Cincinnati Financial Co. (NASDAQ:CINF) was the target of a significant increase in short interest in July. As of July 31st, there was short interest totalling 2,712,500 shares, an increase of 9.3% from the June 30th total of 2,482,500 shares. Based on an average daily trading volume, of 784,600 shares, the days-to-cover ratio is presently 3.5 days. Currently, 1.8% of the company’s stock are sold short.
A number of equities research analysts have recently issued reports on the company. BidaskClub upgraded Cincinnati Financial from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. MKM Partners restated a “buy” rating and set a $120.00 price objective (up previously from $100.00) on shares of Cincinnati Financial in a research note on Friday, May 24th. Credit Suisse Group upgraded Cincinnati Financial from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $90.00 to $110.00 in a research note on Friday, May 17th. Finally, Royal Bank of Canada raised their price objective on Cincinnati Financial to $105.00 and gave the company a “sector perform” rating in a research note on Thursday, August 1st. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $102.40.
A number of large investors have recently added to or reduced their stakes in CINF. Krane Funds Advisors LLC bought a new position in Cincinnati Financial during the 2nd quarter worth about $25,000. Kavar Capital Partners LLC bought a new position in shares of Cincinnati Financial during the second quarter worth approximately $26,000. Virtus ETF Advisers LLC bought a new position in shares of Cincinnati Financial during the second quarter worth approximately $29,000. CSat Investment Advisory L.P. increased its holdings in shares of Cincinnati Financial by 42.3% during the second quarter. CSat Investment Advisory L.P. now owns 380 shares of the insurance provider’s stock worth $39,000 after purchasing an additional 113 shares during the period. Finally, Hanson & Doremus Investment Management bought a new position in shares of Cincinnati Financial during the second quarter worth approximately $40,000. 63.09% of the stock is currently owned by institutional investors.
Cincinnati Financial (NASDAQ:CINF) last issued its quarterly earnings data on Tuesday, July 30th. The insurance provider reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.21. Cincinnati Financial had a return on equity of 7.17% and a net margin of 18.28%. The firm had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same quarter last year, the firm earned $0.81 EPS. Cincinnati Financial’s quarterly revenue was up 22.8% on a year-over-year basis. Equities research analysts forecast that Cincinnati Financial will post 3.75 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Wednesday, September 18th will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Tuesday, September 17th. This represents a $2.24 dividend on an annualized basis and a yield of 2.04%. Cincinnati Financial’s dividend payout ratio (DPR) is presently 66.87%.
Cincinnati Financial Company Profile
Cincinnati Financial Corporation, together with its subsidiary, 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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