First Trust Advisors LP Sells 34,460 Shares of Cincinnati Financial Corporation $CINF

Key Points

• First Trust Advisors LP sold 34,460 shares of Cincinnati Financial in Q3, a 3.5% reduction that left the firm with 952,649 shares worth about $150.6 million (0.61% ownership).
• Cincinnati Financial beat quarterly expectations, reporting $3.37 EPS vs. $2.86 expected and revenue of $3.09 billion (up 21.8% year-over-year).
• The company raised its quarterly dividend to $0.94 ($3.76 annualized, ~2.3% yield), and analysts hold a consensus "Moderate Buy" rating with an average target of $174.33.

First Trust Advisors LP reduced its holdings in shares of Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 3.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 952,649 shares of the insurance provider's stock after selling 34,460 shares during the quarter. First Trust Advisors LP owned 0.61% of Cincinnati Financial worth $150,614,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of CINF. Vanguard Group Inc. lifted its holdings in shares of Cincinnati Financial by 1.6% in the second quarter. Vanguard Group Inc. now owns 19,572,511 shares of the insurance provider's stock worth $2,914,738,000 after acquiring an additional 317,033 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Cincinnati Financial by 1.7% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 6,470,538 shares of the insurance provider's stock worth $963,594,000 after acquiring an additional 106,266 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Cincinnati Financial by 4.2% during the second quarter. Bank of America Corp DE now owns 2,011,505 shares of the insurance provider's stock worth $299,553,000 after purchasing an additional 80,487 shares during the last quarter. Norges Bank bought a new stake in Cincinnati Financial during the 2nd quarter worth approximately $235,714,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Cincinnati Financial by 3.3% in the third quarter. Dimensional Fund Advisors LP now owns 1,471,628 shares of the insurance provider's stock worth $232,643,000 after purchasing an additional 46,426 shares during the last quarter. 65.24% of the stock is owned by institutional investors and hedge funds.

Cincinnati Financial Price Performance

CINF stock opened at $165.39 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.06. The firm has a market cap of $25.74 billion, a price-to-earnings ratio of 10.90, a PEG ratio of 3.68 and a beta of 0.63. The company's fifty day simple moving average is $163.47 and its 200 day simple moving average is $160.96. Cincinnati Financial Corporation has a 12-month low of $123.01 and a 12-month high of $174.27.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last issued its quarterly earnings results on Monday, February 9th. The insurance provider reported $3.37 earnings per share for the quarter, topping analysts' consensus estimates of $2.86 by $0.51. Cincinnati Financial had a return on equity of 8.45% and a net margin of 18.94%.The firm had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $2.92 billion. During the same period last year, the business posted $3.14 EPS. The business's revenue was up 21.8% compared to the same quarter last year. On average, analysts expect that Cincinnati Financial Corporation will post 5.36 earnings per share for the current year.

Cincinnati Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 24th will be paid a dividend of $0.94 per share. This is an increase from Cincinnati Financial's previous quarterly dividend of $0.87. This represents a $3.76 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Tuesday, March 24th. Cincinnati Financial's payout ratio is 22.94%.

Analyst Ratings Changes

CINF has been the subject of several analyst reports. Piper Sandler raised their target price on Cincinnati Financial from $150.00 to $157.00 and gave the stock a "neutral" rating in a research report on Monday, December 22nd. Weiss Ratings reissued a "buy (b+)" rating on shares of Cincinnati Financial in a research note on Monday, December 29th. Wall Street Zen downgraded Cincinnati Financial from a "buy" rating to a "hold" rating in a research report on Sunday, February 8th. Finally, Keefe, Bruyette & Woods lifted their price objective on Cincinnati Financial from $180.00 to $191.00 and gave the stock an "outperform" rating in a research note on Tuesday, January 6th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $174.33.

Cincinnati Financial Profile

Cincinnati Financial Corporation NASDAQ: CINF is an insurance holding company headquartered in the Cincinnati area of Ohio that provides property and casualty insurance products and related services. Founded as part of the Cincinnati Insurance group, the company operates through a set of insurance subsidiaries to underwrite and service policies for both personal and commercial customers. Cincinnati Financial is publicly traded and emphasizes underwriting discipline and long-term relationships with its distribution partners and policyholders.

The company's core business centers on property and casualty insurance, including homeowners, automobile, commercial casualty, commercial multi-peril, and specialty commercial coverages.

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