Verition Fund Management LLC Grows Stake in Cincinnati Financial Corporation $CINF

Verition Fund Management LLC raised its stake in shares of Cincinnati Financial Corporation (NASDAQ:CINF) by 6.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 341,193 shares of the insurance provider’s stock after purchasing an additional 20,742 shares during the period. Verition Fund Management LLC owned 0.22% of Cincinnati Financial worth $55,724,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new position in Cincinnati Financial during the fourth quarter worth $270,892,000. Arrowstreet Capital Limited Partnership grew its holdings in Cincinnati Financial by 193.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 601,033 shares of the insurance provider’s stock valued at $98,161,000 after purchasing an additional 396,086 shares during the last quarter. First Trust Advisors LP raised its position in Cincinnati Financial by 38.5% in the 4th quarter. First Trust Advisors LP now owns 1,319,873 shares of the insurance provider’s stock worth $215,562,000 after purchasing an additional 367,224 shares during the period. Raymond James Financial Inc. boosted its position in shares of Cincinnati Financial by 48.6% during the second quarter. Raymond James Financial Inc. now owns 803,665 shares of the insurance provider’s stock valued at $119,682,000 after buying an additional 262,715 shares during the period. Finally, Korea Investment CORP boosted its position in shares of Cincinnati Financial by 210.0% during the third quarter. Korea Investment CORP now owns 294,423 shares of the insurance provider’s stock valued at $46,548,000 after buying an additional 199,437 shares during the period. Hedge funds and other institutional investors own 65.24% of the company’s stock.

Cincinnati Financial Stock Performance

Shares of NASDAQ:CINF opened at $169.01 on Monday. The firm’s 50 day simple moving average is $163.71 and its 200-day simple moving average is $163.49. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.28 and a current ratio of 0.28. Cincinnati Financial Corporation has a one year low of $143.37 and a one year high of $174.27. The firm has a market cap of $26.14 billion, a PE ratio of 9.66, a price-to-earnings-growth ratio of 3.67 and a beta of 0.57.

Cincinnati Financial (NASDAQ:CINF) last announced its quarterly earnings data on Monday, April 27th. The insurance provider reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.17. The company had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.61 billion. Cincinnati Financial had a return on equity of 10.57% and a net margin of 21.33%.Cincinnati Financial’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.24) earnings per share. As a group, equities analysts predict that Cincinnati Financial Corporation will post 8.61 EPS for the current year.

Cincinnati Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 23rd will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Tuesday, June 23rd. Cincinnati Financial’s payout ratio is presently 21.50%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CINF shares. Piper Sandler increased their price target on Cincinnati Financial from $161.00 to $175.00 and gave the stock a “neutral” rating in a report on Tuesday, May 26th. Bank of America cut their price objective on Cincinnati Financial from $178.00 to $177.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. Roth Mkm increased their target price on Cincinnati Financial from $175.00 to $190.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. Weiss Ratings downgraded Cincinnati Financial from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Cincinnati Financial from $190.00 to $191.00 and gave the company an “outperform” rating in a research note on Wednesday, April 29th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $183.25.

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.