Zacks Investment Research upgraded shares of Cincinnati Financial Corporation (NASDAQ:CINF) from a hold rating to a buy rating in a report issued on Tuesday morning. The firm currently has $86.00 target price on the insurance provider’s stock.
According to Zacks, “Shares of Cincinnati Financial have outperformed the industry, quarter to date. Moreover, the company witnessed its 2017 and 2018 estimates moving north over the last 60 days. Cincinnati Financial’s low leverage, ample capital, consistent cash flow generation, favorable reserve release, share repurchases and consistent dividend hikes should drive growth. Management is appointing agencies and expanding product offerings to ramp up the business. Moreover, the company continues to see net investment income growth and expects to retain the momentum in the near term as well. However, the company’s exposure to cat losses and a continued turmoil in group benefits associated with the ACA are headwinds. The insurer has replaced its existing catastrophe bond program with a new collateralized reinsurance to mitigate the loss.”
Several other equities analysts have also recently weighed in on the company. BidaskClub raised Cincinnati Financial Corporation from a sell rating to a hold rating in a report on Wednesday, August 9th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $70.00 price objective on shares of Cincinnati Financial Corporation in a report on Friday, August 18th. Finally, Royal Bank Of Canada reaffirmed a hold rating and issued a $72.00 price objective on shares of Cincinnati Financial Corporation in a report on Monday, May 22nd. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $79.50.
Shares of Cincinnati Financial Corporation (CINF) opened at 76.65 on Tuesday. The company has a market capitalization of $12.57 billion, a PE ratio of 21.96 and a beta of 0.89. The firm has a 50-day moving average price of $77.28 and a 200-day moving average price of $73.19. Cincinnati Financial Corporation has a 12 month low of $68.11 and a 12 month high of $81.98.
Cincinnati Financial Corporation (NASDAQ:CINF) last released its quarterly earnings results on Wednesday, August 2nd. The insurance provider reported $0.64 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.18. The business had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Cincinnati Financial Corporation had a return on equity of 6.57% and a net margin of 10.33%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period last year, the firm posted $0.57 EPS. On average, equities research analysts predict that Cincinnati Financial Corporation will post $2.90 EPS for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 22nd will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, September 21st. This represents a $2.00 annualized dividend and a yield of 2.61%. Cincinnati Financial Corporation’s dividend payout ratio is presently 57.31%.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Seven Eight Capital LP acquired a new position in Cincinnati Financial Corporation in the 2nd quarter valued at $101,000. Korea Investment CORP raised its holdings in Cincinnati Financial Corporation by 142.0% in the 2nd quarter. Korea Investment CORP now owns 1,452 shares of the insurance provider’s stock valued at $105,000 after acquiring an additional 852 shares in the last quarter. People s United Financial Inc. raised its holdings in Cincinnati Financial Corporation by 6.5% in the 2nd quarter. People s United Financial Inc. now owns 1,802 shares of the insurance provider’s stock valued at $131,000 after acquiring an additional 110 shares in the last quarter. San Francisco Sentry Investment Group CA acquired a new position in Cincinnati Financial Corporation in the 2nd quarter valued at $152,000. Finally, WFG Advisors LP raised its holdings in Cincinnati Financial Corporation by 39.4% in the 2nd quarter. WFG Advisors LP now owns 2,542 shares of the insurance provider’s stock valued at $184,000 after acquiring an additional 718 shares in the last quarter. 63.12% of the stock is owned by hedge funds and other institutional investors.
Cincinnati Financial Corporation Company Profile
Cincinnati Financial Corporation is an insurance holding company. It operates through five segments: Commercial lines insurance, Personal lines insurance, Excess and surplus lines insurance, and Life insurance and Investments. Its Commercial Lines Insurance Segment provides five commercial business lines: commercial casualty, commercial property, commercial auto, workers’ compensation and other commercial lines.
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