Cincinnati Financial Corporation $CINF Shares Bought by State Street Corp

Key Points

• State Street sharply increased its Cincinnati Financial stake by 225.5% in the second quarter, acquiring 18.7 million additional shares and bringing its ownership to approximately 17.57%. Institutional investors and hedge funds collectively own 65.24% of the company.
• Analyst sentiment remains moderately positive, with an average rating of “Moderate Buy” and an average price target of $195.40, despite ratings ranging from Strong Buy to Hold and several target-price revisions.
• Cincinnati Financial reported quarterly EPS of $1.43, below the $1.82 consensus estimate, while announcing a quarterly dividend of $0.94 per share, equivalent to a 2.3% annualized yield.

State Street Corp grew its stake in shares of Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 225.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 26,974,052 shares of the insurance provider's stock after purchasing an additional 18,686,673 shares during the period. State Street Corp owned approximately 17.57% of Cincinnati Financial worth $4,993,976,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Keating Financial Advisory Services Inc. purchased a new position in shares of Cincinnati Financial in the 2nd quarter valued at about $27,000. Covestor Ltd boosted its holdings in Cincinnati Financial by 98.8% during the second quarter. Covestor Ltd now owns 167 shares of the insurance provider's stock worth $31,000 after buying an additional 83 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in Cincinnati Financial during the first quarter worth about $34,000. SHP Wealth Management purchased a new position in Cincinnati Financial in the fourth quarter valued at about $44,000. Finally, Westpac Banking Corp purchased a new position in Cincinnati Financial in the second quarter valued at about $55,000. 65.24% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CINF has been the topic of several research analyst reports. Roth Capital boosted their price target on Cincinnati Financial from $190.00 to $200.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Weiss Ratings raised Cincinnati Financial from a "buy (a-)" rating to a "buy (a)" rating in a research note on Thursday, September 10th. Keefe, Bruyette & Woods reduced their price objective on Cincinnati Financial from $201.00 to $190.00 and set a "market perform" rating for the company in a report on Wednesday, August 5th. Piper Sandler boosted their target price on Cincinnati Financial from $175.00 to $197.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. Finally, Bank of America lowered Cincinnati Financial from a "buy" rating to a "neutral" rating and lowered their target price for the company from $197.00 to $193.00 in a report on Thursday, July 30th. One investment 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $195.40.

Insider Buying and Selling

In other Cincinnati Financial news, Director Dirk Debbink bought 1,000 shares of Cincinnati Financial stock in a transaction that occurred on Tuesday, August 25th. The shares were purchased at an average cost of $171.64 per share, for a total transaction of $171,640.00. Following the completion of the transaction, the director owned 62,059 shares of the company's stock, valued at $10,651,806.76. This represents a 1.64% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.94% of the company's stock.

Cincinnati Financial Price Performance

Shares of CINF traded down $0.50 during mid-day trading on Tuesday, reaching $166.35. 188,510 shares of the company's stock were exchanged, compared to its average volume of 742,184. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.05. Cincinnati Financial Corporation has a 52-week low of $150.00 and a 52-week high of $194.81. The company has a market cap of $25.53 billion, a price-to-earnings ratio of 7.85, a PEG ratio of 3.54 and a beta of 0.53. The company has a 50-day simple moving average of $174.05 and a two-hundred day simple moving average of $169.39.

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

Cincinnati Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 23rd will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.3%. The ex-dividend date is Wednesday, September 23rd. Cincinnati Financial's dividend payout ratio is presently 17.74%.

Cincinnati Financial Company Profile

Cincinnati Financial Corporation is an insurance holding company headquartered in Fairfield, Ohio. Founded in 1950 by four independent insurance agents, the company markets its products primarily through a network of independent agencies.

Its principal business is property and casualty insurance, including commercial coverage for businesses, workers' compensation, commercial auto, homeowners insurance, personal auto insurance and other personal lines. The company also offers excess and surplus lines coverage for specialized or higher-risk exposures.

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