Atria Investments LLC boosted its stake in Cincinnati Financial Co. (NASDAQ:CINF) by 14.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 37,840 shares of the insurance provider’s stock after buying an additional 4,872 shares during the period. Atria Investments LLC’s holdings in Cincinnati Financial were worth $4,413,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of CINF. Los Angeles Capital Management LLC raised its holdings in Cincinnati Financial by 507.4% in the second quarter. Los Angeles Capital Management LLC now owns 316,222 shares of the insurance provider’s stock valued at $36,878,000 after acquiring an additional 264,159 shares in the last quarter. National Pension Service raised its holdings in Cincinnati Financial by 7,424.9% in the first quarter. National Pension Service now owns 248,925 shares of the insurance provider’s stock valued at $25,662,000 after acquiring an additional 245,617 shares in the last quarter. NFJ Investment Group LLC acquired a new stake in Cincinnati Financial in the first quarter valued at $19,169,000. HRT Financial LP raised its holdings in Cincinnati Financial by 2,078.4% in the first quarter. HRT Financial LP now owns 139,982 shares of the insurance provider’s stock valued at $14,430,000 after acquiring an additional 133,556 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in Cincinnati Financial by 5.3% in the first quarter. Royal Bank of Canada now owns 2,430,520 shares of the insurance provider’s stock valued at $250,562,000 after acquiring an additional 123,043 shares in the last quarter. 66.37% of the stock is currently owned by hedge funds and other institutional investors.
CINF has been the subject of several recent research reports. Piper Sandler upgraded shares of Cincinnati Financial from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $100.00 to $116.00 in a research note on Friday, July 9th. Royal Bank of Canada boosted their target price 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 initiated coverage on shares of Cincinnati Financial in a research note on Monday, August 16th. They set an “outperform” rating and a $148.00 target price for the company. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $121.17.
Cincinnati Financial (NASDAQ:CINF) last released its quarterly earnings results on Wednesday, July 28th. The insurance provider reported $1.79 EPS for the quarter, topping the 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 quarter last year, the company earned $0.44 earnings per share. As a group, sell-side analysts forecast that Cincinnati Financial Co. will post 5.23 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Thursday, September 16th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Wednesday, September 15th. This represents a $2.52 annualized dividend and a dividend yield of 2.15%. Cincinnati Financial’s dividend payout ratio is currently 76.83%.
Cincinnati Financial Profile
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.
Read More: Cost of Goods Sold (COGS)
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