QRG Capital Management Inc. Buys 84,413 Shares of Cincinnati Financial Corporation $CINF

Key Points

• QRG Capital Management increased its Cincinnati Financial stake by 554.6% in the second quarter, acquiring 84,413 shares for a total holding of 99,634 shares valued at approximately $18.4 million. Institutional investors collectively own 65.24% of the company.
• Analyst sentiment remains cautiously positive, with a consensus rating of “Moderate Buy” and an average price target of $195.40, although recent targets range from $190 to $200 and include several neutral ratings.
• Cincinnati Financial shares opened at $162.57 after a 2% decline, while the company reported quarterly EPS of $1.43—below the $1.82 consensus estimate—and announced a quarterly dividend of $0.94 per share, yielding about 2.3% annually.

QRG Capital Management Inc. lifted its holdings in Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 554.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,634 shares of the insurance provider's stock after acquiring an additional 84,413 shares during the quarter. QRG Capital Management Inc. owned approximately 0.06% of Cincinnati Financial worth $18,446,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CINF. Envestnet Asset Management Inc. lifted its holdings in Cincinnati Financial by 1,474.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 2,242,991 shares of the insurance provider's stock worth $415,267,000 after buying an additional 2,100,563 shares in the last quarter. Andra AP fonden increased its position in Cincinnati Financial by 99.4% in the second quarter. Andra AP fonden now owns 108,740 shares of the insurance provider's stock worth $20,132,000 after purchasing an additional 54,199 shares during the period. State Street Corp increased its position in Cincinnati Financial by 225.5% in the second quarter. State Street Corp now owns 26,974,052 shares of the insurance provider's stock worth $4,993,976,000 after purchasing an additional 18,686,673 shares during the period. Anchor Investment Management LLC raised its holdings in Cincinnati Financial by 1.7% during the 2nd quarter. Anchor Investment Management LLC now owns 17,839 shares of the insurance provider's stock worth $3,317,000 after purchasing an additional 294 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in Cincinnati Financial by 336.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 358,395 shares of the insurance provider's stock valued at $66,353,000 after purchasing an additional 276,221 shares during the period. Institutional investors and hedge funds own 65.24% of the company's stock.

Insider Buying and Selling

In other news, Director Dirk Debbink purchased 1,000 shares of Cincinnati Financial stock in a transaction on Tuesday, August 25th. The stock was purchased at an average price of $171.64 per share, with a total value of $171,640.00. Following the transaction, the director directly owned 62,059 shares in the company, valued at $10,651,806.76. The trade was a 1.64% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 2.94% of the company's stock.

Analysts Set New Price Targets

CINF has been the subject of a number of recent research reports. Piper Sandler boosted their price target on shares of Cincinnati Financial from $175.00 to $197.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 15th. Weiss Ratings upgraded Cincinnati Financial from a "buy (a-)" rating to a "buy (a)" rating in a research report on Thursday, September 10th. Roth Capital lifted their price objective on Cincinnati Financial from $190.00 to $200.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Bank of America lowered Cincinnati Financial from a "buy" rating to a "neutral" rating and cut their target price for the company from $197.00 to $193.00 in a research note on Thursday, July 30th. Finally, Keefe, Bruyette & Woods reduced their target price on Cincinnati Financial from $201.00 to $190.00 and set a "market perform" rating on the stock in a report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $195.40.

Cincinnati Financial Stock Down 2.0%

Shares of CINF stock opened at $162.57 on Thursday. Cincinnati Financial Corporation has a 12-month low of $150.00 and a 12-month high of $194.81. 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 fifty day moving average of $173.57 and a 200-day moving average of $169.35. The company has a market capitalization of $24.95 billion, a price-to-earnings ratio of 7.67, a P/E/G ratio of 3.47 and a beta of 0.53.

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 analysts' consensus estimates of $1.82 by ($0.39). The company had revenue of $4.27 billion during the quarter, compared to analyst estimates of $2.71 billion. Cincinnati Financial had a return on equity of 9.63% and a net margin of 23.84%.During the same period in the previous year, the company posted $1.97 earnings per share. As a group, equities research analysts predict that Cincinnati Financial Corporation will post 8.31 earnings per share for the current fiscal year.

Cincinnati Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 23rd will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 23rd. Cincinnati Financial's dividend payout ratio (DPR) is currently 17.74%.

Cincinnati Financial Profile

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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