Truist Financial Corp Trims Stake in Cincinnati Financial Co. (NASDAQ:CINF)

Truist Financial Corp reduced its position in Cincinnati Financial Co. (NASDAQ:CINF) by 53.9% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 11,942 shares of the insurance provider’s stock after selling 13,976 shares during the period. Truist Financial Corp’s holdings in Cincinnati Financial were worth $1,410,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CINF. Rothschild Investment LLC purchased a new stake in shares of Cincinnati Financial in the 2nd quarter valued at about $29,000. Raleigh Capital Management Inc. purchased a new stake in shares of Cincinnati Financial in the 4th quarter valued at about $31,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Cincinnati Financial in the 1st quarter valued at about $47,000. Ashton Thomas Private Wealth LLC purchased a new stake in Cincinnati Financial during the 2nd quarter valued at approximately $49,000. Finally, Innealta Capital LLC purchased a new stake in Cincinnati Financial during the 2nd quarter valued at approximately $52,000. 65.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Roth Mkm upped their price objective on Cincinnati Financial from $130.00 to $140.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Citigroup raised Cincinnati Financial from a “neutral” rating to a “buy” rating and upped their price objective for the company from $126.00 to $135.00 in a research note on Friday, June 28th. Bank of America upped their price objective on Cincinnati Financial from $149.00 to $168.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Keefe, Bruyette & Woods upped their price objective on Cincinnati Financial from $146.00 to $150.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Cincinnati Financial currently has an average rating of “Moderate Buy” and an average target price of $136.29.

Cincinnati Financial Stock Performance

Shares of CINF stock opened at $136.39 on Friday. The company has a market cap of $21.35 billion, a price-to-earnings ratio of 9.07, a price-to-earnings-growth ratio of 2.62 and a beta of 0.66. The stock has a 50 day simple moving average of $133.84 and a 200-day simple moving average of $124.06. Cincinnati Financial Co. has a 12-month low of $96.86 and a 12-month high of $139.34. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.07.

Cincinnati Financial (NASDAQ:CINF) last released its quarterly earnings results on Thursday, July 25th. The insurance provider reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.33. The business had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.21 billion. Cincinnati Financial had a return on equity of 9.10% and a net margin of 20.20%. The company’s revenue was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.21 EPS. On average, equities analysts forecast that Cincinnati Financial Co. will post 6.58 EPS for the current year.

Cincinnati Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 17th will be issued a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date is Tuesday, September 17th. Cincinnati Financial’s dividend payout ratio is currently 21.56%.

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.