State Treasurer State of Michigan Trims Holdings in Cincinnati Financial Co. (CINF)
State Treasurer State of Michigan cut its stake in Cincinnati Financial Co. (NASDAQ:CINF) by 4.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 43,321 shares of the insurance provider’s stock after selling 1,800 shares during the period. State Treasurer State of Michigan’s holdings in Cincinnati Financial were worth $3,354,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of the business. TD Asset Management Inc. boosted its holdings in Cincinnati Financial by 0.6% in the 4th quarter. TD Asset Management Inc. now owns 441,251 shares of the insurance provider’s stock valued at $34,162,000 after purchasing an additional 2,512 shares during the period. Creative Planning raised its stake in shares of Cincinnati Financial by 0.9% in the 4th quarter. Creative Planning now owns 18,592 shares of the insurance provider’s stock valued at $1,439,000 after buying an additional 158 shares in the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of Cincinnati Financial by 1.7% in the 4th quarter. State Board of Administration of Florida Retirement System now owns 215,494 shares of the insurance provider’s stock valued at $16,684,000 after buying an additional 3,598 shares in the last quarter. First Mercantile Trust Co. raised its stake in shares of Cincinnati Financial by 47.1% in the 4th quarter. First Mercantile Trust Co. now owns 1,500 shares of the insurance provider’s stock valued at $116,000 after buying an additional 480 shares in the last quarter. Finally, Pettinga Financial Advisors LLC acquired a new position in shares of Cincinnati Financial in the 4th quarter valued at $4,541,000. 63.54% of the stock is owned by hedge funds and other institutional investors.
CINF has been the subject of a number of recent research reports. BidaskClub upgraded shares of Cincinnati Financial from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, February 5th. Zacks Investment Research cut shares of Cincinnati Financial from a “buy” rating to a “hold” rating in a research note on Thursday, January 10th. Finally, Buckingham Research initiated coverage on shares of Cincinnati Financial in a research note on Friday, December 14th. They issued a “neutral” rating and a $80.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $79.00.
Cincinnati Financial (NASDAQ:CINF) last announced its earnings results on Wednesday, February 6th. The insurance provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.14. The business had revenue of $710.00 million during the quarter, compared to analysts’ expectations of $1.47 billion. Cincinnati Financial had a net margin of 5.31% and a return on equity of 6.86%. The firm’s revenue for the quarter was down 49.7% on a year-over-year basis. During the same quarter last year, the company posted $0.93 EPS. On average, sell-side analysts predict that Cincinnati Financial Co. will post 3.28 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Wednesday, March 20th will be given a dividend of $0.56 per share. The ex-dividend date is Tuesday, March 19th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.69%. This is a boost from Cincinnati Financial’s previous quarterly dividend of $0.53. Cincinnati Financial’s dividend payout ratio (DPR) is 63.28%.
Cincinnati Financial Company Profile
Cincinnati Financial Corporation provides property casualty insurance products in the United States. The company operates in five segments: Commercial Lines Insurance, Personal Lines Insurance, Excess and Surplus Lines Insurance, Life Insurance, and Investments. The Commercial Lines Insurance segment provides coverage for commercial casualty, commercial property, commercial auto, and workers' compensation.
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