1832 Asset Management L.P. Buys New Shares in Cincinnati Financial Co. (NASDAQ:CINF)

1832 Asset Management L.P. purchased a new position in Cincinnati Financial Co. (NASDAQ:CINF) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 19,479 shares of the insurance provider’s stock, valued at approximately $2,419,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Assetmark Inc. grew its position in shares of Cincinnati Financial by 252.2% during the fourth quarter. Assetmark Inc. now owns 243 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 174 shares in the last quarter. Criterion Capital Advisors LLC bought a new stake in shares of Cincinnati Financial during the fourth quarter valued at approximately $27,000. Raleigh Capital Management Inc. purchased a new position in shares of Cincinnati Financial in the fourth quarter worth $31,000. Integrated Investment Consultants LLC bought a new position in shares of Cincinnati Financial during the fourth quarter worth $39,000. Finally, Future Financial Wealth Managment LLC purchased a new position in Cincinnati Financial during the first quarter valued at $47,000. 65.24% of the stock is owned by institutional investors.

Cincinnati Financial Trading Up 3.0 %

CINF stock traded up $3.66 during mid-day trading on Friday, reaching $123.96. The company had a trading volume of 889,459 shares, compared to its average volume of 752,759. The company has a market capitalization of $19.41 billion, a PE ratio of 8.25, a price-to-earnings-growth ratio of 2.69 and a beta of 0.65. The firm has a 50 day moving average of $117.67 and a 200 day moving average of $116.20. Cincinnati Financial Co. has a 12 month low of $96.86 and a 12 month high of $128.23. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.26 and a quick ratio of 0.26.

Cincinnati Financial (NASDAQ:CINF) last announced its quarterly earnings results on Thursday, July 25th. The insurance provider reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.33. The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.21 billion. Cincinnati Financial had a return on equity of 9.29% and a net margin of 20.20%. Cincinnati Financial’s quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.21 earnings per share. On average, equities analysts predict that Cincinnati Financial Co. will post 6.25 earnings per share for the current fiscal year.

Cincinnati Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Tuesday, June 18th were paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date of this dividend was Tuesday, June 18th. Cincinnati Financial’s dividend payout ratio (DPR) is presently 21.56%.

Analyst Ratings Changes

Several research analysts have commented on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Cincinnati Financial from $136.00 to $143.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Bank of America increased their price target on Cincinnati Financial from $143.00 to $156.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Roth Mkm lifted their price objective on Cincinnati Financial from $130.00 to $140.00 and gave the stock a “buy” rating in a research note on Friday. Citigroup raised Cincinnati Financial from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $126.00 to $135.00 in a report on Friday, June 28th. Finally, Piper Sandler restated a “neutral” rating and issued a $116.00 price target on shares of Cincinnati Financial in a research report on Monday, April 1st. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $133.57.

Insiders Place Their Bets

In other Cincinnati Financial news, Director Dirk J. Debbink purchased 1,000 shares of Cincinnati Financial stock in a transaction dated Monday, April 29th. The stock was acquired at an average price of $113.47 per share, for a total transaction of $113,470.00. Following the acquisition, the director now owns 53,988 shares in the company, valued at approximately $6,126,018.36. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 2.83% of the stock is owned by company insiders.

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.