Cincinnati Financial Corporation (CINF) Rating Increased to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Cincinnati Financial Corporation (NASDAQ:CINF) from a hold rating to a buy rating in a report issued on Tuesday. Zacks Investment Research currently has $85.00 price target on the insurance provider’s stock.
According to Zacks, “Shares of Cincinnati Financial have outperformed the industry, quarter to date. Moreover, the company witnessed its 2017 and 2018 estimates moving north over the last 60 days. Cincinnati Financial’s low leverage, ample capital, consistent cash flow generation, favorable reserve release, share repurchases and consistent dividend hikes should drive growth. Management is appointing agencies and expanding product offerings to ramp up the business. The company continues to see net investment income growth and expects to retain the momentum in the near term as well. However, Cincinnati Financial’s exposure to cat losses and a continued turmoil in group benefits associated with the ACA are headwinds. The insurer has replaced its existing catastrophe bond program with a new collateralized reinsurance to mitigate the loss.”
A number of other analysts have also weighed in on the stock. Royal Bank Of Canada reaffirmed a hold rating and issued a $72.00 price objective on shares of Cincinnati Financial Corporation in a research note on Monday, May 22nd. BidaskClub lowered shares of Cincinnati Financial Corporation from a sell rating to a strong sell rating in a research note on Saturday, June 24th. Finally, Keefe, Bruyette & Woods set a $70.00 price objective on shares of Cincinnati Financial Corporation and gave the stock a hold rating in a research note on Wednesday, May 24th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $79.25.
Cincinnati Financial Corporation (CINF) opened at 75.88 on Tuesday. The company has a market capitalization of $12.44 billion, a price-to-earnings ratio of 21.74 and a beta of 0.89. Cincinnati Financial Corporation has a 52 week low of $68.11 and a 52 week high of $81.98. The company has a 50 day moving average of $77.35 and a 200 day moving average of $73.28.
Cincinnati Financial Corporation (NASDAQ:CINF) last released its quarterly earnings data on Wednesday, August 2nd. The insurance provider reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same period in the prior year, the firm earned $0.57 earnings per share. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, equities analysts forecast that Cincinnati Financial Corporation will post $2.85 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 22nd will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date is Thursday, September 21st. Cincinnati Financial Corporation’s dividend payout ratio (DPR) is presently 57.31%.
A number of institutional investors have recently made changes to their positions in CINF. BlackRock Inc. raised its holdings in 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 worth $948,595,000 after purchasing an additional 12,467,118 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Cincinnati Financial Corporation by 4,980.7% in the second quarter. Janus Henderson Group PLC now owns 1,023,094 shares of the insurance provider’s stock worth $74,123,000 after purchasing an additional 1,002,957 shares in the last quarter. Vanguard Group Inc. raised its holdings in 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 worth $1,201,018,000 after purchasing an additional 813,206 shares in the last quarter. Fairpointe Capital LLC raised its holdings in Cincinnati Financial Corporation by 72.3% in the second quarter. Fairpointe Capital LLC now owns 811,439 shares of the insurance provider’s stock worth $58,789,000 after purchasing an additional 340,373 shares in the last quarter. Finally, State Street Corp raised its holdings in 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 worth $727,642,000 after purchasing an additional 329,902 shares in the last quarter. Institutional investors and hedge funds own 63.10% of the company’s stock.
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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