreased its holdings in shares of Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 3.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,859,905 shares of the insurance provider's stock after selling 61,228 shares during the quarter. Bank of America Corp DE owned approximately 1.20% of Cincinnati Financial worth $292,656,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CINF. Kentucky Retirement Systems lifted its stake in shares of Cincinnati Financial by 25.9% during the 1st quarter. Kentucky Retirement Systems now owns 12,174 shares of the insurance provider's stock worth $1,916,000 after buying an additional 2,503 shares during the last quarter. Bull Harbor Capital LLC acquired a new stake in Cincinnati Financial during the first quarter worth approximately $352,000. Arkadios Wealth Advisors lifted its position in Cincinnati Financial by 15.7% during the first quarter. Arkadios Wealth Advisors now owns 3,633 shares of the insurance provider's stock worth $572,000 after acquiring an additional 492 shares during the last quarter. Amundi boosted its holdings in shares of Cincinnati Financial by 32.2% during the first quarter. Amundi now owns 421,056 shares of the insurance provider's stock worth $66,253,000 after acquiring an additional 102,456 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Cincinnati Financial by 22.0% during the first quarter. EverSource Wealth Advisors LLC now owns 2,071 shares of the insurance provider's stock worth $326,000 after purchasing an additional 374 shares during the period. 65.24% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $201.00 price target (up from $191.00) on shares of Cincinnati Financial in a research note on Wednesday, July 8th. Piper Sandler increased their price objective on 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 target price on Cincinnati Financial in a report on Wednesday, July 15th. Bank of America cut shares of Cincinnati Financial from a "buy" rating to a "neutral" rating and reduced their target price for the company from $197.00 to $193.00 in a research report on Thursday, July 30th. Finally, Roth Capital upped their price target on shares of Cincinnati Financial from $190.00 to $200.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $197.60.

Cincinnati Financial Price Performance

Shares of NASDAQ CINF opened at $178.03 on Tuesday. The business has a fifty day moving average price of $174.97 and a two-hundred day moving average price of $167.31. The stock has a market capitalization of $27.32 billion, a PE ratio of 8.40, a P/E/G ratio of 3.63 and a beta of 0.54. 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 Corporation has a fifty-two week low of $146.52 and a fifty-two week high of $194.81.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last released its earnings results on Monday, July 27th. The insurance provider reported $1.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.39). Cincinnati Financial had a return on equity of 9.63% and a net margin of 23.84%.The company had revenue of $4.27 billion for the quarter, compared to analyst estimates of $2.71 billion. During the same period last year, the company posted $1.97 earnings per share. As a group, equities analysts predict that Cincinnati Financial Corporation will post 8.51 earnings per share for the current fiscal year.

Cincinnati Financial Profile

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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