State of Alaska Department of Revenue Has $5.53 Million Position in Cincinnati Financial Co. (NASDAQ:CINF)

State of Alaska Department of Revenue reduced its stake in shares of Cincinnati Financial Co. (NASDAQ:CINF) by 16.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 44,574 shares of the insurance provider’s stock after selling 8,790 shares during the period. State of Alaska Department of Revenue’s holdings in Cincinnati Financial were worth $5,534,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC increased its position in Cincinnati Financial by 25.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 20,086 shares of the insurance provider’s stock worth $2,494,000 after purchasing an additional 4,024 shares during the last quarter. Trilogy Capital Inc. acquired a new position in Cincinnati Financial in the first quarter worth approximately $3,000,000. Hennion & Walsh Asset Management Inc. raised its position in Cincinnati Financial by 117.4% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 4,558 shares of the insurance provider’s stock valued at $566,000 after acquiring an additional 2,461 shares in the last quarter. Hengehold Capital Management LLC raised its holdings in shares of Cincinnati Financial by 8.5% during the 1st quarter. Hengehold Capital Management LLC now owns 17,619 shares of the insurance provider’s stock valued at $2,188,000 after purchasing an additional 1,375 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in Cincinnati Financial by 24.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 85,475 shares of the insurance provider’s stock worth $10,613,000 after buying an additional 16,735 shares during the last quarter. 65.24% of the stock is owned by institutional investors and hedge funds.

Cincinnati Financial Stock Down 1.8 %

CINF opened at $116.72 on Thursday. The business has a 50 day moving average of $116.40 and a 200-day moving average of $114.14. The stock has a market capitalization of $18.27 billion, a price-to-earnings ratio of 7.77, a P/E/G ratio of 2.56 and a beta of 0.65. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.07. Cincinnati Financial Co. has a 1-year low of $95.81 and a 1-year high of $124.35.

Cincinnati Financial (NASDAQ:CINF) last announced its quarterly earnings data on Friday, April 26th. The insurance provider reported $1.72 EPS for the quarter, beating analysts’ consensus estimates of $1.69 by $0.03. Cincinnati Financial had a net margin of 22.16% and a return on equity of 9.34%. The business had revenue of $2.94 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same quarter in the prior year, the business earned $0.89 earnings per share. The firm’s revenue for the quarter was up 31.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Cincinnati Financial Co. will post 6.32 earnings per share for the current year.

Cincinnati Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Tuesday, June 18th will be given a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend is Tuesday, June 18th. Cincinnati Financial’s dividend payout ratio is presently 21.56%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CINF shares. Citigroup raised Cincinnati Financial from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $126.00 to $135.00 in a research report on Friday, June 28th. BMO Capital Markets raised Cincinnati Financial from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $125.00 to $135.00 in a research report on Monday, March 25th. Piper Sandler reissued a “neutral” rating and issued a $116.00 price target on shares of Cincinnati Financial in a research report on Monday, April 1st. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Cincinnati Financial from $136.00 to $143.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. Four 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.com, Cincinnati Financial currently has an average rating of “Hold” and a consensus price target of $127.80.

Insider Activity at Cincinnati Financial

In other Cincinnati Financial news, Director Dirk J. Debbink acquired 1,000 shares of the company’s stock in a transaction dated Monday, April 29th. The stock was bought at an average price of $113.47 per share, for a total transaction of $113,470.00. Following the purchase, the director now owns 53,988 shares in the company, valued at approximately $6,126,018.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.83% of the stock is currently owned by corporate insiders.

Cincinnati Financial Company 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.