First Citizens Bank & Trust Co. Buys 21,510 Shares of Cincinnati Financial Corporation $CINF

Key Points

• First Citizens Bank & Trust Co. increased its Cincinnati Financial stake by 1,347.7% in the third quarter, purchasing 21,510 additional shares and bringing its holdings to 23,106 shares valued at approximately $3.68 million.
• Institutional investors own 65.24% of Cincinnati Financial, while director Dirk Debbink purchased 1,000 shares. The company also declared a quarterly dividend of $0.94 per share, equivalent to a 2.3% annual yield.
• Cincinnati Financial recently missed earnings expectations, reporting $1.43 in quarterly EPS versus the $1.82 consensus estimate. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $191.60, compared with shares trading near $166.67.

First Citizens Bank & Trust Co. boosted its stake in Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 1,347.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,106 shares of the insurance provider's stock after buying an additional 21,510 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Cincinnati Financial were worth $3,682,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CINF. Nykredit A S acquired a new stake in Cincinnati Financial in the 2nd quarter worth approximately $29,340,000. Bank of America Corp DE bought a new stake in Cincinnati Financial during the second quarter worth approximately $347,891,000. National Pension Service boosted its position in Cincinnati Financial by 394.1% during the second quarter. National Pension Service now owns 1,280,676 shares of the insurance provider's stock worth $237,104,000 after purchasing an additional 1,021,465 shares during the period. Envestnet Asset Management Inc. grew its holdings in Cincinnati Financial by 1,474.8% during the second quarter. Envestnet Asset Management Inc. now owns 2,242,991 shares of the insurance provider's stock valued at $415,267,000 after purchasing an additional 2,100,563 shares during the last quarter. Finally, Manning & Napier Advisors LLC acquired a new position in Cincinnati Financial during the second quarter valued at approximately $3,585,000. Institutional investors and hedge funds own 65.24% of the company's stock.

Insider Transactions at Cincinnati Financial

In other news, Director Dirk Debbink purchased 1,000 shares of Cincinnati Financial stock in a transaction on 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 completion of the transaction, 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 ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.94% of the stock is owned by corporate insiders.

Cincinnati Financial Stock Performance

Shares of NASDAQ CINF opened at $166.67 on Thursday. The firm has a market capitalization of $25.58 billion, a price-to-earnings ratio of 16.99, a PEG ratio of 2.79 and a beta of 0.52. Cincinnati Financial Corporation has a one year low of $150.00 and a one year high of $194.81. The business has a fifty day simple moving average of $168.56 and a 200 day simple moving average of $169.49. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.05.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last issued its earnings results on Monday, July 27th. The insurance provider reported $1.43 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.39). The business had revenue of $4.27 billion for the quarter, compared to analyst estimates of $2.71 billion. Cincinnati Financial had a net margin of 23.84% and a return on equity of 9.63%. During the same quarter last year, the firm posted $1.97 earnings per share. Sell-side analysts expect that Cincinnati Financial Corporation will post 8.44 EPS for the current year.

Cincinnati Financial Dividend Announcement

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

Analysts Set New Price Targets

CINF has been the subject of several research analyst reports. Piper Sandler boosted their price objective on Cincinnati Financial from $175.00 to $197.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. Weiss Ratings downgraded Cincinnati Financial from a "buy (a)" rating to a "buy (a-)" rating in a research report on Thursday, October 8th. Bank of America lowered Cincinnati Financial from a "buy" rating to a "neutral" rating and cut their price target for the stock from $197.00 to $193.00 in a report on Thursday, July 30th. Keefe, Bruyette & Woods reduced their price objective on Cincinnati Financial from $190.00 to $171.00 and set a "market perform" rating for the company in a research report on Monday. Finally, Atlantic Securities set a $197.00 price objective on shares of Cincinnati Financial in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $191.60.

About Cincinnati Financial

Cincinnati Financial Corporation is an insurance holding company headquartered in Fairfield, Ohio. Through its subsidiaries, the company markets property and casualty insurance products primarily through a network of independent insurance agents.

Its offerings include commercial and personal property and casualty coverage, such as businessowners' policies, commercial auto, workers' compensation, homeowners and automobile insurance. The company also provides life insurance and related financial products through Cincinnati Life Insurance Company.

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