NewEdge Wealth LLC Acquires New Position in Cincinnati Financial Corporation $CINF

Key Points

• NewEdge Wealth acquired 14,835 shares of Cincinnati Financial in the second quarter, worth approximately $2.75 million. Institutional investors collectively own 65.24% of the company.
• Cincinnati Financial shares opened at $168.19, down 0.2%, with a market capitalization of $25.81 billion. The insurer’s latest quarterly earnings of $1.43 per share missed analysts’ $1.82 estimate.
• Analyst sentiment remains favorable but mixed, with a consensus “Moderate Buy” rating and an average price target of $195.40; recent actions included both upgrades and target-price reductions.

NewEdge Wealth LLC acquired a new stake in Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 14,835 shares of the insurance provider's stock, valued at approximately $2,747,000.

A number of other institutional investors have also modified their holdings of CINF. Vanguard Group Inc. raised its stake in shares of Cincinnati Financial by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 19,725,564 shares of the insurance provider's stock valued at $3,221,579,000 after acquiring an additional 123,110 shares in the last quarter. State Street Corp grew its stake in Cincinnati Financial by 0.3% in the third quarter. State Street Corp now owns 8,542,265 shares of the insurance provider's stock worth $1,357,825,000 after purchasing an additional 26,475 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Cincinnati Financial by 1.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,632,071 shares of the insurance provider's stock worth $1,083,151,000 after purchasing an additional 97,761 shares during the period. Geode Capital Management LLC increased its holdings in Cincinnati Financial by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 4,125,979 shares of the insurance provider's stock worth $671,265,000 after purchasing an additional 25,888 shares during the period. Finally, First Trust Advisors LP raised its position in Cincinnati Financial by 59.4% during the 1st quarter. First Trust Advisors LP now owns 2,104,457 shares of the insurance provider's stock valued at $331,136,000 after purchasing an additional 784,584 shares in the last quarter. 65.24% of the stock is owned by hedge funds and other institutional investors.

Cincinnati Financial Trading Down 0.2%

NASDAQ CINF opened at $168.19 on Friday. Cincinnati Financial Corporation has a 52 week low of $150.00 and a 52 week high of $194.81. The company has a 50 day moving average price of $177.98 and a 200 day moving average price of $168.54. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.05. The firm has a market cap of $25.81 billion, a PE ratio of 7.93, a price-to-earnings-growth ratio of 3.53 and a beta of 0.54.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last announced its earnings results on Monday, July 27th. The insurance provider reported $1.43 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.39). Cincinnati Financial had a net margin of 23.84% and a return on equity of 9.63%. The firm had revenue of $4.27 billion during the quarter, compared to analyst estimates of $2.71 billion. During the same quarter last year, the business earned $1.97 earnings per share. As a group, sell-side analysts forecast that Cincinnati Financial Corporation will post 8.31 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on CINF. Bank of America cut Cincinnati Financial from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $197.00 to $193.00 in a report on Thursday, July 30th. Roth Capital lifted their price objective on Cincinnati Financial from $190.00 to $200.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Atlantic Securities set a $197.00 price objective on shares of Cincinnati Financial in a research note on Wednesday, July 15th. Weiss Ratings upgraded shares of Cincinnati Financial from a "buy (a-)" rating to a "buy (a)" rating in a report on Thursday, August 6th. Finally, Keefe, Bruyette & Woods cut their target price on shares of 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. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $195.40.

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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