Pictet Asset Management Holding SA Has $10.45 Million Position in Cincinnati Financial Corporation $CINF

Pictet Asset Management Holding SA cut its stake in shares of Cincinnati Financial Corporation (NASDAQ:CINF) by 6.3% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 66,399 shares of the insurance provider’s stock after selling 4,452 shares during the period. Pictet Asset Management Holding SA’s holdings in Cincinnati Financial were worth $10,448,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Stokes Capital Advisors LLC purchased a new stake in Cincinnati Financial in the 1st quarter worth approximately $248,000. Louisiana State Employees Retirement System acquired a new stake in shares of Cincinnati Financial during the 1st quarter valued at $1,259,000. William B. Walkup & Associates Inc. grew its holdings in shares of Cincinnati Financial by 2.9% during the 1st quarter. William B. Walkup & Associates Inc. now owns 2,898 shares of the insurance provider’s stock valued at $428,000 after acquiring an additional 82 shares in the last quarter. OP Asset Management Ltd purchased a new position in shares of Cincinnati Financial during the 1st quarter valued at $2,542,000. Finally, Banque Cantonale Vaudoise acquired a new position in shares of Cincinnati Financial in the first quarter worth $192,000. Institutional investors and hedge funds own 65.24% of the company’s stock.

Cincinnati Financial Price Performance

Cincinnati Financial stock opened at $192.03 on Friday. The company has a market capitalization of $29.70 billion, a P/E ratio of 10.98, a P/E/G ratio of 4.15 and a beta of 0.54. The firm’s fifty day simple moving average is $168.51 and its 200-day simple moving average is $164.98. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.06. Cincinnati Financial Corporation has a 1-year low of $143.87 and a 1-year high of $192.09.

Cincinnati Financial (NASDAQ:CINF) last released its quarterly earnings data on Monday, April 27th. The insurance provider reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.17. The business had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.61 billion. Cincinnati Financial had a net margin of 21.33% and a return on equity of 10.57%. Cincinnati Financial’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.24) EPS. Sell-side analysts forecast that Cincinnati Financial Corporation will post 8.66 earnings per share for the current fiscal year.

Cincinnati Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 23rd will be given a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, June 23rd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.0%. Cincinnati Financial’s payout ratio is currently 21.50%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Roth Mkm increased their price objective on Cincinnati Financial from $175.00 to $190.00 and gave the stock a “buy” rating in a report on Tuesday, April 28th. Keefe, Bruyette & Woods boosted their target price on Cincinnati Financial from $190.00 to $191.00 and gave the company an “outperform” rating in a research note on Wednesday, April 29th. Weiss Ratings raised Cincinnati Financial from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Friday, June 26th. Bank of America cut their price target on Cincinnati Financial from $178.00 to $177.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Finally, Piper Sandler lifted their price target on Cincinnati Financial from $161.00 to $175.00 and gave the company a “neutral” rating in a report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Cincinnati Financial has an average rating of “Buy” and an average target price of $183.25.

About Cincinnati Financial

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.