Inspire Investing LLC Reduces Stock Position in Cincinnati Financial Co. (NASDAQ:CINF)

Posted by on Jul 10th, 2023

Inspire Investing LLC lessened its position in shares of Cincinnati Financial Co. (NASDAQ:CINF – Free Report) by 65.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,701 shares of the insurance provider’s stock after selling 6,968 shares during the quarter. Inspire Investing LLC’s holdings in Cincinnati Financial were worth $415,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Newbridge Financial Services Group Inc. boosted its stake in shares of Cincinnati Financial by 68.5% in the first quarter. Newbridge Financial Services Group Inc. now owns 246 shares of the insurance provider’s stock worth $28,000 after buying an additional 100 shares during the last quarter. Spire Wealth Management purchased a new stake in shares of Cincinnati Financial in the fourth quarter worth about $28,000. Mendota Financial Group LLC purchased a new stake in shares of Cincinnati Financial in the fourth quarter worth about $30,000. Boyd Watterson Asset Management LLC OH purchased a new stake in shares of Cincinnati Financial in the fourth quarter worth about $35,000. Finally, Resurgent Financial Advisors LLC purchased a new stake in shares of Cincinnati Financial in the fourth quarter worth about $37,000. Hedge funds and other institutional investors own 65.51% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on CINF. StockNews.com assumed coverage on Cincinnati Financial in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. TheStreet raised Cincinnati Financial from a “c+” rating to a “b-” rating in a report on Monday, May 22nd. Piper Sandler reduced their price target on Cincinnati Financial from $115.00 to $113.00 in a report on Thursday. Royal Bank of Canada reduced their price target on Cincinnati Financial from $125.00 to $118.00 in a report on Monday, May 1st. Finally, Bank of America raised Cincinnati Financial from a “neutral” rating to a “buy” rating and upped their price target for the stock from $113.00 to $117.00 in a report on Thursday, May 18th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $116.83.

Insider Activity

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

Cincinnati Financial Price Performance

Shares of Cincinnati Financial stock opened at $98.17 on Monday. The business has a 50 day simple moving average of $100.80 and a two-hundred day simple moving average of $107.91. Cincinnati Financial Co. has a 12 month low of $88.66 and a 12 month high of $130.66. The stock has a market capitalization of $15.43 billion, a P/E ratio of 818.08, a PEG ratio of 1.32 and a beta of 0.61. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.28 and a quick ratio of 0.28.

Cincinnati Financial (NASDAQ:CINF – Free Report) last announced its earnings results on Friday, April 28th. The insurance provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.21. Cincinnati Financial had a return on equity of 5.44% and a net margin of 0.16%. The business had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter in the prior year, the firm earned $1.58 earnings per share. The business’s revenue was up 84.0% compared to the same quarter last year. As a group, analysts predict that Cincinnati Financial Co. will post 4.52 EPS for the current fiscal year.

Cincinnati Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 16th will be given 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 3.06%. Cincinnati Financial’s dividend payout ratio (DPR) is presently 2,500.00%.

About Cincinnati Financial

(Free Report)

Cincinnati Financial Corporation, together with its subsidiaries, provides property casualty insurance products in the United States. The company operates through five segments: Commercial Lines Insurance, Personal Lines Insurance, Excess and Surplus Lines Insurance, Life Insurance, and Investments. The Commercial Lines Insurance segment offers coverage for commercial casualty, commercial property, commercial auto, and workers' compensation.

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Institutional Ownership by Quarter for Cincinnati Financial (NASDAQ:CINF)

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