By otakuyassine3@gmail.com 
Franklin Resources Inc. grew its position in Cincinnati Financial Co. (NASDAQ:CINF – Free Report) by 51.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 108,583 shares of the insurance provider’s stock after purchasing an additional 36,650 shares during the quarter. Franklin Resources Inc. owned approximately 0.07% of Cincinnati Financial worth $14,863,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the company. Vest Financial LLC raised its stake in Cincinnati Financial by 14.0% in the second quarter. Vest Financial LLC now owns 378,717 shares of the insurance provider’s stock valued at $44,726,000 after buying an additional 46,530 shares in the last quarter. Amalgamated Bank raised its position in shares of Cincinnati Financial by 30.5% during the 2nd quarter. Amalgamated Bank now owns 42,132 shares of the insurance provider’s stock worth $4,976,000 after acquiring an additional 9,854 shares in the last quarter. World Investment Advisors LLC purchased a new stake in Cincinnati Financial during the third quarter worth approximately $546,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Cincinnati Financial by 10.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 117,393 shares of the insurance provider’s stock valued at $15,923,000 after purchasing an additional 11,282 shares in the last quarter. Finally, National Bank of Canada FI increased its stake in Cincinnati Financial by 6.2% in the second quarter. National Bank of Canada FI now owns 143,127 shares of the insurance provider’s stock valued at $17,059,000 after purchasing an additional 8,353 shares during the last quarter. 65.24% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other news, Director Dirk J. Debbink acquired 1,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were purchased at an average cost of $157.19 per share, for a total transaction of $157,190.00. Following the transaction, the director now directly owns 54,500 shares in the company, valued at approximately $8,566,855. This represents a 1.87 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.83% of the company’s stock.
Analysts Set New Price Targets
CINF has been the subject of several research analyst reports. Piper Sandler upped their target price on shares of Cincinnati Financial from $116.00 to $126.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. Bank of America upped their price objective on shares of Cincinnati Financial from $149.00 to $168.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Finally, Keefe, Bruyette & Woods boosted their target price on Cincinnati Financial from $152.00 to $156.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $143.33.
Read Our Latest Analysis on Cincinnati Financial
Cincinnati Financial Stock Up 1.6 %
Shares of NASDAQ:CINF opened at $144.57 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a market cap of $22.60 billion, a P/E ratio of 7.43, a P/E/G ratio of 2.89 and a beta of 0.69. Cincinnati Financial Co. has a 1-year low of $100.31 and a 1-year high of $161.74. The firm has a fifty day moving average price of $148.39 and a 200 day moving average price of $134.41.
Cincinnati Financial (NASDAQ:CINF – Get Free Report) last announced its earnings results on Thursday, October 24th. The insurance provider reported $1.42 earnings per share for the quarter, missing the consensus estimate of $1.46 by ($0.04). The business had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.24 billion. Cincinnati Financial had a return on equity of 8.25% and a net margin of 25.26%. Cincinnati Financial’s quarterly revenue was up 21.5% on a year-over-year basis. During the same quarter last year, the company posted $1.66 EPS. Sell-side analysts predict that Cincinnati Financial Co. will post 6.31 EPS for the current year.
Cincinnati Financial Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Thursday, December 19th will be paid a $0.81 dividend. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $3.24 annualized dividend and a dividend yield of 2.24%. Cincinnati Financial’s dividend payout ratio (DPR) is currently 16.65%.
Cincinnati Financial 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.
Recommended Stories
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.