ING Groep NV cut its position in Cincinnati Financial Corp. (NASDAQ:CINF) by 70.2% during the second quarter, Holdings Channel reports. The fund owned 31,112 shares of the company’s stock after selling 73,125 shares during the period. ING Groep NV’s holdings in Cincinnati Financial Corp. were worth $2,330,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in CINF. Renaissance Technologies LLC increased its position in shares of Cincinnati Financial Corp. by 228.7% in the first quarter. Renaissance Technologies LLC now owns 967,700 shares of the company’s stock worth $63,249,000 after buying an additional 673,300 shares during the last quarter. Geode Capital Management LLC increased its position in Cincinnati Financial Corp. by 1.9% in the first quarter. Geode Capital Management LLC now owns 1,284,690 shares of the company’s stock valued at $83,804,000 after buying an additional 24,253 shares during the last quarter. Bank of Montreal Can purchased a new position in Cincinnati Financial Corp. during the second quarter valued at approximately $13,230,000. GW&K Investment Management LLC increased its position in Cincinnati Financial Corp. by 6.8% in the second quarter. GW&K Investment Management LLC now owns 426,275 shares of the company’s stock valued at $31,924,000 after buying an additional 27,234 shares during the last quarter. Finally, Alps Advisors Inc. increased its position in Cincinnati Financial Corp. by 12.9% in the second quarter. Alps Advisors Inc. now owns 374,085 shares of the company’s stock valued at $28,015,000 after buying an additional 42,628 shares during the last quarter. Hedge funds and other institutional investors own 61.38% of the company’s stock.
Shares of Cincinnati Financial Corp. (NASDAQ:CINF) traded up 0.28% during midday trading on Wednesday, reaching $74.05. 436,882 shares of the company’s stock were exchanged. The stock has a market cap of $12.19 billion, a price-to-earnings ratio of 19.18 and a beta of 0.79. Cincinnati Financial Corp. has a one year low of $53.64 and a one year high of $78.09. The firm has a 50 day moving average of $75.88 and a 200-day moving average of $71.45.
Cincinnati Financial Corp. (NASDAQ:CINF) last announced its earnings results on Tuesday, July 26th. The company reported $0.57 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.14. Cincinnati Financial Corp. had a net margin of 12.15% and a return on equity of 9.02%. The business earned $1.37 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter last year, the firm earned $0.83 earnings per share. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, equities research analysts anticipate that Cincinnati Financial Corp. will post $3.19 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Wednesday, September 21st will be paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date is Monday, September 19th. Cincinnati Financial Corp.’s dividend payout ratio is 49.74%.
CINF has been the topic of several research analyst reports. Zacks Investment Research downgraded Cincinnati Financial Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, September 27th. MKM Partners upped their price objective on Cincinnati Financial Corp. from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, June 9th.
About Cincinnati Financial Corp.
Cincinnati Financial Corporation is an insurance holding company. The Company is engaged in the business of property casualty insurance marketed through independent insurance agencies in over 40 states. It operates through five segments: Commercial lines insurance, Personal lines insurance, Excess and surplus lines insurance, Life insurance and Investments.
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