Cincinnati Financial Co. (NASDAQ:CINF) Sees Significant Decrease in Short Interest

01 Oct 2024, 17:48 by Sarita Garza · The Markets Daily

Cincinnati Financial Co. (NASDAQ:CINF – Get Free Report) saw a large decrease in short interest in September. As of September 15th, there was short interest totalling 1,920,000 shares, a decrease of 10.3% from the August 31st total of 2,140,000 shares. Based on an average daily volume of 637,200 shares, the short-interest ratio is presently 3.0 days. Approximately 1.3% of the company’s shares are sold short.

Wall Street Analyst Weigh In

CINF has been the topic of several recent research reports. Citigroup upgraded Cincinnati Financial from a “neutral” rating to a “buy” rating and increased their price target for the stock from $126.00 to $135.00 in a report on Friday, June 28th. Roth Mkm increased their price target on Cincinnati Financial from $130.00 to $140.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Bank of America decreased their price target on Cincinnati Financial from $151.00 to $149.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Finally, Keefe, Bruyette & Woods increased their price objective on Cincinnati Financial from $146.00 to $150.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Cincinnati Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $133.57.

View Our Latest Analysis on Cincinnati Financial

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Wells Fargo & Company MN increased its holdings in Cincinnati Financial by 0.7% during the 4th quarter. Wells Fargo & Company MN now owns 163,196 shares of the insurance provider’s stock valued at $16,884,000 after purchasing an additional 1,135 shares during the period. Assetmark Inc. increased its holdings in Cincinnati Financial by 252.2% during the 4th quarter. Assetmark Inc. now owns 243 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 174 shares during the period. TD Asset Management Inc increased its holdings in Cincinnati Financial by 56.2% during the 4th quarter. TD Asset Management Inc now owns 79,063 shares of the insurance provider’s stock valued at $8,180,000 after purchasing an additional 28,457 shares during the period. Allianz Asset Management GmbH increased its holdings in Cincinnati Financial by 14.3% during the 4th quarter. Allianz Asset Management GmbH now owns 24,306 shares of the insurance provider’s stock valued at $2,515,000 after purchasing an additional 3,047 shares during the period. Finally, Dorsey & Whitney Trust CO LLC purchased a new position in Cincinnati Financial during the 4th quarter valued at about $223,000. Hedge funds and other institutional investors own 65.24% of the company’s stock.

Cincinnati Financial Price Performance

NASDAQ:CINF traded up $1.18 during trading hours on Tuesday, hitting $137.30. 139,195 shares of the company’s stock traded hands, compared to its average volume of 725,003. The firm has a market cap of $21.50 billion, a P/E ratio of 9.06, a P/E/G ratio of 2.65 and a beta of 0.66. Cincinnati Financial has a 52 week low of $96.86 and a 52 week high of $139.34. The business’s fifty day simple moving average is $132.08 and its two-hundred day simple moving average is $123.04. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.07.

Cincinnati Financial (NASDAQ:CINF – Get Free Report) last posted its quarterly earnings data on Thursday, July 25th. The insurance provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.33. Cincinnati Financial had a return on equity of 9.10% and a net margin of 20.20%. The company had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.21 billion. During the same quarter last year, the company earned $1.21 earnings per share. The firm’s quarterly revenue was up 11.4% on a year-over-year basis. On average, research analysts anticipate that Cincinnati Financial will post 6.58 earnings per share for the current fiscal year.

Cincinnati Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 17th will be issued a $0.81 dividend. The ex-dividend date of this dividend is Tuesday, September 17th. This represents a $3.24 annualized dividend and a dividend yield of 2.36%. Cincinnati Financial’s dividend payout ratio is currently 21.56%.

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