Alliancebernstein L.P. Cuts Holdings 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. lessened its position in shares of Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 6.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 170,767 shares of the insurance provider's stock after selling 11,542 shares during the quarter. Alliancebernstein L.P. owned about 0.11% of Cincinnati Financial worth $25,226,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in CINF. Bison Wealth LLC acquired a new position in Cincinnati Financial in the 4th quarter valued at about $210,000. Ameriprise Financial Inc. increased its position in Cincinnati Financial by 7.5% during the 4th quarter. Ameriprise Financial Inc. now owns 103,813 shares of the insurance provider's stock worth $14,933,000 after purchasing an additional 7,250 shares during the period. Cetera Investment Advisers increased its position in Cincinnati Financial by 7.8% during the 4th quarter. Cetera Investment Advisers now owns 19,764 shares of the insurance provider's stock worth $2,840,000 after purchasing an additional 1,437 shares during the period. Ensign Peak Advisors Inc increased its position in Cincinnati Financial by 14.5% during the 4th quarter. Ensign Peak Advisors Inc now owns 72,424 shares of the insurance provider's stock worth $10,407,000 after purchasing an additional 9,197 shares during the period. Finally, Gotham Asset Management LLC increased its position in Cincinnati Financial by 80.7% during the 4th quarter. Gotham Asset Management LLC now owns 60,506 shares of the insurance provider's stock worth $8,695,000 after purchasing an additional 27,027 shares during the period. Institutional investors and hedge funds own 65.24% of the company's stock.

Analysts Set New Price Targets

CINF has been the topic of several recent analyst reports. Keefe, Bruyette & Woods boosted their target price on Cincinnati Financial from $167.00 to $168.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 5th. Roth Capital boosted their target price on Cincinnati Financial from $160.00 to $175.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $159.40.

Cincinnati Financial Price Performance

CINF stock traded up $0.10 on Friday, reaching $156.86. The company had a trading volume of 613,681 shares, compared to its average volume of 407,174. Cincinnati Financial Corporation has a 1 year low of $123.01 and a 1 year high of $161.74. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.29 and a current ratio of 0.29. The company's fifty day moving average is $151.16 and its 200 day moving average is $146.06. The company has a market cap of $24.53 billion, a P/E ratio of 13.60, a PEG ratio of 7.67 and a beta of 0.72.

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

Cincinnati Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 22nd will be paid a dividend of $0.87 per share. This represents a $3.48 dividend on an annualized basis 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 currently 30.18%.

Cincinnati Financial 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.