American International Group Inc. Trims Holdings in Cincinnati Financial Co. (NASDAQ:CINF)

Posted by Defense World Staff on Jun 4th, 2023

American International Group Inc. decreased its position in shares of Cincinnati Financial Co. (NASDAQ:CINF – Get Rating) by 3.7% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 42,508 shares of the insurance provider’s stock after selling 1,630 shares during the period. American International Group Inc.’s holdings in Cincinnati Financial were worth $4,352,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. United Capital Financial Advisers LLC grew its holdings in shares of Cincinnati Financial by 0.9% during the 1st quarter. United Capital Financial Advisers LLC now owns 9,645 shares of the insurance provider’s stock worth $1,311,000 after acquiring an additional 87 shares during the period. Ellevest Inc. increased its position in Cincinnati Financial by 10.8% during the 4th quarter. Ellevest Inc. now owns 902 shares of the insurance provider’s stock valued at $92,000 after buying an additional 88 shares in the last quarter. DNB Asset Management AS increased its position in Cincinnati Financial by 0.4% during the 4th quarter. DNB Asset Management AS now owns 24,901 shares of the insurance provider’s stock valued at $2,550,000 after buying an additional 95 shares in the last quarter. Journey Advisory Group LLC increased its position in Cincinnati Financial by 3.1% during the 4th quarter. Journey Advisory Group LLC now owns 3,213 shares of the insurance provider’s stock valued at $329,000 after buying an additional 96 shares in the last quarter. Finally, Utah Retirement Systems increased its position in Cincinnati Financial by 0.4% during the 3rd quarter. Utah Retirement Systems now owns 27,976 shares of the insurance provider’s stock valued at $2,505,000 after buying an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 66.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Bank of America raised Cincinnati Financial from a “neutral” rating to a “buy” rating and raised their price objective for the company from $113.00 to $117.00 in a research report on Thursday, May 18th. StockNews.com assumed coverage on Cincinnati Financial in a research report on Thursday, May 18th. They set a “hold” rating for the company. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $117.00 price objective (down previously from $119.00) on shares of Cincinnati Financial in a research report on Tuesday, April 18th. Royal Bank of Canada reduced their price objective on Cincinnati Financial from $125.00 to $118.00 in a research report on Monday, May 1st. Finally, Piper Sandler increased their target price on Cincinnati Financial from $114.00 to $115.00 and gave the company a “neutral” rating in a research note on Tuesday, April 4th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $117.17.

Cincinnati Financial Stock Performance

Shares of CINF opened at $100.58 on Friday. The business’s fifty day simple moving average is $105.53 and its two-hundred day simple moving average is $109.22. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.08. Cincinnati Financial Co. has a 12 month low of $88.66 and a 12 month high of $130.66. The company has a market cap of $15.81 billion, a price-to-earnings ratio of 838.17, a P/E/G ratio of 1.21 and a beta of 0.62.

Cincinnati Financial (NASDAQ:CINF – Get Rating) last released its quarterly earnings results on Friday, April 28th. The insurance provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.21. The firm had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.29 billion. Cincinnati Financial had a return on equity of 5.44% and a net margin of 0.16%. The company’s revenue for the quarter was up 84.0% on a year-over-year basis. During the same period last year, the business posted $1.58 EPS. Research analysts anticipate that Cincinnati Financial Co. will post 4.64 earnings per share for the current fiscal year.

Cincinnati Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 16th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Thursday, June 15th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.98%. Cincinnati Financial’s dividend payout ratio (DPR) is currently 2,500.00%.

Insider Transactions at Cincinnati Financial

In other news, Director Dirk J. Debbink purchased 1,000 shares of the company’s stock in a transaction dated Thursday, May 25th. The shares were purchased at an average cost of $98.39 per share, for a total transaction of $98,390.00. Following the purchase, the director now directly owns 47,960 shares in the company, valued at approximately $4,718,784.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Charles Odell Schiff sold 20,000 shares of Cincinnati Financial stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $102.74, for a total transaction of $2,054,800.00. Following the transaction, the director now directly owns 190,555 shares in the company, valued at $19,577,620.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dirk J. Debbink bought 1,000 shares of the stock in a transaction that occurred on Thursday, May 25th. The shares were bought at an average price of $98.39 per share, for a total transaction of $98,390.00. Following the completion of the transaction, the director now directly owns 47,960 shares of the company’s stock, valued at approximately $4,718,784.40. The disclosure for this purchase can be found here. Company insiders own 2.95% of the company’s stock.

Cincinnati Financial Profile

(Get Rating)

Cincinnati Financial Corp. provides property casualty and life insurance services. It operates through the following segments: Commercial Lines Insurance, Personal Lines Insurance, Excess and Surplus Lines Insurance, Life Insurance, and Investments. The Commercial Lines Insurance segment includes commercial casualty, commercial property, commercial auto, worker’s compensation, and other commercial lines insurance.