Envestnet Asset Management Inc. Acquires 2,100,563 Shares of Cincinnati Financial Corporation $CINF

Key Points

• Envestnet Asset Management increased its Cincinnati Financial stake by 1,474.8% in the second quarter, acquiring 2.1 million additional shares and bringing its holdings to approximately 1.46% of the insurer.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and an average price target of $195.40, although recent opinions ranged from upgrades to “Neutral” downgrades.
• Cincinnati Financial reported quarterly EPS of $1.43, below the $1.82 consensus estimate, while announcing a quarterly dividend of $0.94 per share, equivalent to a 2.3% annualized yield.

Envestnet Asset Management Inc. lifted its holdings in Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 1,474.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,242,991 shares of the insurance provider's stock after acquiring an additional 2,100,563 shares during the period. Envestnet Asset Management Inc. owned approximately 1.46% of Cincinnati Financial worth $415,267,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Keating Financial Advisory Services Inc. acquired a new stake in shares of Cincinnati Financial in the second quarter valued at approximately $27,000. Covestor Ltd grew its position in Cincinnati Financial by 98.8% during the second quarter. Covestor Ltd now owns 167 shares of the insurance provider's stock worth $31,000 after buying an additional 83 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in Cincinnati Financial during the first quarter worth approximately $34,000. SHP Wealth Management bought a new position in Cincinnati Financial during the 4th quarter worth $44,000. Finally, New Age Alpha Advisors LLC increased its stake in Cincinnati Financial by 228.7% during the 4th quarter. New Age Alpha Advisors LLC now owns 332 shares of the insurance provider's stock worth $54,000 after acquiring an additional 231 shares during the period. 65.24% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Dirk Debbink bought 1,000 shares of the firm's stock in a transaction on Tuesday, August 25th. The shares were purchased at an average price of $171.64 per share, with a total value of $171,640.00. Following the completion of the purchase, the director owned 62,059 shares in the company, valued at $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 corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Roth Capital upped their target price on Cincinnati Financial from $190.00 to $200.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Atlantic Securities set a $197.00 price target on Cincinnati Financial in a research report on Wednesday, July 15th. Keefe, Bruyette & Woods dropped their price target on Cincinnati Financial from $201.00 to $190.00 and set a "market perform" rating for the company in a research note on Wednesday, August 5th. Bank of America cut shares of Cincinnati Financial from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $197.00 to $193.00 in a research report on Thursday, July 30th. Finally, Weiss Ratings upgraded shares of Cincinnati Financial from a "buy (a-)" rating to a "buy (a)" rating in a research note on Thursday, September 10th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Cincinnati Financial currently has an average rating of "Moderate Buy" and a consensus target price of $195.40.

Cincinnati Financial Stock Performance

NASDAQ:CINF opened at $162.57 on Thursday. Cincinnati Financial Corporation has a twelve month low of $150.00 and a twelve month high of $194.81. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.05. The stock's 50-day simple moving average is $173.57 and its 200 day simple moving average is $169.35. The firm has a market capitalization of $24.95 billion, a PE ratio of 7.67, a price-to-earnings-growth ratio of 3.47 and a beta of 0.53.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last posted its earnings results on Monday, July 27th. The insurance provider reported $1.43 EPS for the quarter, missing analysts' consensus estimates of $1.82 by ($0.39). Cincinnati Financial had a return on equity of 9.63% and a net margin of 23.84%.The company had revenue of $4.27 billion during the quarter, compared to the consensus estimate of $2.71 billion. During the same period last year, the company posted $1.97 EPS. On average, analysts anticipate that Cincinnati Financial Corporation will post 8.31 EPS for the current fiscal year.

Cincinnati Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 23rd will be given a $0.94 dividend. The ex-dividend date is Wednesday, September 23rd. This represents a $3.76 dividend on an annualized basis and a yield of 2.3%. Cincinnati Financial's dividend payout ratio (DPR) is currently 17.74%.

Cincinnati Financial Company Profile

Cincinnati Financial Corporation is an insurance holding company headquartered in Fairfield, Ohio. Founded in 1950 by four independent insurance agents, the company markets its products primarily through a network of independent agencies.

Its principal business is property and casualty insurance, including commercial coverage for businesses, workers' compensation, commercial auto, homeowners insurance, personal auto insurance and other personal lines. The company also offers excess and surplus lines coverage for specialized or higher-risk exposures.

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