State of New Jersey Common Pension Fund D Decreases Position in Cincinnati Financial Corporation $CINF

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Cincinnati Financial Corporation by 12.8%, now owning 49,661 shares worth approximately $7.34 million.
• Cincinnati Financial's stock experienced a 2.0% decline and currently has a market cap of $23.62 billion with a P/E ratio of 13.10.
• The company reported $1.97 earnings per share in the most recent quarter, exceeding analyst expectations and showing a 15.5% year-over-year revenue increase.

State of New Jersey Common Pension Fund D reduced its position in Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 12.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 49,661 shares of the insurance provider's stock after selling 7,313 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Cincinnati Financial were worth $7,336,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Cincinnati Financial by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 19,255,478 shares of the insurance provider's stock worth $2,844,419,000 after acquiring an additional 87,773 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Cincinnati Financial by 6.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,364,272 shares of the insurance provider's stock worth $940,130,000 after acquiring an additional 358,018 shares during the last quarter. Invesco Ltd. increased its stake in shares of Cincinnati Financial by 2.2% in the 1st quarter. Invesco Ltd. now owns 1,848,509 shares of the insurance provider's stock worth $273,062,000 after acquiring an additional 40,222 shares during the last quarter. GQG Partners LLC acquired a new stake in shares of Cincinnati Financial in the 1st quarter worth $270,005,000. Finally, Northern Trust Corp increased its stake in shares of Cincinnati Financial by 10.8% in the 4th quarter. Northern Trust Corp now owns 1,672,210 shares of the insurance provider's stock worth $240,297,000 after acquiring an additional 162,714 shares during the last quarter. 65.24% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Keefe, Bruyette & Woods raised their target price on Cincinnati Financial from $167.00 to $168.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. Roth Capital raised their price objective 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 given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $159.40.

Cincinnati Financial Trading Up 0.8%

Cincinnati Financial stock traded up $1.27 during midday trading on Wednesday, reaching $153.65. 529,390 shares of the stock traded hands, compared to its average volume of 609,750. The company has a 50-day simple moving average of $148.69 and a two-hundred day simple moving average of $144.04. Cincinnati Financial Corporation has a 12-month low of $123.01 and a 12-month high of $161.74. The firm has a market cap of $24.03 billion, a PE ratio of 13.33, a price-to-earnings-growth ratio of 7.46 and a beta of 0.70. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.06.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last announced its earnings results on Monday, July 28th. The insurance provider reported $1.97 EPS for the quarter, beating analysts' consensus estimates of $1.39 by $0.58. The company had revenue of $2.48 billion during the quarter, compared to analysts' expectations of $2.80 billion. Cincinnati Financial had a return on equity of 7.14% and a net margin of 15.59%.Cincinnati Financial's revenue for the quarter was up 15.5% on a year-over-year basis. During the same period last year, the business posted $1.29 EPS. Research analysts expect that Cincinnati Financial Corporation will post 5.36 earnings per share for the current fiscal year.

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.