Illinois Municipal Retirement Fund bought a new position in shares of Cincinnati Financial Co. (NASDAQ:CINF) in the fourth quarter, Holdings Channel.com reports. The fund bought 6,829 shares of the insurance provider’s stock, valued at approximately $718,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. JT Stratford LLC acquired a new stake in Cincinnati Financial in the third quarter worth $219,000. Pacitti Group Inc. acquired a new stake in Cincinnati Financial in the third quarter worth $340,000. Signition LP acquired a new stake in Cincinnati Financial in the third quarter worth $289,000. Thor Advisors LLC acquired a new stake in Cincinnati Financial in the third quarter worth $34,000. Finally, Millennium Management LLC grew its holdings in Cincinnati Financial by 326.8% in the third quarter. Millennium Management LLC now owns 77,945 shares of the insurance provider’s stock worth $9,093,000 after purchasing an additional 59,683 shares during the period. 62.80% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have commented on CINF shares. Piper Sandler cut shares of Cincinnati Financial from a “neutral” rating to an “underweight” rating and set a $110.00 price target for the company. in a report on Wednesday, January 8th. Zacks Investment Research cut shares of Cincinnati Financial from a “buy” rating to a “hold” rating and set a $120.00 price target for the company. in a report on Tuesday, December 31st. Finally, BidaskClub upgraded shares of Cincinnati Financial from a “sell” rating to a “hold” rating in a report on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $110.83.
Cincinnati Financial (NASDAQ:CINF) last issued its quarterly earnings data on Wednesday, February 5th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.12. The firm had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $1.55 billion. Cincinnati Financial had a net margin of 25.20% and a return on equity of 7.50%. The business’s revenue was up 203.1% on a year-over-year basis. During the same period last year, the company earned $0.98 earnings per share. As a group, equities research analysts anticipate that Cincinnati Financial Co. will post 3.87 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Monday, March 16th will be issued a dividend of $0.60 per share. This is a boost from Cincinnati Financial’s previous quarterly dividend of $0.56. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date is Tuesday, March 17th. Cincinnati Financial’s dividend payout ratio (DPR) is currently 53.33%.
About Cincinnati Financial
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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