Mirae Asset Global Investments Co. Ltd. Buys 16,560 Shares of Cincinnati Financial Corporation $CINF

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its stake in Cincinnati Financial Corporation by 11.0%, acquiring an additional 16,560 shares during the second quarter, totaling 166,892 shares worth approximately $24.85 million.
• Cincinnati Financial reported earnings of $1.97 per share for the last quarter, exceeding expectations, although revenue fell short of estimates at $2.48 billion.
• The company announced a quarterly dividend of $0.87 per share, representing an annualized dividend yield of 2.1%, with the ex-dividend date set for September 22nd.

Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 11.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 166,892 shares of the insurance provider's stock after purchasing an additional 16,560 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.11% of Cincinnati Financial worth $24,854,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of CINF. Quintet Private Bank Europe S.A. bought a new stake in shares of Cincinnati Financial during the second quarter valued at approximately $25,000. Spire Wealth Management grew its stake in shares of Cincinnati Financial by 77.6% during the first quarter. Spire Wealth Management now owns 174 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 76 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Cincinnati Financial during the first quarter valued at approximately $26,000. Alpine Bank Wealth Management bought a new stake in shares of Cincinnati Financial during the first quarter valued at approximately $30,000. Finally, Vermillion & White Wealth Management Group LLC bought a new stake in shares of Cincinnati Financial during the first quarter valued at approximately $32,000. 65.24% of the stock is owned by institutional investors.

Cincinnati Financial Trading Up 1.7%

CINF opened at $163.29 on Friday. The firm's fifty day moving average is $153.62 and its two-hundred day moving average is $147.45. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.29 and a current ratio of 0.29. The firm has a market cap of $25.54 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 7.86 and a beta of 0.72. Cincinnati Financial Corporation has a twelve month low of $123.01 and a twelve month high of $164.03.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last posted its earnings results on Monday, July 28th. The insurance provider reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.58. The company had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.80 billion. Cincinnati Financial had a net margin of 15.59% and a return on equity of 7.14%. The business's revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period last year, the business posted $1.29 earnings per share. Equities research analysts anticipate that Cincinnati Financial Corporation will post 5.36 EPS for the current year.

Cincinnati Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 22nd will be issued a $0.87 dividend. The ex-dividend date is Monday, September 22nd. This represents a $3.48 annualized dividend and a yield of 2.1%. Cincinnati Financial's dividend payout ratio (DPR) is 30.18%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Keefe, Bruyette & Woods increased their price target on shares of Cincinnati Financial from $167.00 to $168.00 and gave the company an "outperform" rating in a research note on Tuesday, August 5th. Roth Capital increased their price objective on shares of Cincinnati Financial from $160.00 to $175.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Cincinnati Financial in a report on Saturday, September 27th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cincinnati Financial has an average rating of "Moderate Buy" and an average target price of $159.40.

Cincinnati Financial Profile

Cincinnati Financial Corporation, together with its subsidiaries, provides property casualty insurance products in the United States. It operates through five segments: Commercial Lines Insurance, Personal Lines Insurance, Excess and Surplus Lines Insurance, Life Insurance, and Investments. The Commercial Lines Insurance segment offers coverage for commercial casualty, commercial property, commercial auto, and workers' compensation.

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