Swiss National Bank lowered its holdings in Cincinnati Financial (NASDAQ:CINF) by 13.6% in the first quarter, HoldingsChannel reports. The firm owned 498,032 shares of the insurance provider’s stock after selling 78,400 shares during the quarter. Swiss National Bank’s holdings in Cincinnati Financial were worth $36,984,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the stock. D.A. Davidson & CO. grew its holdings in shares of Cincinnati Financial by 25.6% in the first quarter. D.A. Davidson & CO. now owns 4,576 shares of the insurance provider’s stock valued at $340,000 after purchasing an additional 932 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Cincinnati Financial by 1,336.3% in the first quarter. Victory Capital Management Inc. now owns 513,090 shares of the insurance provider’s stock valued at $38,102,000 after purchasing an additional 477,367 shares in the last quarter. Trexquant Investment LP acquired a new position in shares of Cincinnati Financial in the first quarter valued at approximately $565,000. Mackay Shields LLC acquired a new position in shares of Cincinnati Financial in the first quarter valued at approximately $9,741,000. Finally, Zeke Capital Advisors LLC acquired a new position in shares of Cincinnati Financial in the first quarter valued at approximately $268,000. Hedge funds and other institutional investors own 63.81% of the company’s stock.
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Shares of Cincinnati Financial opened at $70.76 on Thursday, MarketBeat reports. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $11.64 billion, a P/E ratio of 25.82 and a beta of 0.85. Cincinnati Financial has a fifty-two week low of $70.74 and a fifty-two week high of $71.28.
Cincinnati Financial (NASDAQ:CINF) last announced its quarterly earnings data on Wednesday, April 25th. The insurance provider reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.08). Cincinnati Financial had a net margin of 14.96% and a return on equity of 6.14%. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same quarter last year, the firm posted $0.59 EPS. The company’s revenue for the quarter was down 19.6% on a year-over-year basis. research analysts predict that Cincinnati Financial will post 2.95 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 16th. Shareholders of record on Wednesday, June 20th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 3.00%. The ex-dividend date of this dividend is Tuesday, June 19th. Cincinnati Financial’s dividend payout ratio (DPR) is presently 77.37%.
In other news, Director David P. Osborn purchased 370 shares of the stock in a transaction on Monday, May 7th. The stock was bought at an average price of $70.16 per share, for a total transaction of $25,959.20. Following the acquisition, the director now directly owns 23,591 shares of the company’s stock, valued at approximately $1,655,144.56. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 9.25% of the company’s stock.
A number of brokerages recently weighed in on CINF. BidaskClub upgraded shares of Cincinnati Financial from a “hold” rating to a “buy” rating in a report on Thursday, April 26th. Zacks Investment Research cut shares of Cincinnati Financial from a “hold” rating to a “sell” rating in a report on Wednesday, April 11th. Finally, Royal Bank of Canada restated a “hold” rating on shares of Cincinnati Financial in a report on Thursday, February 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $74.67.
About Cincinnati Financial
Cincinnati Financial Corporation provides property casualty insurance products in the United States. The company operates in five segments: Commercial Lines Insurance, Personal Lines Insurance, Excess and Surplus Lines Insurance, Life Insurance, and Investments. The Commercial Lines Insurance segment provides coverage for commercial casualty, commercial property, commercial auto, and workers' compensation.
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