Select Equity Group L.P. Sells 379,908 Shares of Cincinnati Financial Corporation $CINF

Key Points

• Select Equity Group L.P. reduced its holdings in Cincinnati Financial Corporation by 54.7% during the first quarter, owning approximately $46.5 million worth of shares at quarter's end.
• Multiple institutional investors, including Spire Wealth Management and Capital Advisors Ltd. LLC, have recently adjusted their stakes, with Spire increasing its investment by 77.6%.
• Analysts have shown confidence in Cincinnati Financial, raising price targets, with Roth Capital setting a new price objective of $175.00 and an overall rating of "Moderate Buy."

Select Equity Group L.P. lowered its position in shares of Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 54.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 315,196 shares of the insurance provider's stock after selling 379,908 shares during the quarter. Select Equity Group L.P. owned approximately 0.20% of Cincinnati Financial worth $46,561,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Park National Corp OH increased its position in shares of Cincinnati Financial by 0.6% during the 1st quarter. Park National Corp OH now owns 12,686 shares of the insurance provider's stock worth $1,874,000 after purchasing an additional 72 shares in the last quarter. Spire Wealth Management increased its position in shares of Cincinnati Financial by 77.6% during the 1st quarter. Spire Wealth Management now owns 174 shares of the insurance provider's stock worth $26,000 after purchasing an additional 76 shares in the last quarter. Nissay Asset Management Corp Japan ADV increased its position in shares of Cincinnati Financial by 0.5% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 19,931 shares of the insurance provider's stock worth $2,871,000 after purchasing an additional 91 shares in the last quarter. CWA Asset Management Group LLC increased its position in shares of Cincinnati Financial by 4.1% during the 1st quarter. CWA Asset Management Group LLC now owns 2,385 shares of the insurance provider's stock worth $352,000 after purchasing an additional 94 shares in the last quarter. Finally, Brass Tax Wealth Management Inc. increased its position in shares of Cincinnati Financial by 5.2% during the 1st quarter. Brass Tax Wealth Management Inc. now owns 1,886 shares of the insurance provider's stock worth $279,000 after purchasing an additional 94 shares in the last quarter. Institutional investors and hedge funds own 65.24% of the company's stock.

Analysts Set New Price Targets

CINF has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods increased their target price on shares of Cincinnati Financial from $167.00 to $168.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 5th. Roth Capital increased their target price on shares of Cincinnati Financial from $160.00 to $175.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Cincinnati Financial has a consensus rating of "Moderate Buy" and a consensus price target of $159.40.

Cincinnati Financial Price Performance

CINF traded up $0.23 during midday trading on Tuesday, hitting $153.69. The company had a trading volume of 407,968 shares, compared to its average volume of 415,974. 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 company has a market capitalization of $24.03 billion, a PE ratio of 13.33, a P/E/G ratio of 7.51 and a beta of 0.72. Cincinnati Financial Corporation has a twelve month low of $123.01 and a twelve month high of $161.74. The firm's 50-day simple moving average is $150.71 and its 200-day simple moving average is $145.76.

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

Cincinnati Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 22nd will be paid a $0.87 dividend. This represents a $3.48 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Monday, September 22nd. Cincinnati Financial's dividend payout ratio (DPR) is 30.18%.

About Cincinnati Financial

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.