Cincinnati Financial Corporation $CINF Stock Purchased by State of Alaska Department of Revenue

State of Alaska Department of Revenue increased its stake in shares of Cincinnati Financial Corporation (NASDAQ:CINF) by 245.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 52,333 shares of the insurance provider’s stock after buying an additional 37,176 shares during the quarter. State of Alaska Department of Revenue’s holdings in Cincinnati Financial were worth $8,340,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Nykredit A S purchased a new position in Cincinnati Financial during the second quarter worth about $29,340,000. Bank of America Corp DE acquired a new position in Cincinnati Financial in the 2nd quarter valued at about $347,891,000. National Pension Service boosted its holdings in Cincinnati Financial by 394.1% in the 2nd quarter. National Pension Service now owns 1,280,676 shares of the insurance provider’s stock valued at $237,104,000 after purchasing an additional 1,021,465 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Cincinnati Financial by 1,474.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 2,242,991 shares of the insurance provider’s stock valued at $415,267,000 after buying an additional 2,100,563 shares during the period. Finally, Manning & Napier Advisors LLC purchased a new stake in shares of Cincinnati Financial in the 2nd quarter valued at approximately $3,585,000. Hedge funds and other institutional investors own 65.24% of the company’s stock.

Cincinnati Financial Stock Up 0.3%

Shares of NASDAQ:CINF opened at $167.22 on Friday. The business has a 50-day moving average price of $168.33 and a 200 day moving average price of $169.59. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $25.66 billion, a price-to-earnings ratio of 7.89, a PEG ratio of 2.81 and a beta of 0.52. Cincinnati Financial Corporation has a 12-month low of $150.00 and a 12-month high of $194.81.

Cincinnati Financial (NASDAQ:CINF) last issued its quarterly earnings data on Monday, July 27th. The insurance provider reported $1.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.39). Cincinnati Financial had a net margin of 23.84% and a return on equity of 9.63%. The company had revenue of $4.27 billion during the quarter, compared to analysts’ expectations of $2.71 billion. During the same quarter last year, the firm posted $1.97 earnings per share. Sell-side analysts expect that Cincinnati Financial Corporation will post 8.44 EPS for the current year.

Cincinnati Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 23rd were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Wednesday, September 23rd. Cincinnati Financial’s dividend payout ratio (DPR) is 17.74%.

Insider Buying and Selling at Cincinnati Financial

In related news, Director Dirk Debbink purchased 1,000 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was acquired at an average cost of $171.64 per share, for a total transaction of $171,640.00. Following the completion of the transaction, the director directly owned 62,059 shares in the company, valued at approximately $10,651,806.76. The trade was a 1.64% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 2.94% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CINF has been the subject of a number of recent analyst reports. Piper Sandler raised their price target on shares of Cincinnati Financial from $175.00 to $197.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. Weiss Ratings cut Cincinnati Financial from a “buy (a)” rating to a “buy (a-)” rating in a report on Thursday, October 8th. Bank of America cut Cincinnati Financial from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $197.00 to $193.00 in a report on Thursday, July 30th. Atlantic Securities set a $197.00 price objective on Cincinnati Financial in a research report on Wednesday, July 15th. Finally, Roth Capital raised their target price on Cincinnati Financial from $190.00 to $200.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $191.60.

Cincinnati Financial Company Profile

Cincinnati Financial Corporation is an insurance holding company headquartered in Fairfield, Ohio. Through its subsidiaries, the company markets property and casualty insurance products primarily through a network of independent insurance agents.

Its offerings include commercial and personal property and casualty coverage, such as businessowners’ policies, commercial auto, workers’ compensation, homeowners and automobile insurance. The company also provides life insurance and related financial products through Cincinnati Life Insurance Company.