Sumitomo Mitsui Trust Group Inc. Cuts Stock Holdings in Cincinnati Financial Corporation $CINF

Sumitomo Mitsui Trust Group Inc. lessened its stake in Cincinnati Financial Corporation (NASDAQ:CINF) by 2.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 360,309 shares of the insurance provider’s stock after selling 10,159 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Cincinnati Financial were worth $56,695,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in CINF. Cvfg LLC acquired a new stake in shares of Cincinnati Financial during the 1st quarter worth $295,000. Montag A & Associates Inc. raised its position in shares of Cincinnati Financial by 616.3% in the 1st quarter. Montag A & Associates Inc. now owns 351 shares of the insurance provider’s stock worth $56,000 after buying an additional 302 shares during the period. McLaughlin Asset Management Inc. acquired a new position in Cincinnati Financial in the first quarter valued at $350,000. Busey Bank acquired a new position in Cincinnati Financial in the first quarter valued at $290,000. Finally, Ascentis Independent Advisors grew its position in Cincinnati Financial by 82.6% during the first quarter. Ascentis Independent Advisors now owns 3,966 shares of the insurance provider’s stock valued at $624,000 after acquiring an additional 1,794 shares during the period. 65.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CINF. Roth Capital upped their price target on Cincinnati Financial from $175.00 to $190.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. Weiss Ratings raised Cincinnati Financial from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Friday, June 26th. Bank of America decreased their target price on Cincinnati Financial from $178.00 to $177.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. Piper Sandler increased their target price on shares of Cincinnati Financial from $161.00 to $175.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 26th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $201.00 price target (up from $191.00) on shares of Cincinnati Financial in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $185.75.

Cincinnati Financial Stock Up 2.2%

NASDAQ CINF traded up $3.85 during trading hours on Friday, hitting $179.28. The company had a trading volume of 1,007,110 shares, compared to its average volume of 928,187. The firm’s 50 day moving average is $170.27 and its 200 day moving average is $165.54. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.28 and a quick ratio of 0.28. Cincinnati Financial Corporation has a fifty-two week low of $143.87 and a fifty-two week high of $194.81. The company has a market capitalization of $27.73 billion, a price-to-earnings ratio of 10.25, a P/E/G ratio of 3.87 and a beta of 0.54.

Cincinnati Financial (NASDAQ:CINF) last issued its quarterly earnings data on Monday, April 27th. The insurance provider reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.17. Cincinnati Financial had a return on equity of 10.57% and a net margin of 21.33%.The company had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.61 billion. During the same quarter in the previous year, the firm posted ($0.24) earnings per share. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. Sell-side analysts anticipate that Cincinnati Financial Corporation will post 8.7 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. Investors of record on Tuesday, June 23rd will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Tuesday, June 23rd. This represents a $3.76 annualized dividend and a yield of 2.1%. Cincinnati Financial’s payout ratio is 21.50%.

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.