Cincinnati Financial Corporation $CINF Stock: Bahl & Gaynor LLC Trims Stake

Key Points

• Bahl & Gaynor cut its Cincinnati Financial stake by 60.4% in the third quarter, selling 1.86 million shares; it retained about 1.22 million shares worth $193.8 million.
• Cincinnati Financial beat quarterly earnings and revenue expectations, reporting $2.86 per share versus $2.05 expected and $3.05 billion in revenue versus $2.64 billion expected.
• The company’s quarterly dividend was $0.94 per share, equivalent to an annualized 2.0% yield; analysts’ average rating was “Moderate Buy,” with a $191.60 average price target.

Bahl & Gaynor LLC cut its stake in Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 60.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,215,993 shares of the insurance provider's stock after selling 1,855,681 shares during the quarter. Cincinnati Financial accounts for about 0.9% of Bahl & Gaynor LLC's investment portfolio, making the stock its 27th largest holding. Bahl & Gaynor LLC owned 0.79% of Cincinnati Financial worth $193,793,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of CINF. State Street Corp increased its stake in shares of Cincinnati Financial by 225.5% in the 2nd quarter. State Street Corp now owns 26,974,052 shares of the insurance provider's stock worth $4,993,976,000 after purchasing an additional 18,686,673 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Cincinnati Financial by 1,474.8% in the second quarter. Envestnet Asset Management Inc. now owns 2,242,991 shares of the insurance provider's stock worth $415,267,000 after purchasing an additional 2,100,563 shares in the last quarter. Bank of America Corp DE bought a new stake in shares of Cincinnati Financial during the 2nd quarter valued at $347,891,000. First Trust Advisors LP raised its position in shares of Cincinnati Financial by 59.4% during the 1st quarter. First Trust Advisors LP now owns 2,104,457 shares of the insurance provider's stock valued at $331,136,000 after purchasing an additional 784,584 shares during the period. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Cincinnati Financial during the 3rd quarter valued at $248,705,000. 65.24% of the stock is owned by institutional investors.

Cincinnati Financial Stock Performance

NASDAQ:CINF opened at $189.89 on Wednesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.27 and a quick ratio of 0.27. Cincinnati Financial Corporation has a 1 year low of $153.40 and a 1 year high of $195.72. The stock's 50 day simple moving average is $171.54 and its two-hundred day simple moving average is $169.03. The company has a market cap of $29.15 billion, a price-to-earnings ratio of 11.14, a PEG ratio of 2.95 and a beta of 0.48.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last posted its earnings results on Monday, October 26th. The insurance provider reported $2.86 EPS for the quarter, beating analysts' consensus estimates of $2.05 by $0.81. Cincinnati Financial had a return on equity of 9.48% and a net margin of 20.07%. The firm had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $2.64 billion. During the same period in the prior year, the company earned $2.85 EPS. The company's quarterly revenue was up 4.8% compared to the same quarter last year. As a group, equities analysts anticipate that Cincinnati Financial Corporation will post 9.21 earnings per share for the current fiscal year.

Cincinnati Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 23rd were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Wednesday, September 23rd. Cincinnati Financial's dividend payout ratio (DPR) is presently 22.05%.

Insider Activity at Cincinnati Financial

In other Cincinnati Financial news, Director Dirk Debbink bought 1,000 shares of Cincinnati Financial stock in a transaction dated Tuesday, August 25th. The shares were purchased at an average cost of $171.64 per share, for a total transaction of $171,640.00. Following the acquisition, the director directly owned 62,059 shares in the company, valued at approximately $10,651,806.76. This represents a 1.64% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 2.94% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Bank of America cut shares of Cincinnati Financial from a "buy" rating to a "neutral" rating and lowered their target price for the company from $197.00 to $193.00 in a research note on Thursday, July 30th. Roth Capital increased their price target on Cincinnati Financial from $190.00 to $200.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Keefe, Bruyette & Woods decreased their price target on Cincinnati Financial from $190.00 to $171.00 and set a "market perform" rating on the stock in a report on Monday, October 12th. Weiss Ratings cut Cincinnati Financial from a "buy (a)" rating to a "buy (a-)" rating in a report on Thursday, October 8th. Finally, Piper Sandler boosted their price objective on Cincinnati Financial from $175.00 to $197.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $191.60.

Cincinnati Financial Profile

Cincinnati Financial Corporation is an insurance holding company founded in 1950 and headquartered in Fairfield, Ohio. Its principal subsidiary, The Cincinnati Insurance Company, provides property and casualty insurance to businesses and individuals. The company offers commercial and personal insurance through independent insurance agencies, along with specialty coverage for risks that may not fit standard insurance programs. Its other operations include life insurance, reinsurance and investment management.

Want to see what other hedge funds are holding CINF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cincinnati Financial Corporation (NASDAQ:CINF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.