McKinley Carter Wealth Services Inc. reduced its stake in shares of Cincinnati Financial Co. (NASDAQ:CINF) by 3.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,855 shares of the insurance provider’s stock after selling 152 shares during the quarter. McKinley Carter Wealth Services Inc.’s holdings in Cincinnati Financial were worth $400,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in CINF. Kavar Capital Partners LLC acquired a new position in Cincinnati Financial in the second quarter valued at $26,000. Hanson & Doremus Investment Management acquired a new position in Cincinnati Financial in the second quarter valued at $40,000. Gradient Investments LLC acquired a new position in Cincinnati Financial in the second quarter valued at $46,000. Meridian Wealth Management LLC acquired a new position in Cincinnati Financial in the first quarter valued at $48,000. Finally, Parallel Advisors LLC increased its stake in Cincinnati Financial by 30.5% in the first quarter. Parallel Advisors LLC now owns 758 shares of the insurance provider’s stock valued at $65,000 after purchasing an additional 177 shares during the period. Hedge funds and other institutional investors own 63.09% of the company’s stock.
A number of research analysts have commented on the stock. Credit Suisse Group upgraded shares of Cincinnati Financial from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $90.00 to $110.00 in a research note on Friday, May 17th. MKM Partners restated a “buy” rating and issued a $120.00 price objective (up from $100.00) on shares of Cincinnati Financial in a research note on Friday, May 24th. BidaskClub upgraded shares of Cincinnati Financial from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Finally, Royal Bank of Canada lifted their price objective on shares of 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 investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Cincinnati Financial has an average rating of “Buy” and an average target price of $102.40.
Cincinnati Financial (NASDAQ:CINF) last issued its earnings results on Tuesday, July 30th. The insurance provider reported $0.85 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.21. The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.51 billion. Cincinnati Financial had a net margin of 18.28% and a return on equity of 7.17%. The business’s quarterly revenue was up 22.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.81 earnings per share. As a group, equities analysts expect that Cincinnati Financial Co. will post 3.75 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Wednesday, September 18th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend is Tuesday, September 17th. Cincinnati Financial’s payout ratio is 66.87%.
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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