Cincinnati Financial Corporation $CINF Shares Newly Acquired by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management acquired 1.56 million Cincinnati Financial shares worth approximately $248.7 million, representing about 1.02% of the insurer. Institutional investors and hedge funds collectively own 65.24% of the company.
• Cincinnati Financial reported quarterly EPS of $1.43, missing the $1.82 consensus estimate, while revenue reached $4.27 billion. Analysts expect full-year EPS of $8.44.
• The company declared a quarterly dividend of $0.94, or $3.76 annually, yielding about 2.2%. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $191.60 versus the reported share price of $167.22.

Assenagon Asset Management S.A. bought a new position in shares of Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,560,549 shares of the insurance provider's stock, valued at approximately $248,705,000. Assenagon Asset Management S.A. owned about 1.02% of Cincinnati Financial as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BIP Wealth LLC grew its position in shares of Cincinnati Financial by 1.6% in the 2nd quarter. BIP Wealth LLC now owns 3,891 shares of the insurance provider's stock valued at $720,000 after buying an additional 63 shares during the last quarter. Concurrent Investment Advisors LLC boosted its stake in Cincinnati Financial by 2.1% in the second quarter. Concurrent Investment Advisors LLC now owns 3,118 shares of the insurance provider's stock valued at $577,000 after acquiring an additional 64 shares in the last quarter. Oppenheimer & Co. Inc. grew its holdings in shares of Cincinnati Financial by 0.5% during the second quarter. Oppenheimer & Co. Inc. now owns 14,129 shares of the insurance provider's stock worth $2,616,000 after purchasing an additional 68 shares during the last quarter. McAdam LLC grew its holdings in shares of 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 purchasing an additional 70 shares during the last quarter. Finally, William B. Walkup & Associates Inc. lifted its stake in Cincinnati Financial by 2.9% in the first quarter. William B. Walkup & Associates Inc. now owns 2,898 shares of the insurance provider's stock valued at $428,000 after buying an additional 82 shares during the last quarter. 65.24% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cincinnati Financial

In related news, Director Dirk Debbink acquired 1,000 shares of Cincinnati Financial stock in a transaction that occurred on Tuesday, August 25th. The stock was purchased at an average price of $171.64 per share, for a total transaction of $171,640.00. Following the completion of the purchase, the director directly owned 62,059 shares of the company's stock, valued at approximately $10,651,806.76. This trade represents a 1.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.94% of the stock is owned by company insiders.

Cincinnati Financial Trading Up 0.3%

NASDAQ CINF opened at $167.22 on Friday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $25.66 billion, a P/E ratio of 7.89, a P/E/G ratio of 2.81 and a beta of 0.52. Cincinnati Financial Corporation has a 52-week low of $150.00 and a 52-week high of $194.81. The firm has a 50-day moving average price of $168.33 and a 200 day moving average price of $169.59.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last released its earnings results on Monday, July 27th. The insurance provider reported $1.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.39). The business had revenue of $4.27 billion for the quarter, compared to analyst estimates of $2.71 billion. Cincinnati Financial had a return on equity of 9.63% and a net margin of 23.84%. During the same quarter in the previous year, the firm posted $1.97 EPS. Equities research analysts expect that Cincinnati Financial Corporation will post 8.44 EPS for the current year.

Cincinnati Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 23rd were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Wednesday, September 23rd. Cincinnati Financial's dividend payout ratio (DPR) is currently 17.74%.

Analyst Ratings Changes

A number of brokerages have recently commented on CINF. Bank of America cut shares of Cincinnati Financial from a "buy" rating to a "neutral" rating and cut their target price for the company from $197.00 to $193.00 in a report on Thursday, July 30th. Weiss Ratings downgraded shares of Cincinnati Financial from a "buy (a)" rating to a "buy (a-)" rating in a research report on Thursday, October 8th. Piper Sandler lifted their price objective on shares of Cincinnati Financial from $175.00 to $197.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods reduced their target price on shares of Cincinnati Financial from $190.00 to $171.00 and set a "market perform" rating for the company in a report on Monday. Finally, Atlantic Securities set a $197.00 target price on shares of Cincinnati Financial in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $191.60.

About Cincinnati Financial

Cincinnati Financial Corporation is an insurance holding company headquartered in Fairfield, Ohio. Through its subsidiaries, the company markets property and casualty insurance products primarily through a network of independent insurance agents.

Its offerings include commercial and personal property and casualty coverage, such as businessowners' policies, commercial auto, workers' compensation, homeowners and automobile insurance. The company also provides life insurance and related financial products through Cincinnati Life Insurance Company.

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