Sterling Capital Management LLC Trims Stake in Cincinnati Financial Corporation $CINF

Sterling Capital Management LLC cut its holdings in Cincinnati Financial Corporation (NASDAQ:CINF) by 40.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,830 shares of the insurance provider’s stock after selling 3,951 shares during the period. Sterling Capital Management LLC’s holdings in Cincinnati Financial were worth $917,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank purchased a new stake in shares of Cincinnati Financial in the 4th quarter worth $270,892,000. Arrowstreet Capital Limited Partnership lifted its position in Cincinnati Financial by 193.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 601,033 shares of the insurance provider’s stock valued at $98,161,000 after purchasing an additional 396,086 shares in the last quarter. First Trust Advisors LP grew its holdings in Cincinnati Financial by 38.5% during the fourth quarter. First Trust Advisors LP now owns 1,319,873 shares of the insurance provider’s stock valued at $215,562,000 after purchasing an additional 367,224 shares during the period. Raymond James Financial Inc. grew its holdings in Cincinnati Financial by 48.6% during the second quarter. Raymond James Financial Inc. now owns 803,665 shares of the insurance provider’s stock valued at $119,682,000 after purchasing an additional 262,715 shares during the period. Finally, Korea Investment CORP increased its position in Cincinnati Financial by 210.0% in the third quarter. Korea Investment CORP now owns 294,423 shares of the insurance provider’s stock worth $46,548,000 after buying an additional 199,437 shares in the last quarter. Hedge funds and other institutional investors own 65.24% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on CINF. Piper Sandler raised their price objective on Cincinnati Financial from $161.00 to $175.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 26th. Bank of America cut their price objective on Cincinnati Financial from $178.00 to $177.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Roth Mkm raised their target price on shares of Cincinnati Financial from $175.00 to $190.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. Keefe, Bruyette & Woods lifted their price target on shares of Cincinnati Financial from $190.00 to $191.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Finally, Weiss Ratings upgraded shares of Cincinnati Financial from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Cincinnati Financial has an average rating of “Buy” and a consensus price target of $183.25.

Cincinnati Financial Stock Performance

NASDAQ CINF opened at $185.14 on Wednesday. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.06. Cincinnati Financial Corporation has a twelve month low of $143.87 and a twelve month high of $187.40. The business has a 50-day moving average price of $167.05 and a 200-day moving average price of $164.44. The firm has a market cap of $28.64 billion, a price-to-earnings ratio of 10.59, a price-to-earnings-growth ratio of 4.04 and a beta of 0.57.

Cincinnati Financial (NASDAQ:CINF) last posted its quarterly earnings results on Monday, April 27th. The insurance provider reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.17. Cincinnati Financial had a return on equity of 10.57% and a net margin of 21.33%.The company had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.61 billion. During the same period in the previous year, the firm earned ($0.24) EPS. The firm’s revenue was up 11.6% compared to the same quarter last year. As a group, equities research analysts predict that Cincinnati Financial Corporation will post 8.61 EPS for the current fiscal year.

Cincinnati Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 23rd will be given a dividend of $0.94 per share. The ex-dividend date is Tuesday, June 23rd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.0%. Cincinnati Financial’s dividend payout ratio (DPR) is presently 21.50%.

Cincinnati Financial Profile

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.