Cidel Asset Management Inc. Invests $859,000 in Cincinnati Financial Corporation $CINF

Cidel Asset Management Inc. acquired a new stake in Cincinnati Financial Corporation (NASDAQ:CINF) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 4,640 shares of the insurance provider’s stock, valued at approximately $859,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Keating Financial Advisory Services Inc. purchased a new position in Cincinnati Financial during the second quarter worth about $27,000. Motiv8 Investments LLC purchased a new stake in Cincinnati Financial in the 4th quarter valued at about $29,000. Covestor Ltd increased its stake in shares of Cincinnati Financial by 98.8% during the 2nd quarter. Covestor Ltd now owns 167 shares of the insurance provider’s stock valued at $31,000 after acquiring an additional 83 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in shares of Cincinnati Financial during the 1st quarter valued at about $34,000. Finally, DV Equities LLC purchased a new position in shares of Cincinnati Financial during the 4th quarter worth about $36,000. 65.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CINF shares. Roth Capital raised their target price on shares of Cincinnati Financial from $190.00 to $200.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Piper Sandler increased their price target on shares of Cincinnati Financial from $175.00 to $197.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Weiss Ratings lowered shares of Cincinnati Financial from a “buy (a)” rating to a “buy (a-)” rating in a report on Friday, August 21st. Bank of America cut shares of Cincinnati Financial from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $197.00 to $193.00 in a research note on Thursday, July 30th. Finally, Atlantic Securities set a $197.00 price objective on Cincinnati Financial in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $195.40.

Insiders Place Their Bets

In related news, Director Dirk Debbink purchased 1,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was purchased at an average cost of $171.64 per share, for a total transaction of $171,640.00. Following the acquisition, the director owned 62,059 shares in the company, valued at approximately $10,651,806.76. This trade represents a 1.64% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.94% of the company’s stock.

Cincinnati Financial Stock Up 0.0%

CINF opened at $169.21 on Thursday. Cincinnati Financial Corporation has a 1 year low of $150.00 and a 1 year high of $194.81. The firm has a 50 day moving average price of $176.49 and a 200 day moving average price of $169.09. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.31 and a current ratio of 0.31. The company has a market cap of $25.97 billion, a PE ratio of 7.98, a price-to-earnings-growth ratio of 3.54 and a beta of 0.53.

Cincinnati Financial (NASDAQ:CINF) last announced its quarterly earnings results on Monday, July 27th. The insurance provider reported $1.43 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.39). Cincinnati Financial had a net margin of 23.84% and a return on equity of 9.63%. The business had revenue of $4.27 billion for the quarter, compared to analyst estimates of $2.71 billion. During the same period last year, the firm earned $1.97 earnings per share. Sell-side analysts expect that Cincinnati Financial Corporation will post 8.31 earnings per share for the current year.

Cincinnati Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 23rd will be issued a dividend of $0.94 per share. The ex-dividend date is Wednesday, September 23rd. This represents a $3.76 annualized dividend and a dividend yield of 2.2%. Cincinnati Financial’s payout ratio is presently 17.74%.

Cincinnati Financial Company Profile

Cincinnati Financial Corporation is an insurance holding company headquartered in Fairfield, Ohio. Founded in 1950 by four independent insurance agents, the company markets its products primarily through a network of independent agencies.

Its principal business is property and casualty insurance, including commercial coverage for businesses, workers’ compensation, commercial auto, homeowners insurance, personal auto insurance and other personal lines. The company also offers excess and surplus lines coverage for specialized or higher-risk exposures.