Canada Pension Plan Investment Board Reduces Holdings in Cincinnati Financial Corporation $CINF

Key Points

• The Canada Pension Plan Investment Board reduced its stake in Cincinnati Financial Corporation by 11.7%, selling 9,500 shares during the first quarter.
• Cincinnati Financial reported a quarterly earnings per share of $1.97, surpassing expectations, while its revenue totaled $2.48 billion, below analysts’ forecasts of $2.80 billion.
• The company declared a quarterly dividend of $0.87 per share, which translates to an annual yield of 2.3% and a payout ratio of 30.18%.

Canada Pension Plan Investment Board lessened its holdings in shares of Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 11.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 71,600 shares of the insurance provider's stock after selling 9,500 shares during the quarter. Canada Pension Plan Investment Board's holdings in Cincinnati Financial were worth $10,577,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Spire Wealth Management lifted its stake in shares of Cincinnati Financial by 77.6% in the first quarter. Spire Wealth Management now owns 174 shares of the insurance provider's stock worth $26,000 after buying an additional 76 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Cincinnati Financial in the 1st quarter worth approximately $26,000. Alpine Bank Wealth Management purchased a new position in Cincinnati Financial in the 1st quarter worth approximately $30,000. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Cincinnati Financial during the 1st quarter worth approximately $32,000. Finally, GoalVest Advisory LLC grew its position in shares of Cincinnati Financial by 65.4% in the first quarter. GoalVest Advisory LLC now owns 258 shares of the insurance provider's stock valued at $38,000 after purchasing an additional 102 shares in the last quarter. Hedge funds and other institutional investors own 65.24% of the company's stock.

Cincinnati Financial Trading Down 1.4%

Shares of NASDAQ:CINF traded down $2.23 during mid-day trading on Friday, reaching $153.36. 333,269 shares of the company were exchanged, compared to its average volume of 672,475. Cincinnati Financial Corporation has a 1 year low of $123.01 and a 1 year high of $161.74. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.29 and a quick ratio of 0.29. The firm's 50-day simple moving average is $150.39 and its 200 day simple moving average is $145.33. The firm has a market cap of $23.98 billion, a price-to-earnings ratio of 13.30, a P/E/G ratio of 7.51 and a beta of 0.72.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The insurance provider reported $1.97 earnings per share for the quarter, topping 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 business had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.80 billion. During the same quarter in the prior year, the company earned $1.29 earnings per share. The company's revenue was up 15.5% on a year-over-year basis. Equities research analysts forecast that Cincinnati Financial Corporation will post 5.36 EPS for the current year.

Cincinnati Financial Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Roth Capital boosted their price objective on Cincinnati Financial from $160.00 to $175.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Keefe, Bruyette & Woods lifted their price target on Cincinnati Financial from $167.00 to $168.00 and gave the stock an "outperform" rating in a report on Tuesday, August 5th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Cincinnati Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $159.40.

Cincinnati Financial 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.