Daiwa Securities Group Inc. Reduces Stake in Cincinnati Financial Co. (NASDAQ:CINF)

Daiwa Securities Group Inc. reduced its stake in shares of Cincinnati Financial Co. (NASDAQ:CINF) by 1.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,496 shares of the insurance provider’s stock after selling 396 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Cincinnati Financial were worth $3,062,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CINF. Vest Financial LLC raised its holdings in Cincinnati Financial by 14.0% during the 2nd quarter. Vest Financial LLC now owns 378,717 shares of the insurance provider’s stock valued at $44,726,000 after buying an additional 46,530 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Cincinnati Financial by 91.4% in the second quarter. Assenagon Asset Management S.A. now owns 118,679 shares of the insurance provider’s stock valued at $14,016,000 after acquiring an additional 56,686 shares during the period. Amalgamated Bank lifted its holdings in shares of Cincinnati Financial by 30.5% in the 2nd quarter. Amalgamated Bank now owns 42,132 shares of the insurance provider’s stock worth $4,976,000 after acquiring an additional 9,854 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Cincinnati Financial by 10.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 117,393 shares of the insurance provider’s stock worth $15,923,000 after purchasing an additional 11,282 shares during the period. Finally, National Bank of Canada FI grew its holdings in Cincinnati Financial by 6.2% during the 2nd quarter. National Bank of Canada FI now owns 143,127 shares of the insurance provider’s stock valued at $17,059,000 after purchasing an additional 8,353 shares during the last quarter. 65.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Cincinnati Financial Stock Performance

Shares of Cincinnati Financial stock opened at $160.16 on Thursday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.06. The stock’s fifty day moving average price is $142.66 and its 200-day moving average price is $130.37. The firm has a market cap of $25.04 billion, a P/E ratio of 8.23, a P/E/G ratio of 3.04 and a beta of 0.65. Cincinnati Financial Co. has a 12 month low of $99.92 and a 12 month high of $161.74.

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

Cincinnati Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, December 19th will be given a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend is Thursday, December 19th. Cincinnati Financial’s payout ratio is currently 16.65%.

About Cincinnati Financial

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.