Cincinnati Financial Corporation $CINF Stake Lowered by California Public Employees Retirement System

California Public Employees Retirement System trimmed its stake in shares of Cincinnati Financial Corporation (NASDAQ:CINF) by 16.5% during the third quarter, Holdings Channel reports. The firm owned 487,153 shares of the insurance provider’s stock after selling 96,595 shares during the period. California Public Employees Retirement System’s holdings in Cincinnati Financial were worth $77,019,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Cibc World Market Inc. bought a new stake in Cincinnati Financial in the third quarter valued at $2,511,000. Strs Ohio boosted its holdings in shares of Cincinnati Financial by 322.9% during the third quarter. Strs Ohio now owns 93,483 shares of the insurance provider’s stock valued at $14,780,000 after acquiring an additional 71,378 shares during the period. Western Wealth Management LLC bought a new position in shares of Cincinnati Financial during the third quarter worth about $1,622,000. Johnson Investment Counsel Inc. increased its holdings in shares of Cincinnati Financial by 2.8% in the 3rd quarter. Johnson Investment Counsel Inc. now owns 1,405,680 shares of the insurance provider’s stock worth $222,238,000 after acquiring an additional 37,913 shares during the period. Finally, AE Wealth Management LLC increased its holdings in shares of Cincinnati Financial by 1,102.8% in the 3rd quarter. AE Wealth Management LLC now owns 50,997 shares of the insurance provider’s stock worth $8,063,000 after acquiring an additional 46,757 shares during the period. Institutional investors own 65.24% of the company’s stock.

Cincinnati Financial Price Performance

NASDAQ CINF opened at $166.57 on Tuesday. Cincinnati Financial Corporation has a 1 year low of $123.01 and a 1 year high of $174.27. The business’s fifty day moving average is $163.60 and its two-hundred day moving average is $161.46. The stock has a market capitalization of $25.92 billion, a P/E ratio of 10.98, a P/E/G ratio of 3.65 and a beta of 0.63. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.29 and a current ratio of 0.29.

Cincinnati Financial (NASDAQ:CINF) last released its quarterly earnings data on Monday, February 9th. The insurance provider reported $3.37 earnings per share for the quarter, topping the consensus estimate of $2.86 by $0.51. The business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $2.92 billion. Cincinnati Financial had a return on equity of 8.45% and a net margin of 18.94%.The company’s revenue was up 21.8% compared to the same quarter last year. During the same period last year, the company posted $3.14 EPS. On average, research analysts forecast that Cincinnati Financial Corporation will post 5.36 earnings per share for the current fiscal year.

Cincinnati Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 24th will be given a $0.94 dividend. This is a positive change from Cincinnati Financial’s previous quarterly dividend of $0.87. The ex-dividend date is Tuesday, March 24th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.3%. Cincinnati Financial’s dividend payout ratio is 24.79%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CINF. Weiss Ratings raised shares of Cincinnati Financial from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, March 10th. Keefe, Bruyette & Woods raised their price target on shares of Cincinnati Financial from $180.00 to $191.00 and gave the company an “outperform” rating in a research note on Tuesday, January 6th. Piper Sandler lifted their price target on Cincinnati Financial from $150.00 to $157.00 and gave the company a “neutral” rating in a report on Monday, December 22nd. Finally, Wall Street Zen downgraded Cincinnati Financial from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Cincinnati Financial presently has an average rating of “Buy” and an average target price of $174.33.

Cincinnati Financial Company Profile

Cincinnati Financial Corporation (NASDAQ: CINF) is an insurance holding company headquartered in the Cincinnati area of Ohio that provides property and casualty insurance products and related services. Founded as part of the Cincinnati Insurance group, the company operates through a set of insurance subsidiaries to underwrite and service policies for both personal and commercial customers. Cincinnati Financial is publicly traded and emphasizes underwriting discipline and long-term relationships with its distribution partners and policyholders.

The company’s core business centers on property and casualty insurance, including homeowners, automobile, commercial casualty, commercial multi-peril, and specialty commercial coverages.