Mackenzie Financial Corp Grows Stake in Cincinnati Financial Co. (NASDAQ:CINF)

Mackenzie Financial Corp raised its stake in Cincinnati Financial Co. (NASDAQ:CINF) by 21.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,871 shares of the insurance provider’s stock after purchasing an additional 5,713 shares during the quarter. Mackenzie Financial Corp’s holdings in Cincinnati Financial were worth $3,401,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in CINF. BKM Wealth Management LLC purchased a new stake in shares of Cincinnati Financial during the fourth quarter worth about $31,000. AM Squared Ltd purchased a new stake in shares of Cincinnati Financial during the first quarter worth about $34,000. Clear Street Markets LLC increased its position in shares of Cincinnati Financial by 93.1% during the first quarter. Clear Street Markets LLC now owns 309 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 149 shares during the last quarter. Resurgent Financial Advisors LLC purchased a new stake in shares of Cincinnati Financial during the fourth quarter worth about $37,000. Finally, Comerica Bank purchased a new stake in shares of Cincinnati Financial during the second quarter worth about $350,000. 65.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on CINF shares. Piper Sandler reaffirmed a “neutral” rating and set a $116.00 target price on shares of Cincinnati Financial in a research report on Monday, April 1st. Citigroup lifted their price target on Cincinnati Financial from $120.00 to $126.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Keefe, Bruyette & Woods lifted their price target on Cincinnati Financial from $136.00 to $143.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. BMO Capital Markets upgraded Cincinnati Financial from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $125.00 to $135.00 in a research note on Monday, March 25th. Finally, TheStreet upgraded Cincinnati Financial from a “c+” rating to a “b” rating in a research note on Tuesday, February 6th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $123.57.

Cincinnati Financial Stock Performance

Shares of CINF stock opened at $119.95 on Monday. 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 $116.99 and a two-hundred day moving average of $108.60. Cincinnati Financial Co. has a 52 week low of $95.01 and a 52 week high of $124.35. The company has a market cap of $18.79 billion, a P/E ratio of 10.28, a PEG ratio of 2.46 and a beta of 0.63.

Cincinnati Financial (NASDAQ:CINF) last issued its earnings results on Wednesday, February 7th. The insurance provider reported $2.28 EPS for the quarter, beating analysts’ consensus estimates of $1.95 by $0.33. Cincinnati Financial had a return on equity of 8.56% and a net margin of 18.41%. The company had revenue of $3.36 billion during the quarter, compared to the consensus estimate of $2.02 billion. During the same period in the previous year, the firm posted $1.27 earnings per share. Cincinnati Financial’s quarterly revenue was up 7.7% compared to the same quarter last year. As a group, analysts anticipate that Cincinnati Financial Co. will post 6.33 EPS for the current year.

Cincinnati Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Tuesday, March 19th were paid a $0.81 dividend. This is an increase from Cincinnati Financial’s previous quarterly dividend of $0.75. This represents a $3.24 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend was Monday, March 18th. Cincinnati Financial’s payout ratio is presently 27.76%.

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.