CNA Financial Corporation $CNA Shares Newly Bought by Bank of America Corp DE

Key Points

• Bank of America initiated a position in CNA Financial during the second quarter, purchasing 140,931 shares worth approximately $6.85 million. Institutional investors collectively own 98.45% of the company.
• CNA Financial reported quarterly EPS of $1.19, exceeding analyst expectations of $1.08, while revenue reached $3.83 billion versus the $2.97 billion consensus estimate.
• The company maintains a quarterly dividend of $0.48 per share, equivalent to an annualized $1.92 payout and a 4.2% yield; analysts collectively rate the stock “Moderate Buy.”

Bank of America Corp DE bought a new position in shares of CNA Financial Corporation (NYSE:CNA - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 140,931 shares of the insurance provider's stock, valued at approximately $6,851,000. Bank of America Corp DE owned approximately 0.05% of CNA Financial as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Compass Financial Management LLC purchased a new stake in shares of CNA Financial in the second quarter valued at approximately $36,000. Allworth Financial LP acquired a new stake in CNA Financial in the 2nd quarter valued at $69,000. Whittier Trust Co. grew its stake in CNA Financial by 13.8% in the 1st quarter. Whittier Trust Co. now owns 2,275 shares of the insurance provider's stock valued at $105,000 after acquiring an additional 275 shares during the period. Harbour Investments Inc. purchased a new stake in CNA Financial in the 4th quarter worth $114,000. Finally, Impact Partnership Wealth LLC purchased a new stake in CNA Financial in the 1st quarter worth $224,000. Hedge funds and other institutional investors own 98.45% of the company's stock.

CNA Financial Price Performance

CNA Financial stock opened at $45.98 on Monday. The company has a fifty day simple moving average of $50.09 and a 200-day simple moving average of $47.69. The firm has a market capitalization of $12.44 billion, a price-to-earnings ratio of 10.11, a PEG ratio of 6.14 and a beta of 0.27. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.27. CNA Financial Corporation has a 52-week low of $41.53 and a 52-week high of $55.71.

CNA Financial (NYSE:CNA - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The insurance provider reported $1.19 EPS for the quarter, beating analysts' consensus estimates of $1.08 by $0.11. CNA Financial had a net margin of 8.16% and a return on equity of 11.34%. The company had revenue of $3.83 billion during the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter in the prior year, the firm earned $1.23 EPS. On average, equities analysts anticipate that CNA Financial Corporation will post 4.19 EPS for the current fiscal year.

CNA Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Monday, August 17th were given a dividend of $0.48 per share. The ex-dividend date was Monday, August 17th. This represents a $1.92 dividend on an annualized basis and a yield of 4.2%. CNA Financial's dividend payout ratio (DPR) is presently 42.20%.

Insider Buying and Selling

In other CNA Financial news, EVP Mark James sold 8,273 shares of the company's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $53.15, for a total value of $439,709.95. Following the completion of the sale, the executive vice president directly owned 26,446 shares in the company, valued at $1,405,604.90. This represents a 23.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Daniel Franzetti sold 22,656 shares of the firm's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $53.09, for a total value of $1,202,807.04. Following the completion of the sale, the chief accounting officer directly owned 68,032 shares of the company's stock, valued at $3,611,818.88. This trade represents a 24.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

CNA has been the topic of several recent analyst reports. Weiss Ratings raised shares of CNA Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, July 17th. Zacks Research raised shares of CNA Financial from a "strong sell" rating to a "hold" rating in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy".

About CNA Financial

CNA Financial Corporation NYSE: CNA is a commercial property and casualty insurance company serving businesses, organizations and professionals. Its insurance offerings include commercial property, casualty, workers' compensation, professional liability, management liability, marine, surety and specialty coverage.

The company serves a broad range of industries, including construction, manufacturing, healthcare, financial services, technology, professional services and nonprofit organizations.

Want to see what other hedge funds are holding CNA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CNA Financial Corporation (NYSE:CNA - 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.