Cincinnati Financial Corporation $CINF Shares Purchased by Arizona State Retirement System

Arizona State Retirement System increased its holdings in shares of Cincinnati Financial Corporation (NASDAQ:CINF) by 268.4% during the second quarter, HoldingsChannel.com reports. The fund owned 156,184 shares of the insurance provider’s stock after buying an additional 113,790 shares during the period. Arizona State Retirement System’s holdings in Cincinnati Financial were worth $28,916,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. California State Teachers Retirement System increased its holdings in shares of Cincinnati Financial by 20,126.7% during the 2nd quarter. California State Teachers Retirement System now owns 41,788,505 shares of the insurance provider’s stock worth $7,736,724,000 after buying an additional 41,581,904 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of Cincinnati Financial in the second quarter valued at approximately $347,891,000. Norges Bank acquired a new position in shares of Cincinnati Financial in the fourth quarter worth $270,892,000. GQG Partners LLC purchased a new stake in Cincinnati Financial during the 2nd quarter worth about $216,679,000. Finally, Legal & General Group Plc purchased a new stake in shares of Cincinnati Financial during the second quarter worth approximately $200,331,000. Hedge funds and other institutional investors own 65.24% of the company’s stock.

Insider Buying and Selling at Cincinnati Financial

In related news, Director Dirk Debbink acquired 1,000 shares of the stock in a transaction dated Tuesday, August 25th. The stock was bought at an average cost of $171.64 per share, with a total value of $171,640.00. Following the purchase, the director directly owned 62,059 shares of the company’s stock, valued at approximately $10,651,806.76. This represents a 1.64% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.94% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on CINF shares. Weiss Ratings cut Cincinnati Financial from a “buy (a)” rating to a “buy (a-)” rating in a research note on Friday, August 21st. Roth Capital increased their price target on shares of Cincinnati Financial from $190.00 to $200.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Keefe, Bruyette & Woods lowered their target price on Cincinnati Financial from $201.00 to $190.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 5th. Bank of America cut shares of Cincinnati Financial from a “buy” rating to a “neutral” rating and cut their price target for the stock from $197.00 to $193.00 in a report on Thursday, July 30th. Finally, Piper Sandler raised their target price on Cincinnati Financial from $175.00 to $197.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $195.40.

Cincinnati Financial Price Performance

Cincinnati Financial stock traded down $1.96 during midday trading on Tuesday, reaching $169.14. 424,319 shares of the company were exchanged, compared to its average volume of 744,058. The firm’s 50-day simple moving average is $177.17 and its 200-day simple moving average is $169.00. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.31 and a current ratio of 0.31. The company has a market capitalization of $25.96 billion, a price-to-earnings ratio of 7.98, a P/E/G ratio of 3.58 and a beta of 0.53. Cincinnati Financial Corporation has a 1 year low of $150.00 and a 1 year high of $194.81.

Cincinnati Financial (NASDAQ:CINF) last announced its quarterly earnings data on Monday, July 27th. The insurance provider reported $1.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.39). Cincinnati Financial had a net margin of 23.84% and a return on equity of 9.63%. The firm had revenue of $4.27 billion for the quarter, compared to analysts’ expectations of $2.71 billion. During the same period in the previous year, the company posted $1.97 EPS. On average, analysts anticipate that Cincinnati Financial Corporation will post 8.31 EPS for the current year.

Cincinnati Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 23rd will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Wednesday, September 23rd. Cincinnati Financial’s dividend payout ratio is presently 17.74%.

About Cincinnati Financial

Cincinnati Financial Corporation (NASDAQ: CINF) is an insurance holding company headquartered in the Cincinnati area of Ohio that provides property and casualty insurance products and related services. Founded as part of the Cincinnati Insurance group, the company operates through a set of insurance subsidiaries to underwrite and service policies for both personal and commercial customers. Cincinnati Financial is publicly traded and emphasizes underwriting discipline and long-term relationships with its distribution partners and policyholders.

The company’s core business centers on property and casualty insurance, including homeowners, automobile, commercial casualty, commercial multi-peril, and specialty commercial coverages.