Swiss National Bank Cuts Stake in Cincinnati Financial Co. (NASDAQ:CINF)

Swiss National Bank trimmed its holdings in Cincinnati Financial Co. (NASDAQ:CINF) by 3.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 490,100 shares of the insurance provider’s stock after selling 15,600 shares during the quarter. Swiss National Bank owned approximately 0.31% of Cincinnati Financial worth $50,706,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. grew its stake in Cincinnati Financial by 11.6% during the third quarter. Robeco Institutional Asset Management B.V. now owns 24,522 shares of the insurance provider’s stock valued at $2,508,000 after acquiring an additional 2,550 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc purchased a new stake in shares of Cincinnati Financial in the fourth quarter worth about $21,036,000. HHM Wealth Advisors LLC boosted its stake in Cincinnati Financial by 691.0% during the fourth quarter. HHM Wealth Advisors LLC now owns 17,331 shares of the insurance provider’s stock valued at $1,793,000 after buying an additional 15,140 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Cincinnati Financial by 92.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 236,410 shares of the insurance provider’s stock valued at $24,182,000 after buying an additional 113,653 shares in the last quarter. Finally, abrdn plc increased its stake in Cincinnati Financial by 18.9% in the 3rd quarter. abrdn plc now owns 46,897 shares of the insurance provider’s stock worth $4,797,000 after acquiring an additional 7,450 shares during the last quarter. 65.24% of the stock is owned by hedge funds and other institutional investors.

Cincinnati Financial Stock Performance

Shares of Cincinnati Financial stock opened at $117.38 on Tuesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.26 and a current ratio of 0.26. The company has a market capitalization of $18.38 billion, a PE ratio of 7.81, a P/E/G ratio of 2.50 and a beta of 0.63. The company has a 50-day simple moving average of $118.22 and a two-hundred day simple moving average of $109.77. Cincinnati Financial Co. has a one year low of $95.01 and a one year high of $124.35.

Cincinnati Financial (NASDAQ:CINF) last announced its earnings results on Friday, April 26th. The insurance provider reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.69 by $0.03. Cincinnati Financial had a return on equity of 9.34% and a net margin of 22.16%. The company had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the company posted $0.89 EPS. The firm’s quarterly revenue was up 31.0% compared to the same quarter last year. Research analysts expect that Cincinnati Financial Co. will post 6.37 EPS for the current fiscal year.

Cincinnati Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Tuesday, June 18th will be issued a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 2.76%. Cincinnati Financial’s payout ratio is 21.56%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. TheStreet raised shares of Cincinnati Financial from a “c+” rating to a “b” rating in a report on Tuesday, February 6th. Keefe, Bruyette & Woods increased their price target on shares of Cincinnati Financial from $136.00 to $143.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Citigroup boosted their price objective on Cincinnati Financial from $120.00 to $126.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Piper Sandler reaffirmed a “neutral” rating and issued a $116.00 price objective on shares of Cincinnati Financial in a research note on Monday, April 1st. Finally, BMO Capital Markets raised Cincinnati Financial from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $125.00 to $135.00 in a research report on Monday, March 25th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Cincinnati Financial presently has an average rating of “Hold” and a consensus target price of $124.50.

Insiders Place Their Bets

In other Cincinnati Financial news, Director Dirk J. Debbink purchased 1,000 shares of Cincinnati Financial stock in a transaction that occurred on Monday, April 29th. The stock was bought at an average price of $113.47 per share, with a total value of $113,470.00. Following the acquisition, the director now owns 53,988 shares of the company’s stock, valued at approximately $6,126,018.36. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.83% of the company’s stock.

About Cincinnati Financial

Cincinnati Financial Corporation, together with its subsidiaries, provides property casualty insurance products in the United States. It operates through five segments: Commercial Lines Insurance, Personal Lines Insurance, Excess and Surplus Lines Insurance, Life Insurance, and Investments. The Commercial Lines Insurance segment offers coverage for commercial casualty, commercial property, commercial auto, and workers' compensation.