Retirement Systems of Alabama Has $4.65 Million Position in Cincinnati Financial Co. (NASDAQ:CINF)

Retirement Systems of Alabama trimmed its position in Cincinnati Financial Co. (NASDAQ:CINF) by 1.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 34,170 shares of the insurance provider’s stock after selling 366 shares during the period. Retirement Systems of Alabama’s holdings in Cincinnati Financial were worth $4,651,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its stake in shares of Cincinnati Financial by 26.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,782,221 shares of the insurance provider’s stock valued at $787,076,000 after acquiring an additional 1,218,919 shares in the last quarter. Fort Washington Investment Advisors Inc. OH grew its position in shares of Cincinnati Financial by 1.1% during the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 1,514,353 shares of the insurance provider’s stock worth $178,845,000 after purchasing an additional 16,451 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Cincinnati Financial by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,349,462 shares of the insurance provider’s stock worth $159,360,000 after purchasing an additional 187,934 shares during the period. Bahl & Gaynor Inc. boosted its stake in shares of Cincinnati Financial by 10.6% in the second quarter. Bahl & Gaynor Inc. now owns 1,115,487 shares of the insurance provider’s stock valued at $131,739,000 after buying an additional 107,081 shares during the period. Finally, AQR Capital Management LLC boosted its stake in shares of Cincinnati Financial by 39.4% in the second quarter. AQR Capital Management LLC now owns 981,333 shares of the insurance provider’s stock valued at $115,758,000 after buying an additional 277,550 shares during the period. Institutional investors and hedge funds own 65.24% of the company’s stock.

Insiders Place Their Bets

In other news, Director Dirk J. Debbink purchased 1,000 shares of Cincinnati Financial stock in a transaction dated Tuesday, December 3rd. The shares were bought at an average cost 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 approximately $8,566,855. This trade represents a 1.87 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.83% of the company’s stock.

Cincinnati Financial Stock Performance

Cincinnati Financial stock opened at $142.23 on Friday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.06. The stock has a market cap of $22.23 billion, a PE ratio of 7.31, a P/E/G ratio of 2.89 and a beta of 0.69. Cincinnati Financial Co. has a 12-month low of $100.31 and a 12-month high of $161.74. The business’s 50-day moving average price is $148.23 and its two-hundred day moving average price is $134.21.

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

Cincinnati Financial Dividend Announcement

The company also recently disclosed 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. The ex-dividend date is Thursday, December 19th. This represents a $3.24 dividend on an annualized basis and a yield of 2.28%. Cincinnati Financial’s dividend payout ratio is currently 16.65%.

Analysts Set New Price Targets

Several brokerages have weighed in on CINF. Bank of America lifted their price objective on Cincinnati Financial from $149.00 to $168.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Keefe, Bruyette & Woods boosted their price target on Cincinnati Financial from $152.00 to $156.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, Piper Sandler raised their target price on shares of Cincinnati Financial from $116.00 to $126.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $143.33.

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.