Raymond James Financial Inc. Increases Position in Cincinnati Financial Corporation $CINF

Key Points

• Raymond James Financial Inc. significantly increased its stake in Cincinnati Financial Corporation by 558.8% during the 1st quarter, owning a total of 540,950 shares worth approximately $79.9 million.
• Cincinnati Financial reported an impressive earnings performance with an EPS of $1.97 for the quarter, beating analyst expectations of $1.39, despite revenue falling short at $2.48 billion against a forecast of $2.80 billion.
• Research analysts have generally rated Cincinnati Financial as a "Moderate Buy", with a consensus target price set at $159.40, reflecting optimistic growth projections.

Raymond James Financial Inc. increased its stake in Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 558.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 540,950 shares of the insurance provider's stock after purchasing an additional 458,841 shares during the quarter. Raymond James Financial Inc. owned approximately 0.35% of Cincinnati Financial worth $79,909,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Park National Corp OH raised its holdings in shares of Cincinnati Financial by 0.6% in the 1st quarter. Park National Corp OH now owns 12,686 shares of the insurance provider's stock worth $1,874,000 after purchasing an additional 72 shares during the period. Spire Wealth Management raised its holdings in shares of Cincinnati Financial by 77.6% in the 1st quarter. Spire Wealth Management now owns 174 shares of the insurance provider's stock worth $26,000 after purchasing an additional 76 shares during the period. Nissay Asset Management Corp Japan ADV raised its holdings in shares of Cincinnati Financial by 0.5% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 19,931 shares of the insurance provider's stock worth $2,871,000 after purchasing an additional 91 shares during the period. CWA Asset Management Group LLC raised its holdings in shares of Cincinnati Financial by 4.1% in the 1st quarter. CWA Asset Management Group LLC now owns 2,385 shares of the insurance provider's stock worth $352,000 after purchasing an additional 94 shares during the period. Finally, Brass Tax Wealth Management Inc. raised its holdings in shares of Cincinnati Financial by 5.2% in the 1st quarter. Brass Tax Wealth Management Inc. now owns 1,886 shares of the insurance provider's stock worth $279,000 after purchasing an additional 94 shares during the period. Institutional investors own 65.24% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on CINF shares. Keefe, Bruyette & Woods lifted their price target on shares of Cincinnati Financial from $167.00 to $168.00 and gave the stock an "outperform" rating in a report on Tuesday, August 5th. Roth Capital lifted their price objective on shares of Cincinnati Financial from $160.00 to $175.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Cincinnati Financial presently has an average rating of "Moderate Buy" and an average target price of $159.40.

Cincinnati Financial Price Performance

Shares of CINF traded down $2.09 during mid-day trading on Monday, reaching $153.31. 387,445 shares of the stock traded hands, compared to its average volume of 610,878. The firm has a fifty day moving average price of $149.10 and a 200 day moving average price of $144.50. The company has a market cap of $23.97 billion, a price-to-earnings ratio of 13.30, a price-to-earnings-growth ratio of 7.61 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 Corporation has a 1 year low of $123.01 and a 1 year high of $161.74.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last released its quarterly 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 firm had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.80 billion. Cincinnati Financial had a net margin of 15.59% and a return on equity of 7.14%. The business's revenue for the quarter was up 15.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.29 EPS. As a group, equities research analysts predict that Cincinnati Financial Corporation will post 5.36 earnings per share for the current year.

Cincinnati Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 22nd will be given a dividend of $0.87 per share. This represents a $3.48 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Monday, September 22nd. Cincinnati Financial's 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.