Cincinnati Financial (NASDAQ:CINF) Hits New 12-Month High After Dividend Announcement

Cincinnati Financial Co. (NASDAQ:CINF) shares reached a new 52-week high during trading on Friday following a dividend announcement from the company. The stock traded as high as $132.79 and last traded at $132.48, with a volume of 6821 shares changing hands. The stock had previously closed at $131.97.

The newly announced dividend which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 17th will be issued a $0.81 dividend. This represents a $3.24 annualized dividend and a dividend yield of 2.44%. Cincinnati Financial’s dividend payout ratio is currently 21.56%.

Analysts Set New Price Targets

CINF has been the subject of several research reports. Bank of America reduced their price objective on Cincinnati Financial from $151.00 to $149.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Roth Mkm increased their price target on Cincinnati Financial from $130.00 to $140.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Citigroup upgraded Cincinnati Financial from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $126.00 to $135.00 in a report on Friday, June 28th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Cincinnati Financial from $146.00 to $150.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Cincinnati Financial has an average rating of “Moderate Buy” and a consensus target price of $133.57.

Cincinnati Financial Stock Performance

The stock has a market capitalization of $20.79 billion, a PE ratio of 8.84, a P/E/G ratio of 2.84 and a beta of 0.65. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.27 and a current ratio of 0.27. The firm has a 50 day moving average of $123.04 and a 200-day moving average of $118.85.

Cincinnati Financial (NASDAQ:CINF) last issued its earnings results on Thursday, July 25th. The insurance provider reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.33. The company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.21 billion. Cincinnati Financial had a return on equity of 9.10% and a net margin of 20.20%. The firm’s quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.21 EPS. Research analysts forecast that Cincinnati Financial Co. will post 6.46 earnings per share for the current year.

Hedge Funds Weigh In On Cincinnati Financial

Institutional investors and hedge funds have recently modified their holdings of the stock. Aurora Investment Counsel boosted its position in Cincinnati Financial by 1.1% during the second quarter. Aurora Investment Counsel now owns 13,846 shares of the insurance provider’s stock valued at $1,635,000 after purchasing an additional 153 shares during the last quarter. Regal Investment Advisors LLC lifted its holdings in shares of Cincinnati Financial by 17.5% during the 2nd quarter. Regal Investment Advisors LLC now owns 36,947 shares of the insurance provider’s stock valued at $4,363,000 after buying an additional 5,503 shares during the last quarter. William B. Walkup & Associates Inc. bought a new stake in shares of Cincinnati Financial in the 2nd quarter valued at approximately $344,000. Northwestern Mutual Wealth Management Co. increased its holdings in Cincinnati Financial by 1.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,445 shares of the insurance provider’s stock worth $761,000 after buying an additional 80 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in Cincinnati Financial during the second quarter valued at approximately $7,610,000. 65.24% of the stock is currently owned by hedge funds and other institutional investors.

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.