The Manufacturers Life Insurance Company Purchases 276,221 Shares of Cincinnati Financial Corporation $CINF

The Manufacturers Life Insurance Company grew its position in shares of Cincinnati Financial Corporation (NASDAQ:CINF) by 336.1% in the second quarter, Holdings Channel reports. The firm owned 358,395 shares of the insurance provider’s stock after purchasing an additional 276,221 shares during the period. The Manufacturers Life Insurance Company’s holdings in Cincinnati Financial were worth $66,353,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Keating Financial Advisory Services Inc. purchased a new stake in shares of Cincinnati Financial in the second quarter worth $27,000. Motiv8 Investments LLC purchased a new position in Cincinnati Financial during the fourth quarter worth about $29,000. Covestor Ltd increased its stake in Cincinnati Financial by 98.8% in the 2nd quarter. Covestor Ltd now owns 167 shares of the insurance provider’s stock worth $31,000 after acquiring an additional 83 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new position in Cincinnati Financial in the 1st quarter worth about $34,000. Finally, DV Equities LLC purchased a new stake in shares of Cincinnati Financial in the 4th quarter valued at about $36,000. Institutional investors own 65.24% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CINF. Atlantic Securities set a $197.00 price target on Cincinnati Financial in a research report on Wednesday, July 15th. Keefe, Bruyette & Woods decreased their price objective on shares of Cincinnati Financial from $201.00 to $190.00 and set a “market perform” rating on the stock in a research report on Wednesday, August 5th. Weiss Ratings raised shares of Cincinnati Financial from a “buy (a-)” rating to a “buy (a)” rating in a research note on Thursday. Bank of America lowered shares of Cincinnati Financial from a “buy” rating to a “neutral” rating and dropped their target price for the company from $197.00 to $193.00 in a research report on Thursday, July 30th. Finally, Piper Sandler boosted their price target on shares of Cincinnati Financial from $175.00 to $197.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $195.40.

Cincinnati Financial Trading Up 0.1%

NASDAQ CINF opened at $169.80 on Friday. The stock’s 50-day simple moving average is $175.60 and its two-hundred day simple moving average is $169.14. Cincinnati Financial Corporation has a twelve month low of $150.00 and a twelve month high of $194.81. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $26.06 billion, a price-to-earnings ratio of 8.01, a PEG ratio of 3.55 and a beta of 0.53.

Cincinnati Financial (NASDAQ:CINF) last issued its quarterly earnings results on Monday, July 27th. The insurance provider reported $1.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.39). Cincinnati Financial had a return on equity of 9.63% and a net margin of 23.84%.The firm had revenue of $4.27 billion for the quarter, compared to the consensus estimate of $2.71 billion. During the same period last year, the firm earned $1.97 EPS. Research analysts forecast that Cincinnati Financial Corporation will post 8.31 EPS for the current fiscal year.

Cincinnati Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 23rd will be given a $0.94 dividend. The ex-dividend date is Wednesday, September 23rd. This represents a $3.76 dividend on an annualized basis and a yield of 2.2%. Cincinnati Financial’s payout ratio is presently 17.74%.

Insiders Place Their Bets

In other news, Director Dirk Debbink bought 1,000 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was acquired at an average price of $171.64 per share, with a total value of $171,640.00. Following the completion of the purchase, the director directly owned 62,059 shares in the company, valued at $10,651,806.76. This represents a 1.64% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.94% of the stock is owned by insiders.

About Cincinnati Financial

Cincinnati Financial Corporation is an insurance holding company headquartered in Fairfield, Ohio. Founded in 1950 by four independent insurance agents, the company markets its products primarily through a network of independent agencies.

Its principal business is property and casualty insurance, including commercial coverage for businesses, workers’ compensation, commercial auto, homeowners insurance, personal auto insurance and other personal lines. The company also offers excess and surplus lines coverage for specialized or higher-risk exposures.