The Manufacturers Life Insurance Company Buys 276,221 Shares of Cincinnati Financial Corporation $CINF

The Manufacturers Life Insurance Company lifted its stake in shares of Cincinnati Financial Corporation (NASDAQ:CINF) by 336.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 358,395 shares of the insurance provider’s stock after purchasing an additional 276,221 shares during the period. The Manufacturers Life Insurance Company owned 0.23% of Cincinnati Financial worth $66,353,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Keating Financial Advisory Services Inc. purchased a new position in Cincinnati Financial in the second quarter valued at approximately $27,000. Motiv8 Investments LLC purchased a new stake in Cincinnati Financial in the fourth quarter worth $29,000. Covestor Ltd increased its position in Cincinnati Financial by 98.8% in the second quarter. Covestor Ltd now owns 167 shares of the insurance provider’s stock worth $31,000 after buying an additional 83 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in shares of Cincinnati Financial in the first quarter valued at $34,000. Finally, DV Equities LLC purchased a new position in shares of Cincinnati Financial during the 4th quarter valued at $36,000. Institutional investors own 65.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CINF. Piper Sandler increased their price target on Cincinnati Financial from $175.00 to $197.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods lowered their price objective on Cincinnati Financial from $201.00 to $190.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 5th. Atlantic Securities set a $197.00 price objective on shares of Cincinnati Financial in a report on Wednesday, July 15th. Roth Capital increased 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. Finally, Bank of America downgraded shares of Cincinnati Financial from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $197.00 to $193.00 in a research note on Thursday, July 30th. One 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’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $195.40.

Insiders Place Their Bets

In related news, Director Dirk Debbink purchased 1,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were purchased at an average cost of $171.64 per share, for a total transaction of $171,640.00. Following the completion of the transaction, the director directly owned 62,059 shares in the company, valued at approximately $10,651,806.76. This represents a 1.64% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 2.94% of the stock is owned by insiders.

Cincinnati Financial Price Performance

Cincinnati Financial stock opened at $169.80 on Friday. Cincinnati Financial Corporation has a one year low of $150.00 and a one year high of $194.81. The business has a fifty day moving average price of $175.60 and a 200-day moving average price of $169.14. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a market capitalization of $26.06 billion, a P/E ratio of 8.01, a PEG ratio of 3.55 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 the consensus estimate of $1.82 by ($0.39). Cincinnati Financial had a net margin of 23.84% and a return on equity of 9.63%. The company had revenue of $4.27 billion during the quarter, compared to analysts’ expectations of $2.71 billion. During the same quarter last year, the firm posted $1.97 earnings per share. As a group, equities research analysts forecast that Cincinnati Financial Corporation will post 8.31 EPS for the current year.

Cincinnati Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 23rd will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 23rd. 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.