Bank of America Cuts Cincinnati Financial (NASDAQ:CINF) Price Target to $177.00
by Mitch Edgeman · The Markets DailyCincinnati Financial (NASDAQ:CINF – Free Report) had its target price decreased by Bank of America from $178.00 to $177.00 in a research note issued to investors on Tuesday,Benzinga reports. Bank of America currently has a buy rating on the insurance provider’s stock.
CINF has been the topic of a number of other research reports. Weiss Ratings downgraded Cincinnati Financial from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday, March 24th. Piper Sandler increased their price target on Cincinnati Financial from $150.00 to $157.00 and gave the stock a “neutral” rating in a research report on Monday, December 22nd. Keefe, Bruyette & Woods lowered their price target on Cincinnati Financial from $191.00 to $190.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 7th. Finally, Wall Street Zen downgraded Cincinnati Financial from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $174.75.
Check Out Our Latest Research Report on CINF
Cincinnati Financial Stock Up 0.2%
Cincinnati Financial stock opened at $163.36 on Tuesday. The firm has a market cap of $25.43 billion, a price-to-earnings ratio of 10.77, a price-to-earnings-growth ratio of 4.30 and a beta of 0.63. Cincinnati Financial has a 52 week low of $126.45 and a 52 week high of $174.27. The business’s 50-day moving average price is $162.58 and its 200 day moving average price is $162.21. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.06.
Cincinnati Financial (NASDAQ:CINF – Get Free Report) last posted its earnings results on Monday, February 9th. The insurance provider reported $3.37 EPS for the quarter, topping the consensus estimate of $2.86 by $0.51. The firm had revenue of $3.09 billion for the quarter, compared to analyst estimates of $2.92 billion. Cincinnati Financial had a return on equity of 8.45% and a net margin of 18.94%.Cincinnati Financial’s revenue for the quarter was up 21.8% compared to the same quarter last year. During the same period last year, the company earned $3.14 earnings per share. As a group, sell-side analysts anticipate that Cincinnati Financial will post 5.36 earnings per share for the current year.
Cincinnati Financial Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 24th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 2.3%. This is a boost from Cincinnati Financial’s previous quarterly dividend of $0.87. The ex-dividend date was Tuesday, March 24th. Cincinnati Financial’s dividend payout ratio (DPR) is 24.79%.
Hedge Funds Weigh In On Cincinnati Financial
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Oppenheimer & Co. Inc. lifted its position in shares of Cincinnati Financial by 0.4% in the third quarter. Oppenheimer & Co. Inc. now owns 14,906 shares of the insurance provider’s stock valued at $2,357,000 after acquiring an additional 64 shares in the last quarter. Legacy Financial Strategies LLC lifted its position in shares of Cincinnati Financial by 0.3% in the third quarter. Legacy Financial Strategies LLC now owns 22,616 shares of the insurance provider’s stock valued at $3,576,000 after acquiring an additional 65 shares in the last quarter. State of Wyoming lifted its position in shares of Cincinnati Financial by 5.4% in the third quarter. State of Wyoming now owns 1,315 shares of the insurance provider’s stock valued at $208,000 after acquiring an additional 67 shares in the last quarter. Natural Investments LLC lifted its position in shares of Cincinnati Financial by 2.1% in the third quarter. Natural Investments LLC now owns 3,421 shares of the insurance provider’s stock valued at $540,000 after acquiring an additional 70 shares in the last quarter. Finally, Triton Financial Group Inc lifted its position in shares of Cincinnati Financial by 0.7% in the fourth quarter. Triton Financial Group Inc now owns 10,518 shares of the insurance provider’s stock valued at $1,718,000 after acquiring an additional 73 shares in the last quarter. Hedge funds and other institutional investors own 65.24% of the company’s stock.
Cincinnati Financial Company Profile
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.