State of New Jersey Common Pension Fund D Trims Stake in Cincinnati Financial Co. (NASDAQ:CINF)

State of New Jersey Common Pension Fund D lowered its position in Cincinnati Financial Co. (NASDAQ:CINFFree Report) by 1.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 87,311 shares of the insurance provider’s stock after selling 1,181 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.06% of Cincinnati Financial worth $8,931,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new position in Cincinnati Financial in the 4th quarter worth about $149,585,000. Los Angeles Capital Management LLC increased its stake in Cincinnati Financial by 554.7% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,109,299 shares of the insurance provider’s stock worth $113,470,000 after buying an additional 939,861 shares during the period. Osaic Holdings Inc. increased its stake in Cincinnati Financial by 824.3% in the 2nd quarter. Osaic Holdings Inc. now owns 722,610 shares of the insurance provider’s stock worth $7,718,000 after buying an additional 644,430 shares during the period. Select Equity Group L.P. increased its stake in Cincinnati Financial by 294.9% in the 4th quarter. Select Equity Group L.P. now owns 589,409 shares of the insurance provider’s stock worth $60,350,000 after buying an additional 440,158 shares during the period. Finally, State Street Corp increased its stake in Cincinnati Financial by 4.1% in the 1st quarter. State Street Corp now owns 9,120,162 shares of the insurance provider’s stock worth $1,246,056,000 after buying an additional 360,552 shares during the period. Hedge funds and other institutional investors own 64.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CINF shares. Janney Montgomery Scott initiated coverage on shares of Cincinnati Financial in a research note on Thursday, December 14th. They issued a “neutral” rating and a $110.00 price target on the stock. TheStreet raised shares of Cincinnati Financial from a “c+” rating to a “b” rating in a research report on Tuesday, February 6th. Oppenheimer initiated coverage on shares of Cincinnati Financial in a research report on Thursday, November 16th. They set a “market perform” rating on the stock. Citigroup initiated coverage on shares of Cincinnati Financial in a research report on Wednesday, November 22nd. They set a “neutral” rating and a $110.00 target price on the stock. Finally, Piper Sandler raised their price target on shares of Cincinnati Financial from $105.00 to $110.00 and gave the company a “neutral” rating in a report on Monday, October 30th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Cincinnati Financial presently has an average rating of “Hold” and a consensus target price of $113.67.

Read Our Latest Analysis on Cincinnati Financial

Cincinnati Financial Stock Up 1.2 %

NASDAQ:CINF opened at $108.89 on Monday. The company has a market cap of $17.09 billion, a PE ratio of 9.33, a P/E/G ratio of 2.49 and a beta of 0.63. Cincinnati Financial Co. has a twelve month low of $95.01 and a twelve month high of $127.77. The company has a current ratio of 0.27, a quick ratio of 0.28 and a debt-to-equity ratio of 0.07. The company’s 50 day moving average is $106.64 and its two-hundred day moving average is $104.71.

Cincinnati Financial (NASDAQ:CINFGet Free Report) last released its quarterly earnings data on Wednesday, February 7th. The insurance provider reported $2.28 EPS for the quarter, beating the consensus estimate of $1.95 by $0.33. The business had revenue of $3.36 billion for the quarter, compared to the consensus estimate of $2.02 billion. Cincinnati Financial had a net margin of 18.41% and a return on equity of 8.56%. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.27 EPS. Analysts anticipate that Cincinnati Financial Co. will post 6.14 EPS for the current year.

Cincinnati Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Tuesday, March 19th will be paid a $0.81 dividend. This is a boost from Cincinnati Financial’s previous quarterly dividend of $0.75. This represents a $3.24 annualized dividend and a dividend yield of 2.98%. The ex-dividend date is Monday, March 18th. Cincinnati Financial’s payout ratio is currently 25.71%.

Insider Activity at Cincinnati Financial

In other news, Director Dirk J. Debbink bought 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 5th. The stock was purchased at an average cost of $102.98 per share, for a total transaction of $205,960.00. Following the purchase, the director now directly owns 51,542 shares in the company, valued at approximately $5,307,795.16. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.84% of the company’s stock.

Cincinnati Financial Company Profile

(Free Report)

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

See Also

Want to see what other hedge funds are holding CINF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cincinnati Financial Co. (NASDAQ:CINFFree Report).

Institutional Ownership by Quarter for Cincinnati Financial (NASDAQ:CINF)

Receive News & Ratings for Cincinnati Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cincinnati Financial and related companies with MarketBeat.com's FREE daily email newsletter.