First Eagle Investment Management LLC cut its stake in Cincinnati Financial Corporation (NASDAQ:CINF) by 0.8% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 2,780,168 shares of the insurance provider’s stock after selling 22,310 shares during the period. First Eagle Investment Management LLC owned about 1.69% of Cincinnati Financial Corporation worth $201,423,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Cincinnati Financial Corporation by 5.1% in the first quarter. Vanguard Group Inc. now owns 16,618,471 shares of the insurance provider’s stock valued at $1,201,018,000 after buying an additional 813,206 shares during the period. BlackRock Inc. boosted its stake in shares of Cincinnati Financial Corporation by 1,893.0% in the first quarter. BlackRock Inc. now owns 13,125,725 shares of the insurance provider’s stock valued at $948,595,000 after buying an additional 12,467,118 shares during the period. State Street Corp boosted its stake in shares of Cincinnati Financial Corporation by 3.4% in the first quarter. State Street Corp now owns 10,068,325 shares of the insurance provider’s stock valued at $727,642,000 after buying an additional 329,902 shares during the period. Bank of America Corp DE boosted its stake in shares of Cincinnati Financial Corporation by 2.4% in the first quarter. Bank of America Corp DE now owns 6,307,619 shares of the insurance provider’s stock valued at $455,852,000 after buying an additional 149,473 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Cincinnati Financial Corporation by 5.9% in the first quarter. JPMorgan Chase & Co. now owns 2,900,223 shares of the insurance provider’s stock valued at $209,600,000 after buying an additional 161,845 shares during the period. Institutional investors and hedge funds own 63.10% of the company’s stock.
Cincinnati Financial Corporation (NASDAQ CINF) opened at 77.34 on Friday. Cincinnati Financial Corporation has a 12 month low of $68.11 and a 12 month high of $81.98. The firm has a market capitalization of $12.68 billion, a PE ratio of 22.16 and a beta of 0.89. The stock has a 50 day moving average of $75.72 and a 200 day moving average of $72.65.
Cincinnati Financial Corporation (NASDAQ:CINF) last announced its quarterly earnings results on Wednesday, August 2nd. The insurance provider reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.18. Cincinnati Financial Corporation had a net margin of 10.33% and a return on equity of 6.57%. The firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the prior year, the firm posted $0.57 earnings per share. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, equities analysts predict that Cincinnati Financial Corporation will post $2.90 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 22nd will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.59%. Cincinnati Financial Corporation’s payout ratio is 57.31%.
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CINF has been the subject of several analyst reports. BidaskClub cut shares of Cincinnati Financial Corporation from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Keefe, Bruyette & Woods set a $70.00 target price on shares of Cincinnati Financial Corporation and gave the company a “hold” rating in a research report on Wednesday, May 24th. Zacks Investment Research upgraded shares of Cincinnati Financial Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $72.00 target price on shares of Cincinnati Financial Corporation in a research report on Monday, May 22nd. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Cincinnati Financial Corporation has a consensus rating of “Hold” and a consensus target price of $78.75.
Cincinnati Financial Corporation Company Profile
Cincinnati Financial Corporation is an insurance holding company. It operates through five segments: Commercial lines insurance, Personal lines insurance, Excess and surplus lines insurance, and Life insurance and Investments. Its Commercial Lines Insurance Segment provides five commercial business lines: commercial casualty, commercial property, commercial auto, workers’ compensation and other commercial lines.
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