Cincinnati Financial Corporation $CINF Shares Purchased by State Street Corp

State Street Corp boosted its stake in shares of Cincinnati Financial Corporation (NASDAQ:CINF) by 225.5% during the second quarter, HoldingsChannel.com reports. The firm owned 26,974,052 shares of the insurance provider’s stock after acquiring an additional 18,686,673 shares during the period. State Street Corp owned about 0.18% of Cincinnati Financial worth $4,993,976,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC grew its stake in shares of Cincinnati Financial by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 4,125,979 shares of the insurance provider’s stock valued at $671,265,000 after buying an additional 25,888 shares during the period. First Trust Advisors LP raised its position in shares of Cincinnati Financial by 59.4% in the 1st quarter. First Trust Advisors LP now owns 2,104,457 shares of the insurance provider’s stock worth $331,136,000 after buying an additional 784,584 shares during the period. Bank of America Corp DE purchased a new position in shares of Cincinnati Financial in the 2nd quarter worth $347,891,000. Norges Bank acquired a new position in Cincinnati Financial in the fourth quarter valued at $270,892,000. Finally, Dimensional Fund Advisors LP boosted its holdings in Cincinnati Financial by 3.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,514,733 shares of the insurance provider’s stock valued at $238,338,000 after acquiring an additional 44,608 shares during the last quarter. Institutional investors and hedge funds own 65.24% of the company’s stock.

Cincinnati Financial Stock Down 0.3%

Shares of NASDAQ:CINF traded down $0.50 during mid-day trading on Tuesday, hitting $166.35. 188,510 shares of the company traded hands, compared to its average volume of 742,184. The firm’s 50 day simple moving average is $174.05 and its 200 day simple moving average is $169.39. The firm has a market cap of $25.53 billion, a P/E ratio of 7.85, a PEG ratio of 3.54 and a beta of 0.53. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.31 and a current ratio of 0.31. Cincinnati Financial Corporation has a 52-week low of $150.00 and a 52-week high of $194.81.

Cincinnati Financial (NASDAQ:CINF) last released its quarterly earnings results 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 return on equity of 9.63% and a net margin of 23.84%.The company had revenue of $4.27 billion during the quarter, compared to analysts’ expectations of $2.71 billion. During the same quarter in the prior year, the company earned $1.97 EPS. On average, equities analysts anticipate that Cincinnati Financial Corporation will post 8.31 EPS for the current year.

Cincinnati Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 23rd will be paid a $0.94 dividend. The ex-dividend date is Wednesday, September 23rd. This represents a $3.76 annualized dividend and a dividend yield of 2.3%. Cincinnati Financial’s dividend payout ratio is 17.74%.

Insiders Place Their Bets

In other news, Director Dirk Debbink purchased 1,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was acquired at an average cost of $171.64 per share, with a total value of $171,640.00. Following the acquisition, the director owned 62,059 shares in the company, valued at approximately $10,651,806.76. This trade represents a 1.64% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.94% of the company’s stock.

Wall Street Analysts Forecast Growth

CINF has been the subject of several research analyst reports. Weiss Ratings upgraded Cincinnati Financial from a “buy (a-)” rating to a “buy (a)” rating in a research note on Thursday, September 10th. Piper Sandler lifted their price objective on Cincinnati Financial from $175.00 to $197.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Bank of America cut Cincinnati Financial from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $197.00 to $193.00 in a report on Thursday, July 30th. Roth Capital increased their target price on shares of Cincinnati Financial from $190.00 to $200.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Finally, Atlantic Securities set a $197.00 price target on shares of Cincinnati Financial 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, Cincinnati Financial has an average rating of “Moderate Buy” and a consensus price target of $195.40.

Cincinnati Financial Company Profile

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.