Bank of New York Mellon Corp Has $147.06 Million Holdings in Cincinnati Financial Corporation $CINF

Key Points

• Bank of New York Mellon reduced its Cincinnati Financial stake by 24.1% in the second quarter, selling 252,738 shares and retaining 794,325 shares valued at approximately $147.1 million.
• Institutional investors and hedge funds collectively own 65.24% of Cincinnati Financial, with Vanguard, State Street, Charles Schwab Investment Management, and Geode Capital among the company’s largest shareholders.
• Cincinnati Financial reported quarterly EPS of $1.43, below 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.

Bank of New York Mellon Corp trimmed its stake in Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 24.1% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 794,325 shares of the insurance provider's stock after selling 252,738 shares during the period. Bank of New York Mellon Corp owned 0.52% of Cincinnati Financial worth $147,061,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Cincinnati Financial by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 19,725,564 shares of the insurance provider's stock worth $3,221,579,000 after acquiring an additional 123,110 shares during the period. State Street Corp lifted its position in shares of Cincinnati Financial by 0.3% during the 3rd quarter. State Street Corp now owns 8,542,265 shares of the insurance provider's stock worth $1,357,825,000 after purchasing an additional 26,475 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Cincinnati Financial by 1.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,632,071 shares of the insurance provider's stock valued at $1,083,151,000 after purchasing an additional 97,761 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Cincinnati Financial by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 4,125,979 shares of the insurance provider's stock worth $671,265,000 after buying an additional 25,888 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in shares of Cincinnati Financial by 59.4% in the first quarter. First Trust Advisors LP now owns 2,104,457 shares of the insurance provider's stock valued at $331,136,000 after acquiring an additional 784,584 shares during the period. 65.24% of the stock is currently owned by institutional investors and hedge funds.

Cincinnati Financial Price Performance

Cincinnati Financial stock opened at $168.29 on Monday. The business has a 50 day simple moving average of $177.96 and a 200 day simple moving average of $168.58. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.31 and a quick ratio of 0.31. The company has a market capitalization of $25.83 billion, a PE ratio of 7.94, a price-to-earnings-growth ratio of 3.52 and a beta of 0.55. Cincinnati Financial Corporation has a one year low of $150.00 and a one year high of $194.81.

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

Analyst Ratings Changes

CINF has been the topic of several research analyst reports. Keefe, Bruyette & Woods lowered their price objective 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. Roth Capital upped their price target on Cincinnati Financial from $190.00 to $200.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Weiss Ratings downgraded Cincinnati Financial from a "buy (a)" rating to a "buy (a-)" rating in a research report on Friday. Atlantic Securities set a $197.00 price objective on Cincinnati Financial in a report on Wednesday, July 15th. Finally, Bank of America cut Cincinnati Financial from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $197.00 to $193.00 in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $195.40.

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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