Bank of Nova Scotia Acquires New Position in Cincinnati Financial Corporation $CINF

Bank of Nova Scotia purchased a new stake in Cincinnati Financial Corporation (NASDAQ:CINF) during the second quarter, HoldingsChannel.com reports. The firm purchased 16,324 shares of the insurance provider’s stock, valued at approximately $3,022,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Elevation Point Wealth Partners LLC purchased a new position in shares of Cincinnati Financial in the second quarter valued at $275,000. Commerce Bank acquired a new stake in shares of Cincinnati Financial during the second quarter worth $2,237,000. GQG Partners LLC purchased a new stake in Cincinnati Financial in the 2nd quarter valued at about $216,679,000. Northwestern Mutual Wealth Management Co. acquired a new position in Cincinnati Financial during the second quarter worth approximately $1,698,000. Finally, Evolve Private Wealth LLC acquired a new stake in shares of Cincinnati Financial during the 2nd quarter worth $256,000. 65.24% of the stock is owned by hedge funds and other institutional investors.

Cincinnati Financial Stock Performance

Shares of CINF stock opened at $172.38 on Thursday. The stock has a market capitalization of $26.46 billion, a price-to-earnings ratio of 8.13, a PEG ratio of 3.59 and a beta of 0.54. Cincinnati Financial Corporation has a one year low of $150.00 and a one year high of $194.81. The company’s 50-day simple moving average is $178.01 and its 200-day simple moving average is $168.65. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.31 and a current ratio of 0.31.

Cincinnati Financial (NASDAQ:CINF) last announced 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 firm had revenue of $4.27 billion for the quarter, compared to analyst estimates of $2.71 billion. During the same quarter in the previous year, the company earned $1.97 EPS. Equities analysts anticipate that Cincinnati Financial Corporation will post 8.31 earnings per share for the current fiscal year.

Cincinnati Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 23rd will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 23rd. Cincinnati Financial’s dividend payout ratio is currently 17.74%.

Analysts Set New Price Targets

Several research analysts recently commented on CINF shares. Bank of America lowered shares of Cincinnati Financial from a “buy” rating to a “neutral” rating and cut their price target for the company from $197.00 to $193.00 in a report on Thursday, July 30th. Roth Capital upped their price objective on shares of Cincinnati Financial from $190.00 to $200.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Piper Sandler lifted their target price on Cincinnati Financial from $175.00 to $197.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Weiss Ratings cut Cincinnati Financial from a “buy (a)” rating to a “buy (a-)” rating in a research note on Friday, August 21st. Finally, Atlantic Securities set a $197.00 price objective on Cincinnati Financial in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Cincinnati Financial presently has an average rating of “Moderate Buy” and an average price target of $195.40.

Cincinnati Financial Profile

Cincinnati Financial Corporation (NASDAQ: CINF) is an insurance holding company headquartered in the Cincinnati area of Ohio that provides property and casualty insurance products and related services. Founded as part of the Cincinnati Insurance group, the company operates through a set of insurance subsidiaries to underwrite and service policies for both personal and commercial customers. Cincinnati Financial is publicly traded and emphasizes underwriting discipline and long-term relationships with its distribution partners and policyholders.

The company’s core business centers on property and casualty insurance, including homeowners, automobile, commercial casualty, commercial multi-peril, and specialty commercial coverages.