Canada Pension Plan Investment Board Lowers Position 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 trimmed its position 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 SEC. The institutional investor 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.

Several other institutional investors have also recently made changes to their positions in the company. GQG Partners LLC purchased a new position in shares of Cincinnati Financial in the 1st quarter valued at approximately $270,005,000. GAMMA Investing LLC raised its holdings in Cincinnati Financial by 15,698.7% in the first quarter. GAMMA Investing LLC now owns 816,005 shares of the insurance provider's stock worth $120,540,000 after purchasing an additional 810,840 shares in the last quarter. Raymond James Financial Inc. lifted its position in Cincinnati Financial by 558.8% during the first quarter. Raymond James Financial Inc. now owns 540,950 shares of the insurance provider's stock valued at $79,909,000 after buying an additional 458,841 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Cincinnati Financial by 6.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,364,272 shares of the insurance provider's stock valued at $940,130,000 after buying an additional 358,018 shares during the period. Finally, Nuveen LLC bought a new stake in shares of Cincinnati Financial during the 1st quarter valued at $47,070,000. Institutional investors own 65.24% of the company's stock.

Analyst Ratings Changes

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

Cincinnati Financial Stock Down 1.4%

NASDAQ CINF traded down $2.23 during mid-day trading on Friday, reaching $153.36. The stock had a trading volume of 333,269 shares, compared to its average volume of 416,993. The company has a fifty day moving average price of $150.53 and a 200 day moving average price of $145.58. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.29 and a quick ratio of 0.29. Cincinnati Financial Corporation has a 1 year low of $123.01 and a 1 year high of $161.74. The stock has a market cap of $23.98 billion, a PE ratio of 13.30, a price-to-earnings-growth ratio of 7.51 and a beta of 0.72.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last posted its earnings results on Monday, July 28th. The insurance provider reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.58. The business had revenue of $2.48 billion for the quarter, compared to analysts' expectations of $2.80 billion. Cincinnati Financial had a net margin of 15.59% and a return on equity of 7.14%. The business's revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.29 EPS. On average, research analysts expect that Cincinnati Financial Corporation will post 5.36 earnings per share for the current year.

Cincinnati Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 22nd will be issued a $0.87 dividend. 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 presently 30.18%.

Cincinnati Financial Company 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.