State of Alaska Department of Revenue Has $5.53 Million Stock Holdings in Cincinnati Financial Co. (NASDAQ:CINF)

State of Alaska Department of Revenue reduced its stake in Cincinnati Financial Co. (NASDAQ:CINF) by 16.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 44,574 shares of the insurance provider’s stock after selling 8,790 shares during the period. State of Alaska Department of Revenue’s holdings in Cincinnati Financial were worth $5,534,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Norges Bank bought a new position in Cincinnati Financial in the 4th quarter valued at about $179,305,000. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in Cincinnati Financial during the 4th quarter worth approximately $21,036,000. Los Angeles Capital Management LLC boosted its stake in Cincinnati Financial by 16.8% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,295,928 shares of the insurance provider’s stock valued at $134,077,000 after purchasing an additional 186,629 shares during the period. Balyasny Asset Management L.P. grew its holdings in Cincinnati Financial by 36.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 679,861 shares of the insurance provider’s stock valued at $70,338,000 after buying an additional 180,355 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in Cincinnati Financial by 122.4% during the 4th quarter. Russell Investments Group Ltd. now owns 270,815 shares of the insurance provider’s stock worth $28,016,000 after buying an additional 149,043 shares during the period. Institutional investors and hedge funds own 65.24% of the company’s stock.

Analyst Upgrades and Downgrades

CINF has been the subject of a number of recent research reports. Citigroup raised shares of Cincinnati Financial from a “neutral” rating to a “buy” rating and boosted their target price for the company from $126.00 to $135.00 in a research report on Friday, June 28th. Piper Sandler reissued a “neutral” rating and issued a $116.00 price objective on shares of Cincinnati Financial in a report on Monday, April 1st. Keefe, Bruyette & Woods raised their target price on shares of Cincinnati Financial from $136.00 to $143.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. Finally, BMO Capital Markets upgraded Cincinnati Financial from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $125.00 to $135.00 in a research note on Monday, March 25th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Cincinnati Financial currently has a consensus rating of “Hold” and a consensus target price of $127.80.

Insider Activity at Cincinnati Financial

In other Cincinnati Financial news, Director Dirk J. Debbink bought 1,000 shares of the stock in a transaction on Monday, April 29th. The stock was purchased at an average price of $113.47 per share, with a total value of $113,470.00. Following the completion of the purchase, the director now owns 53,988 shares in the company, valued at $6,126,018.36. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 2.83% of the stock is currently owned by insiders.

Cincinnati Financial Trading Down 1.8 %

Shares of Cincinnati Financial stock opened at $116.72 on Thursday. The firm’s 50-day moving average price is $116.40 and its two-hundred day moving average price is $114.14. The company has a market capitalization of $18.27 billion, a price-to-earnings ratio of 7.77, a PEG ratio of 2.56 and a beta of 0.65. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.07. Cincinnati Financial Co. has a 12-month low of $95.81 and a 12-month high of $124.35.

Cincinnati Financial (NASDAQ:CINF) last announced its quarterly earnings data on Friday, April 26th. The insurance provider reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.69 by $0.03. Cincinnati Financial had a net margin of 22.16% and a return on equity of 9.34%. The business had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same period last year, the firm posted $0.89 earnings per share. The firm’s quarterly revenue was up 31.0% compared to the same quarter last year. On average, analysts forecast that Cincinnati Financial Co. will post 6.32 earnings per share for the current fiscal year.

Cincinnati Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Tuesday, June 18th will be given a dividend of $0.81 per share. The ex-dividend date of this dividend is Tuesday, June 18th. This represents a $3.24 annualized dividend and a dividend yield of 2.78%. Cincinnati Financial’s dividend payout ratio is currently 21.56%.

About Cincinnati Financial

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.