Oppenheimer & Co. Inc. Reduces Stock Position in Cincinnati Financial Co. (NASDAQ:CINF)

Oppenheimer & Co. Inc. trimmed its position in Cincinnati Financial Co. (NASDAQ:CINF) by 3.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,859 shares of the insurance provider’s stock after selling 575 shares during the period. Oppenheimer & Co. Inc.’s holdings in Cincinnati Financial were worth $2,159,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CINF. UMB Bank n.a. lifted its stake in shares of Cincinnati Financial by 7.4% during the third quarter. UMB Bank n.a. now owns 1,140 shares of the insurance provider’s stock valued at $155,000 after buying an additional 79 shares during the period. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Cincinnati Financial by 49.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 242 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 80 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Cincinnati Financial by 1.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,445 shares of the insurance provider’s stock valued at $761,000 after purchasing an additional 80 shares during the period. Hartford Investment Management Co. grew its position in shares of Cincinnati Financial by 0.8% in the third quarter. Hartford Investment Management Co. now owns 10,168 shares of the insurance provider’s stock valued at $1,384,000 after purchasing an additional 80 shares during the period. Finally, iA Global Asset Management Inc. increased its stake in Cincinnati Financial by 4.3% in the second quarter. iA Global Asset Management Inc. now owns 2,297 shares of the insurance provider’s stock valued at $271,000 after purchasing an additional 95 shares during the last quarter. 65.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CINF has been the subject of several recent analyst reports. Roth Mkm lifted their price target on Cincinnati Financial from $130.00 to $140.00 and gave the company a “buy” rating in a report on Friday, July 26th. Bank of America upped their price target on shares of Cincinnati Financial from $149.00 to $168.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Piper Sandler lifted their price target on shares of Cincinnati Financial from $116.00 to $126.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods upped their price objective on Cincinnati Financial from $152.00 to $156.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Cincinnati Financial presently has an average rating of “Moderate Buy” and an average price target of $138.57.

Cincinnati Financial Price Performance

Cincinnati Financial stock opened at $151.78 on Friday. The firm has a fifty day moving average of $139.54 and a 200-day moving average of $128.14. Cincinnati Financial Co. has a 52-week low of $99.61 and a 52-week high of $152.30. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $23.73 billion, a P/E ratio of 7.80, a PEG ratio of 2.86 and a beta of 0.65.

Cincinnati Financial (NASDAQ:CINF) last announced its quarterly earnings results on Thursday, October 24th. The insurance provider reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by ($0.04). The company had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.24 billion. Cincinnati Financial had a net margin of 25.26% and a return on equity of 8.25%. The firm’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.66 earnings per share. As a group, analysts predict that Cincinnati Financial Co. will post 6.35 EPS for the current year.

Cincinnati Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, December 19th will be issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 2.13%. Cincinnati Financial’s payout ratio is currently 16.65%.

Cincinnati Financial Profile

Cincinnati Financial Corporation, together with its subsidiaries, provides property casualty insurance products in the United States. It 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.