Cincinnati Financial Corporation $CINF Shares Bought by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital boosted its stake in Cincinnati Financial by 50.2% in the first quarter, buying 301,995 additional shares and bringing its total to 903,028 shares worth about $142.1 million.
• Cincinnati Financial reported better-than-expected earnings for the quarter, with EPS of $2.10 versus estimates of $1.93 and revenue of $2.86 billion versus $2.61 billion expected.
• The company also paid a quarterly dividend of $0.94 per share, equal to an annualized yield of 2.1%, while analysts currently rate the stock a Moderate Buy with an average price target of $192.40.

Arrowstreet Capital Limited Partnership raised its position in Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 50.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 903,028 shares of the insurance provider's stock after buying an additional 301,995 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.58% of Cincinnati Financial worth $142,091,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in shares of Cincinnati Financial during the fourth quarter valued at approximately $270,892,000. First Trust Advisors LP increased its holdings 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 purchasing an additional 784,584 shares during the last quarter. Raymond James Financial Inc. lifted its position in Cincinnati Financial by 48.6% during the second quarter. Raymond James Financial Inc. now owns 803,665 shares of the insurance provider's stock worth $119,682,000 after buying an additional 262,715 shares in the last quarter. PFA Pension Forsikringsaktieselskab purchased a new position in Cincinnati Financial during the fourth quarter worth approximately $32,692,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of Cincinnati Financial by 43.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 567,894 shares of the insurance provider's stock worth $83,889,000 after acquiring an additional 173,343 shares during the last quarter. 65.24% of the stock is owned by hedge funds and other institutional investors.

Cincinnati Financial Price Performance

Shares of CINF opened at $182.81 on Friday. The firm has a market capitalization of $28.28 billion, a price-to-earnings ratio of 10.45, a PEG ratio of 3.74 and a beta of 0.54. The firm's fifty day simple moving average is $173.56 and its 200-day simple moving average is $166.56. Cincinnati Financial Corporation has a twelve month low of $143.87 and a twelve month high of $194.81. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.06.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last issued its earnings results on Monday, April 27th. The insurance provider reported $2.10 EPS for the quarter, topping analysts' consensus estimates of $1.93 by $0.17. The firm had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.61 billion. Cincinnati Financial had a net margin of 21.33% and a return on equity of 10.57%. The company's revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.24) earnings per share. Equities analysts forecast that Cincinnati Financial Corporation will post 8.76 EPS for the current fiscal year.

Cincinnati Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 23rd were given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.1%. The ex-dividend date was Tuesday, June 23rd. Cincinnati Financial's payout ratio is 21.50%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CINF. Bank of America reduced their price target on shares of Cincinnati Financial from $178.00 to $177.00 and set a "buy" rating on the stock in a research report on Tuesday, April 14th. Roth Capital increased their price target on Cincinnati Financial from $175.00 to $190.00 and gave the stock a "buy" rating in a report on Tuesday, April 28th. Piper Sandler lifted their price target on shares of Cincinnati Financial from $175.00 to $197.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $201.00 price objective (up from $191.00) on shares of Cincinnati Financial in a research note on Wednesday, July 8th. Finally, Atlantic Securities set a $197.00 price objective on Cincinnati Financial in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $192.40.

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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