New York State Teachers Retirement System Sells 3,124 Shares of Cincinnati Financial Corporation $CINF

Key Points

• The New York State Teachers Retirement System reduced its stake in Cincinnati Financial Corporation by 2.2%, owning 141,149 shares valued at approximately $21 million after selling 3,124 shares.
• Cincinnati Financial reported $1.97 earnings per share for the last quarter, exceeding estimates, and had a revenue of $2.48 billion, though lower than the expected $2.80 billion.
• The company declared a quarterly dividend of $0.87, resulting in an annualized dividend yield of 2.3%, with a payout ratio of 30.18%.

New York State Teachers Retirement System lessened its stake in shares of Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 2.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 141,149 shares of the insurance provider's stock after selling 3,124 shares during the period. New York State Teachers Retirement System owned about 0.09% of Cincinnati Financial worth $21,020,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CINF. GQG Partners LLC bought a new stake in shares of Cincinnati Financial during the first quarter valued at approximately $270,005,000. Raymond James Financial Inc. raised its stake in shares of Cincinnati Financial by 558.8% during the first quarter. Raymond James Financial Inc. now owns 540,950 shares of the insurance provider's stock valued at $79,909,000 after acquiring an additional 458,841 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Cincinnati Financial by 6.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,364,272 shares of the insurance provider's stock valued at $940,130,000 after acquiring an additional 358,018 shares in the last quarter. Nuveen LLC bought a new stake in shares of Cincinnati Financial during the first quarter valued at approximately $47,070,000. Finally, Woodline Partners LP raised its stake in shares of Cincinnati Financial by 3,392.1% during the first quarter. Woodline Partners LP now owns 327,800 shares of the insurance provider's stock valued at $48,423,000 after acquiring an additional 318,413 shares in the last quarter. Institutional investors own 65.24% of the company's stock.

Cincinnati Financial Price Performance

NASDAQ CINF opened at $153.02 on Friday. The firm's fifty day simple moving average is $155.54 and its two-hundred day simple moving average is $148.34. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.06. Cincinnati Financial Corporation has a 12-month low of $123.01 and a 12-month high of $166.90. The firm has a market capitalization of $23.93 billion, a P/E ratio of 13.27, a P/E/G ratio of 7.09 and a beta of 0.72.

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

Cincinnati Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Monday, September 22nd were issued a $0.87 dividend. This represents a $3.48 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Monday, September 22nd. Cincinnati Financial's payout ratio is currently 30.18%.

Analyst Ratings Changes

A number of brokerages recently commented on CINF. Roth Capital boosted their price objective on shares of Cincinnati Financial from $160.00 to $175.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Keefe, Bruyette & Woods boosted their price objective on shares of Cincinnati Financial from $167.00 to $168.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Cincinnati Financial in a research note on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $157.25.

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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