Legal & General Group Plc Cuts Stock Holdings in Cincinnati Financial Corporation $CINF

Key Points

• Legal & General Group Plc reduced its stake in Cincinnati Financial by 6.3% in the fourth quarter, selling 73,877 shares and leaving it with 1,096,045 shares valued at about $179 million.
• Cincinnati Financial reported strong quarterly results, posting EPS of $2.10 versus the $1.93 consensus and revenue of $2.86 billion, with revenue up 11.6% year over year.
• The company also announced a quarterly dividend of $0.94 per share, payable July 15, representing an annualized yield of about 2.3%; analysts currently rate the stock a “Moderate Buy” with a consensus target price of $183.25.

Legal & General Group Plc decreased its position in shares of Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 6.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,096,045 shares of the insurance provider's stock after selling 73,877 shares during the quarter. Legal & General Group Plc owned 0.70% of Cincinnati Financial worth $179,006,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Oppenheimer & Co. Inc. boosted its holdings in Cincinnati Financial by 0.4% in the third quarter. Oppenheimer & Co. Inc. now owns 14,906 shares of the insurance provider's stock worth $2,357,000 after purchasing an additional 64 shares during the last quarter. Legacy Financial Strategies LLC boosted its holdings in Cincinnati Financial by 0.3% in the third quarter. Legacy Financial Strategies LLC now owns 22,616 shares of the insurance provider's stock worth $3,576,000 after purchasing an additional 65 shares during the last quarter. State of Wyoming boosted its holdings in Cincinnati Financial by 5.4% in the third quarter. State of Wyoming now owns 1,315 shares of the insurance provider's stock worth $208,000 after purchasing an additional 67 shares during the last quarter. Triton Financial Group Inc boosted its holdings in Cincinnati Financial by 0.7% in the fourth quarter. Triton Financial Group Inc now owns 10,518 shares of the insurance provider's stock worth $1,718,000 after purchasing an additional 73 shares during the last quarter. Finally, NewEdge Wealth LLC boosted its holdings in Cincinnati Financial by 0.5% in the third quarter. NewEdge Wealth LLC now owns 15,339 shares of the insurance provider's stock worth $2,455,000 after purchasing an additional 75 shares during the last quarter. Hedge funds and other institutional investors own 65.24% of the company's stock.

Cincinnati Financial Stock Down 2.5%

CINF opened at $162.94 on Thursday. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.06. Cincinnati Financial Corporation has a 1-year low of $143.37 and a 1-year high of $174.27. The company has a market capitalization of $25.21 billion, a PE ratio of 9.32, a PEG ratio of 3.63 and a beta of 0.59. The firm's 50 day simple moving average is $162.74 and its two-hundred day simple moving average is $163.70.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last released its quarterly earnings results on Monday, April 27th. The insurance provider reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.17. Cincinnati Financial had a net margin of 21.33% and a return on equity of 10.57%. The business had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.61 billion. During the same period last year, the firm earned ($0.24) earnings per share. The company's quarterly revenue was up 11.6% on a year-over-year basis. As a group, equities analysts forecast that Cincinnati Financial Corporation will post 8.61 EPS for the current year.

Cincinnati Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 23rd will be given a $0.94 dividend. The ex-dividend date is Tuesday, June 23rd. This represents a $3.76 annualized dividend and a yield of 2.3%. Cincinnati Financial's dividend payout ratio (DPR) is presently 21.50%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CINF shares. Wall Street Zen cut shares of Cincinnati Financial from a "buy" rating to a "hold" rating in a report on Sunday, February 8th. Piper Sandler raised their target price on shares of Cincinnati Financial from $161.00 to $175.00 and gave the stock a "neutral" rating in a report on Tuesday. Weiss Ratings cut shares of Cincinnati Financial from a "buy (a-)" rating to a "buy (b+)" rating in a report on Tuesday, May 12th. Bank of America dropped their target price on shares of Cincinnati Financial from $178.00 to $177.00 and set a "buy" rating on the stock in a report on Tuesday, April 14th. Finally, Roth Mkm raised their target price on shares of Cincinnati Financial from $175.00 to $190.00 and gave the stock a "buy" rating in a report on Tuesday, April 28th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Cincinnati Financial currently has an average rating of "Moderate Buy" and a consensus target price of $183.25.

Cincinnati Financial Company 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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