Swiss National Bank Cuts Stock Position in Cincinnati Financial Corporation $CINF

Key Points

• Swiss National Bank trimmed its stake in Cincinnati Financial by 4.9% in Q3, selling 23,400 shares and now holding 450,600 shares (about 0.29% of the company) valued at roughly $71.24 million.
• Cincinnati Financial beat the quarter's expectations with EPS of $3.37 versus $2.86 and revenue of $3.09 billion, a 21.8% year-over-year increase.
• The company raised its quarterly dividend to $0.94 (annualized $3.76, ~2.3% yield); the ex-dividend date is March 24 and the payment date is April 15.

Swiss National Bank trimmed its holdings in shares of Cincinnati Financial Corporation (NASDAQ:CINF - Free Report) by 4.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 450,600 shares of the insurance provider's stock after selling 23,400 shares during the quarter. Swiss National Bank owned approximately 0.29% of Cincinnati Financial worth $71,240,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Schroder Investment Management Group increased its holdings in Cincinnati Financial by 1.9% in the 3rd quarter. Schroder Investment Management Group now owns 12,712 shares of the insurance provider's stock worth $1,988,000 after acquiring an additional 232 shares in the last quarter. Meiji Yasuda Life Insurance Co purchased a new position in Cincinnati Financial during the third quarter valued at $416,000. Meiji Yasuda Asset Management Co Ltd. acquired a new stake in shares of Cincinnati Financial in the third quarter valued at about $1,503,000. Natixis Advisors LLC increased its stake in shares of Cincinnati Financial by 13.9% during the third quarter. Natixis Advisors LLC now owns 150,313 shares of the insurance provider's stock worth $23,764,000 after purchasing an additional 18,359 shares in the last quarter. Finally, Korea Investment CORP increased its stake in shares of Cincinnati Financial by 210.0% during the third quarter. Korea Investment CORP now owns 294,423 shares of the insurance provider's stock worth $46,548,000 after purchasing an additional 199,437 shares in the last quarter. Hedge funds and other institutional investors own 65.24% of the company's stock.

Analyst Ratings Changes

CINF has been the topic of a number of research reports. Weiss Ratings raised shares of Cincinnati Financial from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Tuesday. Keefe, Bruyette & Woods boosted their price objective on Cincinnati Financial from $180.00 to $191.00 and gave the stock an "outperform" rating in a research note on Tuesday, January 6th. Wall Street Zen cut Cincinnati Financial from a "buy" rating to a "hold" rating in a report on Sunday, February 8th. Finally, Piper Sandler raised their target price on Cincinnati Financial from $150.00 to $157.00 and gave the company a "neutral" rating in a research report on Monday, December 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $174.33.

Cincinnati Financial Stock Performance

NASDAQ:CINF opened at $164.00 on Thursday. The company has a market cap of $25.52 billion, a P/E ratio of 10.81, a P/E/G ratio of 3.67 and a beta of 0.63. Cincinnati Financial Corporation has a twelve month low of $123.01 and a twelve month high of $174.27. The company's 50-day moving average price is $163.44 and its 200-day moving average price is $161.17. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.06.

Cincinnati Financial (NASDAQ:CINF - Get Free Report) last announced its quarterly earnings data on Monday, February 9th. The insurance provider reported $3.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.86 by $0.51. Cincinnati Financial had a net margin of 18.94% and a return on equity of 8.45%. The company had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $2.92 billion. During the same quarter in the prior year, the company earned $3.14 EPS. Cincinnati Financial's revenue was up 21.8% compared to the same quarter last year. On average, sell-side analysts forecast that Cincinnati Financial Corporation will post 5.36 earnings per share for the current fiscal year.

Cincinnati Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 24th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.3%. This is a boost from Cincinnati Financial's previous quarterly dividend of $0.87. The ex-dividend date is Tuesday, March 24th. Cincinnati Financial's dividend payout ratio (DPR) is currently 22.94%.

Cincinnati Financial Company 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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