Bank of Nova Scotia Buys Shares of 16,324 Cincinnati Financial Corporation $CINF

Key Points

• Bank of Nova Scotia purchased 16,324 shares of Cincinnati Financial in the second quarter, worth approximately $3.02 million. Institutional investors collectively own 65.24% of the insurer.
• Cincinnati Financial reported quarterly EPS of $1.43, below the $1.82 analyst consensus, while revenue reached $4.27 billion. Analysts expect full-year EPS of $8.31.
• The company declared a quarterly dividend of $0.94 per share, equivalent to $3.76 annually and a 2.2% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $195.40.

Bank of Nova Scotia bought a new position in Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 16,324 shares of the insurance provider's stock, valued at approximately $3,022,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CINF. 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 worth $720,000 after acquiring an additional 63 shares in the last quarter. Oppenheimer & Co. Inc. lifted its holdings in Cincinnati Financial by 0.5% in the second quarter. Oppenheimer & Co. Inc. now owns 14,129 shares of the insurance provider's stock valued at $2,616,000 after acquiring an additional 68 shares during the period. McAdam LLC boosted its holdings in Cincinnati Financial by 2.6% during the second quarter. McAdam LLC now owns 2,763 shares of the insurance provider's stock worth $512,000 after buying an additional 70 shares in the last quarter. Triton Financial Group Inc grew its position in shares of Cincinnati Financial by 0.7% during the 4th quarter. Triton Financial Group Inc now owns 10,518 shares of the insurance provider's stock valued at $1,718,000 after acquiring an additional 73 shares during the period. Finally, Essex Financial Services Inc. grew its holdings in Cincinnati Financial by 3.5% in the fourth quarter. Essex Financial Services Inc. now owns 2,288 shares of the insurance provider's stock valued at $374,000 after purchasing an additional 77 shares during the period. Hedge funds and other institutional investors own 65.24% of the company's stock.

Cincinnati Financial Trading Up 0.6%

CINF opened at $172.38 on Thursday. 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 one year low of $150.00 and a one year high of $194.81. The business's 50-day simple moving average is $178.01 and its 200-day simple moving average is $168.65. The company has a market cap of $26.46 billion, a P/E ratio of 8.13, a PEG ratio of 3.59 and a beta of 0.54.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The insurance provider reported $1.43 earnings per share 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 analysts' expectations of $2.71 billion. During the same quarter in the prior year, the firm posted $1.97 EPS. As a group, equities research analysts expect that Cincinnati Financial Corporation will post 8.31 EPS for the current fiscal year.

Cincinnati Financial Announces Dividend

The firm 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. The ex-dividend date is Wednesday, September 23rd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.2%. Cincinnati Financial's dividend payout ratio (DPR) is 17.74%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Bank of America lowered shares of Cincinnati Financial from a "buy" rating to a "neutral" rating and decreased their price target for the company from $197.00 to $193.00 in a research note on Thursday, July 30th. Keefe, Bruyette & Woods cut their price objective on shares of Cincinnati Financial from $201.00 to $190.00 and set a "market perform" rating for the company in a research report on Wednesday, August 5th. Piper Sandler lifted their target price on Cincinnati Financial from $175.00 to $197.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Weiss Ratings lowered shares of Cincinnati Financial from a "buy (a)" rating to a "buy (a-)" rating in a report on Friday, August 21st. Finally, Roth Capital lifted their target price on Cincinnati Financial from $190.00 to $200.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $195.40.

Cincinnati Financial Company 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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