Cincinnati Financial (NASDAQ:CINF) Shares Gap Up After Earnings Beat

Cincinnati Financial Co. (NASDAQ:CINF) gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $135.87, but opened at $144.21. Cincinnati Financial shares last traded at $138.13, with a volume of 119,347 shares trading hands.

The insurance provider reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.61) by $0.37. The firm had revenue of $2.34 billion for the quarter, compared to analyst estimates of $2.70 billion. Cincinnati Financial had a net margin of 20.22% and a return on equity of 9.01%. Cincinnati Financial’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same period last year, the business earned $1.72 EPS.

Cincinnati Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 24th were paid a dividend of $0.87 per share. This represents a $3.48 dividend on an annualized basis and a dividend yield of 2.50%. This is a positive change from Cincinnati Financial’s previous quarterly dividend of $0.81. The ex-dividend date of this dividend was Monday, March 24th. Cincinnati Financial’s payout ratio is 23.97%.

Analyst Ratings Changes

A number of research firms recently commented on CINF. StockNews.com raised shares of Cincinnati Financial from a “sell” rating to a “hold” rating in a report on Thursday, April 17th. Keefe, Bruyette & Woods decreased their price objective on shares of Cincinnati Financial from $182.00 to $148.00 and set an “outperform” rating on the stock in a report on Wednesday, April 9th. Finally, Roth Mkm boosted their price objective on shares of Cincinnati Financial from $140.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $147.40.

Hedge Funds Weigh In On Cincinnati Financial

A number of hedge funds have recently made changes to their positions in the stock. Barclays PLC grew its position in Cincinnati Financial by 13.1% during the third quarter. Barclays PLC now owns 534,361 shares of the insurance provider’s stock valued at $72,736,000 after acquiring an additional 61,801 shares during the period. Virtu Financial LLC purchased a new stake in Cincinnati Financial during the third quarter valued at about $381,000. Anchor Investment Management LLC grew its position in Cincinnati Financial by 1,219.2% during the third quarter. Anchor Investment Management LLC now owns 686 shares of the insurance provider’s stock valued at $93,000 after acquiring an additional 634 shares during the period. World Investment Advisors LLC purchased a new stake in Cincinnati Financial during the third quarter valued at about $546,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in Cincinnati Financial during the third quarter valued at about $103,000. Institutional investors and hedge funds own 65.24% of the company’s stock.

Cincinnati Financial Stock Performance

The stock has a 50-day simple moving average of $139.35 and a 200-day simple moving average of $142.51. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.29 and a quick ratio of 0.31. The stock has a market cap of $21.80 billion, a PE ratio of 9.59, a P/E/G ratio of 8.30 and a beta of 0.53.

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.