JPMorgan Chase & Co. Reduces Holdings in Cincinnati Financial Co. (NASDAQ:CINF)

JPMorgan Chase & Co. trimmed its position in shares of Cincinnati Financial Co. (NASDAQ:CINF) by 18.2% in the 2nd quarter, Holdings Channel reports. The firm owned 198,029 shares of the insurance provider’s stock after selling 43,995 shares during the period. JPMorgan Chase & Co.’s holdings in Cincinnati Financial were worth $23,095,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CINF. Providence Capital Advisors LLC increased its position in shares of Cincinnati Financial by 953.6% during the first quarter. Providence Capital Advisors LLC now owns 295 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 267 shares in the last quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. purchased a new stake in shares of Cincinnati Financial during the second quarter worth approximately $30,000. Harvest Fund Management Co. Ltd purchased a new stake in shares of Cincinnati Financial during the second quarter worth approximately $32,000. Eagle Bay Advisors LLC purchased a new stake in shares of Cincinnati Financial during the second quarter worth approximately $37,000. Finally, Barrett Asset Management LLC purchased a new stake in shares of Cincinnati Financial during the second quarter worth approximately $64,000. Hedge funds and other institutional investors own 66.37% of the company’s stock.

Several analysts have issued reports on CINF shares. Piper Sandler upgraded Cincinnati Financial from an “underweight” rating to a “neutral” rating and upped their target price for the company from $100.00 to $116.00 in a report on Friday, July 9th. Zacks Investment Research cut Cincinnati Financial from a “strong-buy” rating to a “hold” rating and set a $122.00 target price for the company. in a report on Tuesday, September 28th. Wolfe Research started coverage on Cincinnati Financial in a report on Monday, August 16th. They issued an “outperform” rating and a $148.00 target price for the company. Finally, Royal Bank of Canada upped their target price on Cincinnati Financial from $119.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, July 30th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $126.00.

NASDAQ:CINF opened at $116.99 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.30 and a current ratio of 0.30. Cincinnati Financial Co. has a one year low of $69.92 and a one year high of $125.67. The business’s 50-day simple moving average is $119.20 and its 200 day simple moving average is $116.78. The stock has a market cap of $18.86 billion, a price-to-earnings ratio of 6.65 and a beta of 0.67.

Cincinnati Financial (NASDAQ:CINF) last released its quarterly earnings results on Wednesday, July 28th. The insurance provider reported $1.79 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.80. Cincinnati Financial had a return on equity of 7.71% and a net margin of 30.25%. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the firm posted $0.44 earnings per share. On average, equities research analysts predict that Cincinnati Financial Co. will post 5.23 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Thursday, September 16th will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend is Wednesday, September 15th. Cincinnati Financial’s payout ratio is currently 76.83%.

About Cincinnati Financial

Cincinnati Financial Corp. provides property casualty and life insurance services. It operates through the following segments: Commercial Lines Insurance, Personal Lines Insurance, Excess and Surplus Lines Insurance, Life Insurance, and Investments. The Commercial Lines Insurance segment includes commercial casualty, commercial property, commercial auto, worker’s compensation, and other commercial lines insurance.

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Institutional Ownership by Quarter for Cincinnati Financial (NASDAQ:CINF)

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