Allen Investment Management LLC Purchases Shares of 7,622 Cincinnati Financial Co. (CINF)
Allen Investment Management LLC purchased a new position in shares of Cincinnati Financial Co. (NASDAQ:CINF) during the 1st quarter, HoldingsChannel reports. The fund purchased 7,622 shares of the insurance provider’s stock, valued at approximately $655,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of CINF. Berman Capital Advisors LLC bought a new stake in Cincinnati Financial during the fourth quarter worth $37,000. Clarus Wealth Advisors bought a new stake in Cincinnati Financial during the fourth quarter worth $38,000. Portfolio Solutions LLC bought a new stake in Cincinnati Financial during the fourth quarter worth $39,000. Princeton Global Asset Management LLC bought a new stake in Cincinnati Financial during the fourth quarter worth $41,000. Finally, Parallel Advisors LLC raised its position in Cincinnati Financial by 30.5% during the first quarter. Parallel Advisors LLC now owns 758 shares of the insurance provider’s stock worth $65,000 after acquiring an additional 177 shares in the last quarter. 63.18% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have issued reports on CINF. MKM Partners reaffirmed a “buy” rating and set a $120.00 price target (up from $100.00) on shares of Cincinnati Financial in a research report on Friday, May 24th. BidaskClub raised shares of Cincinnati Financial from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 22nd. Zacks Investment Research lowered shares of Cincinnati Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 10th. Finally, Credit Suisse Group upgraded shares of Cincinnati Financial from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $90.00 to $110.00 in a report on Friday, May 17th. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $101.75.
Cincinnati Financial (NASDAQ:CINF) last released its quarterly earnings data on Wednesday, April 24th. The insurance provider reported $1.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.11. Cincinnati Financial had a net margin of 15.97% and a return on equity of 7.35%. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $1.47 billion. During the same period in the previous year, the company earned $0.72 earnings per share. The company’s quarterly revenue was up 76.4% on a year-over-year basis. On average, analysts predict that Cincinnati Financial Co. will post 3.55 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Wednesday, June 19th will be issued a $0.56 dividend. The ex-dividend date of this dividend is Tuesday, June 18th. This represents a $2.24 annualized dividend and a dividend yield of 2.26%. Cincinnati Financial’s dividend payout ratio is currently 66.87%.
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Cincinnati Financial Profile
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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