Quarry LP Takes $43,000 Position in Cincinnati Financial Co. (NASDAQ:CINF)

Quarry LP purchased a new stake in shares of Cincinnati Financial Co. (NASDAQ:CINF) in the third quarter, according to its most recent 13F filing with the SEC. The fund purchased 316 shares of the insurance provider’s stock, valued at approximately $43,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Royal London Asset Management Ltd. grew its position in Cincinnati Financial by 32.6% in the third quarter. Royal London Asset Management Ltd. now owns 128,027 shares of the insurance provider’s stock worth $17,427,000 after acquiring an additional 31,464 shares in the last quarter. Point72 DIFC Ltd purchased a new position in Cincinnati Financial in the third quarter worth $904,000. Point72 Asset Management L.P. purchased a new position in Cincinnati Financial in the third quarter worth $12,795,000. Investment Management Corp of Ontario grew its position in Cincinnati Financial by 44.8% in the third quarter. Investment Management Corp of Ontario now owns 5,169 shares of the insurance provider’s stock worth $704,000 after acquiring an additional 1,600 shares in the last quarter. Finally, Janus Henderson Group PLC grew its position in Cincinnati Financial by 2.8% in the third quarter. Janus Henderson Group PLC now owns 18,174 shares of the insurance provider’s stock worth $2,474,000 after acquiring an additional 500 shares in the last quarter. 65.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CINF shares. Keefe, Bruyette & Woods upped their target price on shares of Cincinnati Financial from $152.00 to $156.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Bank of America boosted their price target on shares of Cincinnati Financial from $149.00 to $168.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Piper Sandler boosted their price target on shares of Cincinnati Financial from $116.00 to $126.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $138.57.

Cincinnati Financial Stock Performance

Shares of NASDAQ:CINF opened at $149.83 on Wednesday. The company has a market cap of $23.42 billion, a price-to-earnings ratio of 7.70, a price-to-earnings-growth ratio of 2.98 and a beta of 0.69. The company has a 50-day moving average price of $146.10 and a 200-day moving average price of $132.64. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.06. Cincinnati Financial Co. has a 12 month low of $100.31 and a 12 month high of $161.74.

Cincinnati Financial (NASDAQ:CINF) last announced its quarterly earnings results on Thursday, October 24th. The insurance provider reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by ($0.04). Cincinnati Financial had a net margin of 25.26% and a return on equity of 8.25%. The company had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the prior year, the firm earned $1.66 EPS. Cincinnati Financial’s quarterly revenue was up 21.5% compared to the same quarter last year. As a group, equities analysts anticipate that Cincinnati Financial Co. will post 6.31 EPS for the current year.

Cincinnati Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, December 19th will be given a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 2.16%. The ex-dividend date is Thursday, December 19th. Cincinnati Financial’s dividend payout ratio is currently 16.65%.

Insider Activity at Cincinnati Financial

In other Cincinnati Financial news, Director Dirk J. Debbink acquired 1,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were acquired at an average price of $157.19 per share, for a total transaction of $157,190.00. Following the completion of the acquisition, the director now owns 54,500 shares in the company, valued at $8,566,855. This trade represents a 1.87 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.83% of the stock is owned by corporate insiders.

About Cincinnati Financial

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.