Point72 Asset Management L.P. Purchases Shares of 94,000 Cincinnati Financial Co. (NASDAQ:CINF)

Point72 Asset Management L.P. purchased a new position in Cincinnati Financial Co. (NASDAQ:CINF) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 94,000 shares of the insurance provider’s stock, valued at approximately $12,795,000. Point72 Asset Management L.P. owned 0.06% of Cincinnati Financial at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Moisand Fitzgerald Tamayo LLC bought a new position in Cincinnati Financial in the 3rd quarter worth $25,000. Catalyst Capital Advisors LLC bought a new position in shares of Cincinnati Financial in the third quarter worth about $27,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Cincinnati Financial during the third quarter worth about $29,000. Massmutual Trust Co. FSB ADV raised its stake in Cincinnati Financial by 49.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 242 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 80 shares during the period. Finally, USA Financial Formulas purchased a new position in Cincinnati Financial in the 3rd quarter worth approximately $33,000. 65.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CINF has been the subject of a number of research analyst reports. Bank of America increased their price objective on shares of Cincinnati Financial from $149.00 to $168.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Keefe, Bruyette & Woods raised their target price on shares of Cincinnati Financial from $152.00 to $156.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, Piper Sandler boosted their price target on shares of Cincinnati Financial from $116.00 to $126.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $138.57.

Insider Transactions at Cincinnati Financial

In related news, Director Dirk J. Debbink purchased 1,000 shares of Cincinnati Financial stock in a transaction that occurred on Tuesday, December 3rd. The shares were bought at an average price of $157.19 per share, with a total value of $157,190.00. Following the purchase, the director now directly owns 54,500 shares of the company’s stock, valued at approximately $8,566,855. This represents a 1.87 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.83% of the company’s stock.

Cincinnati Financial Stock Down 0.7 %

NASDAQ CINF opened at $156.03 on Friday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.06. Cincinnati Financial Co. has a 52 week low of $100.31 and a 52 week high of $161.74. The firm has a market capitalization of $24.39 billion, a price-to-earnings ratio of 8.02, a PEG ratio of 2.99 and a beta of 0.69. The company has a fifty day moving average of $145.35 and a two-hundred day moving average of $131.93.

Cincinnati Financial (NASDAQ:CINF) last released its quarterly earnings results on Thursday, October 24th. The insurance provider reported $1.42 EPS for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.04). Cincinnati Financial had a return on equity of 8.25% and a net margin of 25.26%. The firm had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the prior year, the firm posted $1.66 earnings per share. Cincinnati Financial’s revenue for the quarter was up 21.5% on a year-over-year basis. On average, analysts predict that Cincinnati Financial Co. will post 6.31 earnings per share for the current year.

Cincinnati Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, December 19th will be issued a $0.81 dividend. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $3.24 annualized dividend and a dividend yield of 2.08%. Cincinnati Financial’s payout ratio is 16.65%.

Cincinnati Financial Company Profile

Cincinnati Financial Corporation, together with its subsidiaries, provides property casualty insurance products in the United States. It operates through five segments: Commercial Lines Insurance, Personal Lines Insurance, Excess and Surplus Lines Insurance, Life Insurance, and Investments. The Commercial Lines Insurance segment offers coverage for commercial casualty, commercial property, commercial auto, and workers' compensation.