CNA Financial Co. (NYSE:CNA) Sees Large Increase in Short Interest

Posted by Defense World Staff on Oct 18th, 2023

CNA Financial Co. (NYSE:CNA – Get Free Report) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 225,800 shares, an increase of 6.0% from the September 15th total of 213,100 shares. Based on an average trading volume of 211,300 shares, the short-interest ratio is currently 1.1 days. Currently, 0.1% of the shares of the company are short sold.

Analyst Ratings Changes

CNA has been the topic of several research reports. Keefe, Bruyette & Woods lowered CNA Financial from an “outperform” rating to a “market perform” rating in a research note on Monday, July 10th. StockNews.com began coverage on shares of CNA Financial in a report on Thursday, October 5th. They issued a “buy” rating on the stock.

View Our Latest Stock Report on CNA Financial

CNA Financial Stock Up 0.7 %

NYSE CNA opened at $41.44 on Wednesday. CNA Financial has a 1-year low of $36.17 and a 1-year high of $45.42. The company has a market capitalization of $11.22 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 1.84 and a beta of 0.64. The stock’s 50 day moving average is $39.63 and its two-hundred day moving average is $39.24. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.27.

CNA Financial (NYSE:CNA – Get Free Report) last announced its quarterly earnings results on Monday, July 31st. The insurance provider reported $1.13 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.01). CNA Financial had a net margin of 7.63% and a return on equity of 13.06%. The company had revenue of $3.30 billion during the quarter, compared to analyst estimates of $2.80 billion. During the same period in the prior year, the firm earned $0.90 EPS. Equities analysts forecast that CNA Financial will post 4.33 earnings per share for the current fiscal year.

CNA Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Monday, August 14th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 4.05%. The ex-dividend date was Friday, August 11th. CNA Financial’s dividend payout ratio is currently 47.86%.

Insiders Place Their Bets

In other CNA Financial news, major shareholder Corp Loews acquired 4,456,050 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The shares were acquired at an average cost of $39.29 per share, for a total transaction of $175,078,204.50. Following the completion of the purchase, the insider now owns 248,414,738 shares of the company’s stock, valued at approximately $9,760,215,056.02. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On CNA Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CNA. First Trust Advisors LP boosted its holdings in shares of CNA Financial by 6.7% in the 1st quarter. First Trust Advisors LP now owns 1,653,694 shares of the insurance provider’s stock worth $80,403,000 after acquiring an additional 104,417 shares in the last quarter. BlackRock Inc. grew its holdings in shares of CNA Financial by 6.5% during the first quarter. BlackRock Inc. now owns 1,506,830 shares of the insurance provider’s stock worth $58,812,000 after purchasing an additional 91,868 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of CNA Financial by 19.9% in the second quarter. JPMorgan Chase & Co. now owns 1,405,797 shares of the insurance provider’s stock valued at $54,292,000 after buying an additional 233,346 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of CNA Financial by 8.2% in the second quarter. Bank of New York Mellon Corp now owns 1,143,614 shares of the insurance provider’s stock valued at $44,166,000 after buying an additional 86,537 shares during the last quarter. Finally, River Road Asset Management LLC lifted its position in CNA Financial by 3.5% during the 2nd quarter. River Road Asset Management LLC now owns 1,068,755 shares of the insurance provider’s stock worth $41,275,000 after buying an additional 36,329 shares in the last quarter. 98.44% of the stock is currently owned by institutional investors and hedge funds.

About CNA Financial

(Get Free Report)

CNA Financial Corporation provides commercial property and casualty insurance products in the United States and internationally. It operates through Specialty, Commercial, International, Life & Group, and Corporate & Other segments. The company offers professional liability coverages and risk management services to various professional firms, including architects, real estate agents, and accounting and law firms; directors and officers, employment practices, fiduciary, and fidelity and cyber coverages to small and mid-size firms, public and privately held firms, and not-for-profit organizations; professional and general liability, as well as associated casualty coverages for healthcare industry; surety and fidelity bonds; and warranty and alternative risks products.