Sumitomo Mitsui Trust Group Inc. Reduces Stake in Cincinnati Financial Corporation $CINF

Key Points

• Sumitomo Mitsui Trust Group trimmed its Cincinnati Financial stake by 2.7% in the first quarter, selling 10,159 shares and leaving it with 360,309 shares valued at about $56.7 million.
• Cincinnati Financial beat earnings expectations in its latest quarterly report, posting $2.10 EPS versus $1.93 expected and revenue of $2.86 billion, up 11.6% year over year.
• The company also announced a quarterly dividend of $0.94 per share, payable July 15, which annualizes to $3.76 per share for a 2.1% yield.

Sumitomo Mitsui Trust Group Inc. cut its position in shares of Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 2.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 360,309 shares of the insurance provider's stock after selling 10,159 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.23% of Cincinnati Financial worth $56,695,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of CINF. Swiss Life Asset Management Ltd increased its holdings in Cincinnati Financial by 240.3% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 35,106 shares of the insurance provider's stock valued at $5,550,000 after acquiring an additional 24,790 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Cincinnati Financial by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 4,125,979 shares of the insurance provider's stock valued at $671,265,000 after purchasing an additional 25,888 shares during the last quarter. Avanza Fonder AB grew its position in shares of Cincinnati Financial by 40.9% in the fourth quarter. Avanza Fonder AB now owns 13,447 shares of the insurance provider's stock valued at $2,196,000 after purchasing an additional 3,904 shares during the last quarter. M Holdings Securities Inc. purchased a new position in shares of Cincinnati Financial during the 3rd quarter worth approximately $2,422,000. Finally, SG Americas Securities LLC raised its position in shares of Cincinnati Financial by 443.5% during the 4th quarter. SG Americas Securities LLC now owns 134,351 shares of the insurance provider's stock worth $21,942,000 after purchasing an additional 109,631 shares during the last quarter. Institutional investors and hedge funds own 65.24% of the company's stock.

Cincinnati Financial Trading Up 2.2%

Shares of CINF stock traded up $3.85 during mid-day trading on Friday, hitting $179.28. 1,007,110 shares of the company's stock were exchanged, compared to its average volume of 928,187. Cincinnati Financial Corporation has a fifty-two week low of $143.87 and a fifty-two week high of $194.81. The stock has a 50-day simple moving average of $170.27 and a two-hundred day simple moving average of $165.54. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.06. The stock has a market cap of $27.73 billion, a price-to-earnings ratio of 10.25, a PEG ratio of 3.87 and a beta of 0.54.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last released its earnings results on Monday, April 27th. The insurance provider reported $2.10 EPS for the quarter, beating the consensus estimate of $1.93 by $0.17. Cincinnati Financial had a return on equity of 10.57% and a net margin of 21.33%.The firm had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same period in the prior year, the firm posted ($0.24) earnings per share. The business's quarterly revenue was up 11.6% compared to the same quarter last year. Equities analysts expect that Cincinnati Financial Corporation will post 8.7 EPS for the current fiscal year.

Cincinnati Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 23rd will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Tuesday, June 23rd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.1%. Cincinnati Financial's dividend payout ratio is currently 21.50%.

Analyst Ratings Changes

A number of brokerages have commented on CINF. Roth Capital increased their target price on Cincinnati Financial from $175.00 to $190.00 and gave the company a "buy" rating in a report on Tuesday, April 28th. Piper Sandler upped their price objective on Cincinnati Financial from $161.00 to $175.00 and gave the company a "neutral" rating in a research report on Tuesday, May 26th. Weiss Ratings upgraded Cincinnati Financial from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Friday, June 26th. Bank of America cut their target price on shares of Cincinnati Financial from $178.00 to $177.00 and set a "buy" rating for the company in a research note on Tuesday, April 14th. Finally, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $201.00 price target (up from $191.00) on shares of Cincinnati Financial in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Cincinnati Financial currently has a consensus rating of "Moderate Buy" and a consensus target price of $185.75.

About Cincinnati Financial

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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