South State Corp reduced its stake in shares of Cincinnati Financial Co. (NASDAQ:CINF) by 4.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,800 shares of the insurance provider’s stock after selling 125 shares during the quarter. South State Corp’s holdings in Cincinnati Financial were worth $327,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. E Fund Management Co. Ltd. acquired a new stake in shares of Cincinnati Financial in the first quarter valued at approximately $27,000. Providence Capital Advisors LLC grew its position in shares of Cincinnati Financial by 953.6% in the first quarter. Providence Capital Advisors LLC now owns 295 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 267 shares during the last quarter. Eagle Bay Advisors LLC acquired a new stake in shares of Cincinnati Financial in the second quarter valued at approximately $37,000. Keel Point LLC acquired a new stake in shares of Cincinnati Financial in the second quarter valued at approximately $965,000. Finally, Barrett Asset Management LLC acquired a new stake in shares of Cincinnati Financial in the second quarter valued at approximately $64,000. Institutional investors and hedge funds own 66.37% of the company’s stock.
Several equities analysts recently issued reports on the stock. Piper Sandler raised shares of Cincinnati Financial from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $100.00 to $116.00 in a research note on Friday, July 9th. Royal Bank of Canada upped their price objective on shares of Cincinnati Financial from $119.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, July 30th. Finally, Wolfe Research assumed coverage on shares of Cincinnati Financial in a research note on Monday, August 16th. They set an “outperform” rating and a $148.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Cincinnati Financial currently has an average rating of “Buy” and a consensus target price of $121.17.
Cincinnati Financial (NASDAQ:CINF) last issued its earnings results on Wednesday, July 28th. The insurance provider reported $1.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.80. Cincinnati Financial had a net margin of 30.25% and a return on equity of 7.71%. During the same period in the prior year, the firm posted $0.44 EPS. Equities research analysts expect that Cincinnati Financial Co. will post 5.23 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Thursday, September 16th will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date is Wednesday, September 15th. Cincinnati Financial’s payout ratio is 76.83%.
About Cincinnati Financial
Cincinnati Financial Corp. provides property casualty and life insurance services. It operates through the following segments: Commercial Lines Insurance, Personal Lines Insurance, Excess and Surplus Lines Insurance, Life Insurance, and Investments. The Commercial Lines Insurance segment includes commercial casualty, commercial property, commercial auto, worker’s compensation, and other commercial lines insurance.
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