NewEdge Advisors LLC Acquires 74,963 Shares of Cincinnati Financial Corporation $CINF

Key Points

• NewEdge Advisors increased its Cincinnati Financial stake by 401.4% in the second quarter, acquiring 74,963 shares for a total holding of 93,639 shares worth approximately $17.3 million. Institutional investors collectively own 65.24% of the company.
• Cincinnati Financial reported quarterly EPS of $1.43, below the $1.82 analyst consensus, while revenue reached $4.27 billion. The company declared a quarterly dividend of $0.94 per share, representing a 2.2% annualized yield.
• Analyst sentiment remains generally positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $195.40, versus a reported share price of $169.59.

NewEdge Advisors LLC boosted its stake in Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 401.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 93,639 shares of the insurance provider's stock after acquiring an additional 74,963 shares during the quarter. NewEdge Advisors LLC owned 0.06% of Cincinnati Financial worth $17,336,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Pointe Capital Management LLC bought a new position in shares of Cincinnati Financial during the 2nd quarter worth approximately $233,000. IFP Advisors Inc increased its stake in Cincinnati Financial by 381.9% in the 2nd quarter. IFP Advisors Inc now owns 16,176 shares of the insurance provider's stock valued at $2,995,000 after buying an additional 12,819 shares during the last quarter. Baird Financial Group Inc. increased its position in shares of Cincinnati Financial by 354.9% in the second quarter. Baird Financial Group Inc. now owns 491,223 shares of the insurance provider's stock valued at $90,945,000 after acquiring an additional 383,234 shares during the last quarter. Allworth Financial LP increased its position in shares of Cincinnati Financial by 506.4% in the second quarter. Allworth Financial LP now owns 37,731 shares of the insurance provider's stock valued at $6,986,000 after acquiring an additional 31,509 shares during the last quarter. Finally, Arizona State Retirement System raised its holdings in Cincinnati Financial by 268.4% during the second quarter. Arizona State Retirement System now owns 156,184 shares of the insurance provider's stock worth $28,916,000 after acquiring an additional 113,790 shares in the last quarter. Institutional investors and hedge funds own 65.24% of the company's stock.

Insider Buying and Selling

In other Cincinnati Financial news, Director Dirk Debbink bought 1,000 shares of the business's stock in a transaction on Tuesday, August 25th. The stock was purchased at an average cost of $171.64 per share, for a total transaction of $171,640.00. Following the completion of the purchase, the director directly owned 62,059 shares of the company's stock, valued at approximately $10,651,806.76. This trade represents a 1.64% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 2.94% of the stock is currently owned by corporate insiders.

Cincinnati Financial Stock Performance

Shares of NASDAQ CINF opened at $169.59 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.31 and a quick ratio of 0.31. The stock's fifty day moving average price is $176.05 and its two-hundred day moving average price is $169.13. Cincinnati Financial Corporation has a one year low of $150.00 and a one year high of $194.81. The firm has a market cap of $26.03 billion, a price-to-earnings ratio of 8.00, a P/E/G ratio of 3.54 and a beta of 0.53.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The insurance provider reported $1.43 earnings per share for the quarter, missing analysts' consensus estimates of $1.82 by ($0.39). The business had revenue of $4.27 billion during 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 in the previous year, the firm posted $1.97 earnings per share. On average, equities analysts forecast that Cincinnati Financial Corporation will post 8.31 EPS for the current year.

Cincinnati Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 23rd will be given a dividend of $0.94 per share. The ex-dividend date is Wednesday, September 23rd. This represents a $3.76 annualized dividend and a dividend yield of 2.2%. Cincinnati Financial's dividend payout ratio (DPR) is currently 17.74%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Keefe, Bruyette & Woods lowered their price target on Cincinnati Financial from $201.00 to $190.00 and set a "market perform" rating on the stock in a research report on Wednesday, August 5th. Roth Capital upped their price target on shares of Cincinnati Financial from $190.00 to $200.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Piper Sandler lifted their price objective on shares of Cincinnati Financial from $175.00 to $197.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Bank of America lowered shares of Cincinnati Financial from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $197.00 to $193.00 in a research note on Thursday, July 30th. Finally, Weiss Ratings cut shares of Cincinnati Financial from a "buy (a)" rating to a "buy (a-)" rating in a report on Friday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $195.40.

About Cincinnati Financial

Cincinnati Financial Corporation is an insurance holding company headquartered in Fairfield, Ohio. Founded in 1950 by four independent insurance agents, the company markets its products primarily through a network of independent agencies.

Its principal business is property and casualty insurance, including commercial coverage for businesses, workers' compensation, commercial auto, homeowners insurance, personal auto insurance and other personal lines. The company also offers excess and surplus lines coverage for specialized or higher-risk exposures.

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