Alliancebernstein L.P. Trims Stake in Cincinnati Financial Corporation $CINF

Key Points

• Alliancebernstein L.P. has reduced its stake in Cincinnati Financial Corporation by 6.3%, owning 170,767 shares worth approximately $25.23 million after the sale.
• Cincinnati Financial's stock has received multiple positive ratings from analysts, with new price targets set ranging from $168.00 to $175.00, indicating strong investor confidence.
• The company reported a 15.5% year-over-year revenue increase and earnings of $1.97 per share, surpassing analysts' expectations by $0.58.

Alliancebernstein L.P. lowered its stake in Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 6.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 170,767 shares of the insurance provider's stock after selling 11,542 shares during the period. Alliancebernstein L.P. owned approximately 0.11% of Cincinnati Financial worth $25,226,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CINF. GQG Partners LLC bought a new stake in shares of Cincinnati Financial in the first quarter worth about $270,005,000. GAMMA Investing LLC grew its stake in shares of 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 during the last quarter. Raymond James Financial Inc. grew its stake in shares of Cincinnati Financial by 558.8% in the first quarter. Raymond James Financial Inc. now owns 540,950 shares of the insurance provider's stock worth $79,909,000 after purchasing an additional 458,841 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Cincinnati Financial by 6.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,364,272 shares of the insurance provider's stock worth $940,130,000 after purchasing an additional 358,018 shares during the last quarter. Finally, Nuveen LLC bought a new stake in shares of Cincinnati Financial in the first quarter worth about $47,070,000. Hedge funds and other institutional investors own 65.24% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CINF. Roth Capital lifted 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. Keefe, Bruyette & Woods lifted their price objective on Cincinnati Financial from $167.00 to $168.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, Cincinnati Financial currently has an average rating of "Moderate Buy" and an average price target of $159.40.

Cincinnati Financial Stock Performance

CINF traded down $1.73 during mid-day trading on Monday, reaching $155.13. 515,879 shares of the company traded hands, compared to its average volume of 399,819. The stock has a market capitalization of $24.26 billion, a P/E ratio of 13.45, a P/E/G ratio of 7.68 and a beta of 0.72. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.06. The company's fifty day moving average price is $151.34 and its 200-day moving average price is $146.16. Cincinnati Financial Corporation has a 52-week low of $123.01 and a 52-week high of $161.74.

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

Cincinnati Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 22nd will be issued a dividend of $0.87 per share. This represents a $3.48 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Monday, September 22nd. Cincinnati Financial's dividend payout ratio is 30.18%.

About Cincinnati Financial

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.