Cincinnati Financial Corp. Stock Rating Upgraded by Zacks (CINF)
Cincinnati Financial Corp. (NASDAQ:CINF) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a note issued to investors on Thursday, American Banking News reports. The firm currently has a $57.00 price objective on the stock. Zacks‘ price target would indicate a potential upside of 20.63% from the stock’s previous close.
Zacks‘ analyst wrote, “We are upgrading our recommendation on the shares of Cincinnati Financial Corp. to Outperform from Neutral reflecting our optimism regarding the company’s growth prospects. Cincinnati has been performing favorably over the past several quarters. The company has been posting increased underwriting profits from its commercial as well as excess and surplus line of business. We expect the trend to continue led by numerous strategic growth initiatives undertaken by the management along with a gradually improving insurance market. Management is appointing agencies and expanding product offerings to compensate the decline in businesses. Low leverage, solid capital, consistent cash flow generation, favorable reserve release, share repurchases, and consistent dividend increase are among the other positives. “
Cincinnati Financial Corp. (NASDAQ:CINF) traded up 0.23% during mid-day trading on Thursday, hitting $47.25. 355,086 shares of the company’s stock traded hands. Cincinnati Financial Corp. has a 52 week low of $36.96 and a 52 week high of $50.60. The stock’s 50-day moving average is $47.07 and its 200-day moving average is $47.60. The company has a market cap of $7.733 billion and a price-to-earnings ratio of 13.68.
Cincinnati Financial Corp. (NASDAQ:CINF) last released its earnings data on Thursday, July 25th. The company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.19. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the previous year, the company posted $0.17 earnings per share. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. Analysts expect that Cincinnati Financial Corp. will post $2.44 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, October 15th. Investors of record on Wednesday, September 18th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend is Monday, September 16th. This is an increase from Cincinnati Financial Corp.’s previous quarterly dividend of $0.41.
Several other analysts have also recently commented on the stock. Analysts at Thomson Reuters/Verus upgraded shares of Cincinnati Financial Corp. (NASDAQ:CINF) from a “hold” rating to a “buy” rating in a research note to investors on Monday, August 5th. Separately, analysts at Keefe, Bruyette & Woods raised their price target on shares of Cincinnati Financial Corp. (NASDAQ:CINF) from $50.00 to $51.00 in a research note to investors on Monday, July 29th. Finally, analysts at RBC Capital reiterated a “sector perform” rating on shares of Cincinnati Financial Corp. (NASDAQ:CINF) in a research note to investors on Thursday, July 11th. They now have a $49.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Cincinnati Financial Corp. presently has a consensus rating of “Buy” and a consensus price target of $48.71.
Cincinnati Financial Corporation is engaged in property casualty insurance marketed through independent insurance agents in 39 states.
To view Zacks’ full report, visit www.zacks.com
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.