First Merchants Corp Raises Stake in Cincinnati Financial Corporation (CINF)
First Merchants Corp lifted its position in Cincinnati Financial Corporation (NASDAQ:CINF) by 154.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,513 shares of the insurance provider’s stock after purchasing an additional 5,779 shares during the quarter. First Merchants Corp’s holdings in Cincinnati Financial Corporation were worth $728,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the company. Capital One National Association increased its holdings in shares of Cincinnati Financial Corporation by 0.9% in the second quarter. Capital One National Association now owns 3,648 shares of the insurance provider’s stock worth $264,000 after purchasing an additional 31 shares during the last quarter. Sigma Planning Corp increased its holdings in shares of Cincinnati Financial Corporation by 1.2% in the second quarter. Sigma Planning Corp now owns 3,305 shares of the insurance provider’s stock worth $239,000 after purchasing an additional 39 shares during the last quarter. Moon Capital Management LLC grew its position in Cincinnati Financial Corporation by 0.7% in the second quarter. Moon Capital Management LLC now owns 6,198 shares of the insurance provider’s stock worth $449,000 after acquiring an additional 43 shares in the last quarter. Washington Trust Bank grew its position in Cincinnati Financial Corporation by 1.0% in the second quarter. Washington Trust Bank now owns 4,861 shares of the insurance provider’s stock worth $352,000 after acquiring an additional 47 shares in the last quarter. Finally, CIBC Asset Management Inc grew its position in Cincinnati Financial Corporation by 0.3% in the second quarter. CIBC Asset Management Inc now owns 15,406 shares of the insurance provider’s stock worth $1,116,000 after acquiring an additional 49 shares in the last quarter. 62.74% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts recently commented on the company. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $70.00 price target on shares of Cincinnati Financial Corporation in a research report on Friday, August 18th. Zacks Investment Research lowered Cincinnati Financial Corporation from a “buy” rating to a “sell” rating in a research report on Tuesday, October 17th. Finally, BidaskClub upgraded Cincinnati Financial Corporation from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. Cincinnati Financial Corporation presently has a consensus rating of “Hold” and a consensus target price of $79.25.
Cincinnati Financial Corporation (NASDAQ CINF) opened at $72.56 on Monday. Cincinnati Financial Corporation has a 12-month low of $68.11 and a 12-month high of $81.98. The stock has a market capitalization of $11,906.69, a P/E ratio of 28.35 and a beta of 0.91. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.29 and a current ratio of 0.29.
Cincinnati Financial Corporation (NASDAQ:CINF) last announced its earnings results on Thursday, October 26th. The insurance provider reported $0.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.05. Cincinnati Financial Corporation had a return on equity of 5.85% and a net margin of 8.93%. The business had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the previous year, the business earned $0.86 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. equities research analysts forecast that Cincinnati Financial Corporation will post 2.65 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Friday, September 22nd were given a dividend of $0.50 per share. The ex-dividend date was Thursday, September 21st. This represents a $2.00 annualized dividend and a dividend yield of 2.76%. Cincinnati Financial Corporation’s dividend payout ratio (DPR) is presently 66.23%.
Cincinnati Financial Corporation Company Profile
Cincinnati Financial Corporation is an insurance holding company. It operates through five segments: Commercial lines insurance, Personal lines insurance, Excess and surplus lines insurance, and Life insurance and Investments. Its Commercial Lines Insurance Segment provides five commercial business lines: commercial casualty, commercial property, commercial auto, workers’ compensation and other commercial lines.
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