Mitsubishi UFJ Asset Management Co. Ltd. Raises Stake in Cincinnati Financial Corporation $CINF

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Cincinnati Financial Corporation (NASDAQ:CINF) by 4.9% in the second quarter, HoldingsChannel.com reports. The firm owned 404,490 shares of the insurance provider’s stock after acquiring an additional 18,901 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Cincinnati Financial were worth $74,887,000 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. Bison Wealth LLC bought a new position in Cincinnati Financial in the 4th quarter worth $210,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Cincinnati Financial by 2.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,112 shares of the insurance provider’s stock valued at $2,823,000 after acquiring an additional 525 shares during the period. Goldman Sachs Group Inc. raised its holdings in Cincinnati Financial by 43.9% during the first quarter. Goldman Sachs Group Inc. now owns 567,894 shares of the insurance provider’s stock valued at $83,889,000 after acquiring an additional 173,343 shares during the period. Federated Hermes Inc. purchased a new position in shares of Cincinnati Financial in the second quarter valued at about $101,000. Finally, Cerity Partners LLC lifted its position in shares of Cincinnati Financial by 10.8% in the second quarter. Cerity Partners LLC now owns 47,774 shares of the insurance provider’s stock valued at $7,115,000 after acquiring an additional 4,674 shares in the last quarter. 65.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CINF shares. Keefe, Bruyette & Woods dropped their price objective on Cincinnati Financial from $201.00 to $190.00 and set a “market perform” rating for the company in a research note on Wednesday, August 5th. Atlantic Securities set a $197.00 price target on Cincinnati Financial in a report on Wednesday, July 15th. Roth Capital boosted their price target on Cincinnati Financial from $190.00 to $200.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Bank of America downgraded Cincinnati Financial from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $197.00 to $193.00 in a research note on Thursday, July 30th. Finally, Piper Sandler increased their price objective on shares of Cincinnati Financial from $175.00 to $197.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $195.40.

Cincinnati Financial Stock Down 1.7%

Shares of CINF stock opened at $168.49 on Thursday. The company’s fifty day simple moving average is $177.98 and its two-hundred day simple moving average is $168.49. Cincinnati Financial Corporation has a 52 week low of $150.00 and a 52 week high of $194.81. The stock has a market cap of $25.86 billion, a P/E ratio of 7.95, a PEG ratio of 3.59 and a beta of 0.54. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.05.

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

About Cincinnati Financial

Cincinnati Financial Corporation (NASDAQ: CINF) is an insurance holding company headquartered in the Cincinnati area of Ohio that provides property and casualty insurance products and related services. Founded as part of the Cincinnati Insurance group, the company operates through a set of insurance subsidiaries to underwrite and service policies for both personal and commercial customers. Cincinnati Financial is publicly traded and emphasizes underwriting discipline and long-term relationships with its distribution partners and policyholders.

The company’s core business centers on property and casualty insurance, including homeowners, automobile, commercial casualty, commercial multi-peril, and specialty commercial coverages.