State of New Jersey Common Pension Fund D Has $6.73 Million Position in Cincinnati Financial Co. (NASDAQ:CINF)

State of New Jersey Common Pension Fund D cut its stake in shares of Cincinnati Financial Co. (NASDAQ:CINF) by 34.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 56,974 shares of the insurance provider’s stock after selling 30,337 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Cincinnati Financial were worth $6,729,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Assetmark Inc. lifted its stake in shares of Cincinnati Financial by 252.2% in the 4th quarter. Assetmark Inc. now owns 243 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 174 shares during the period. Rothschild Investment LLC acquired a new position in shares of Cincinnati Financial in the 2nd quarter valued at about $29,000. Raleigh Capital Management Inc. acquired a new position in shares of Cincinnati Financial in the 4th quarter valued at about $31,000. Future Financial Wealth Managment LLC acquired a new position in shares of Cincinnati Financial in the 1st quarter valued at about $47,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of Cincinnati Financial in the 2nd quarter valued at about $49,000. 65.24% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CINF shares. Bank of America dropped their price objective on Cincinnati Financial from $151.00 to $149.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Keefe, Bruyette & Woods upped their price target on Cincinnati Financial from $146.00 to $150.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Roth Mkm upped their price target on Cincinnati Financial from $130.00 to $140.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, Citigroup raised Cincinnati Financial from a “neutral” rating to a “buy” rating and upped their price target for the stock from $126.00 to $135.00 in a research note on Friday, June 28th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $133.57.

Cincinnati Financial Stock Performance

CINF stock opened at $135.82 on Monday. The firm has a market cap of $21.22 billion, a PE ratio of 9.04, a P/E/G ratio of 2.60 and a beta of 0.66. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.07. The business has a 50 day moving average of $128.98 and a 200-day moving average of $121.52. Cincinnati Financial Co. has a 12-month low of $96.86 and a 12-month high of $139.34.

Cincinnati Financial (NASDAQ:CINF) last released its earnings results on Thursday, July 25th. The insurance provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.33. The company had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.21 billion. Cincinnati Financial had a return on equity of 9.10% and a net margin of 20.20%. Cincinnati Financial’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.21 earnings per share. As a group, sell-side analysts expect that Cincinnati Financial Co. will post 6.58 earnings per share for the current year.

Cincinnati Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 17th will be issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend is Tuesday, September 17th. Cincinnati Financial’s dividend payout ratio (DPR) is 21.56%.

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.