Corebridge Financial Inc. Lowers Holdings in Cincinnati Financial Co. (NASDAQ:CINF)

Corebridge Financial Inc. lowered its holdings in Cincinnati Financial Co. (NASDAQ:CINF) by 1.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,369 shares of the insurance provider’s stock after selling 401 shares during the quarter. Corebridge Financial Inc.’s holdings in Cincinnati Financial were worth $5,514,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of CINF. Oak Thistle LLC lifted its position in Cincinnati Financial by 177.8% in the fourth quarter. Oak Thistle LLC now owns 8,570 shares of the insurance provider’s stock valued at $1,232,000 after buying an additional 5,485 shares during the last quarter. World Investment Advisors LLC acquired a new position in shares of Cincinnati Financial in the 3rd quarter worth approximately $546,000. JPMorgan Chase & Co. boosted its position in shares of Cincinnati Financial by 49.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 445,337 shares of the insurance provider’s stock worth $60,619,000 after purchasing an additional 147,542 shares during the period. Principal Financial Group Inc. increased its holdings in Cincinnati Financial by 2.7% in the 3rd quarter. Principal Financial Group Inc. now owns 191,149 shares of the insurance provider’s stock valued at $26,019,000 after purchasing an additional 5,097 shares during the last quarter. Finally, New York Life Investment Management LLC raised its position in Cincinnati Financial by 11.5% in the fourth quarter. New York Life Investment Management LLC now owns 23,117 shares of the insurance provider’s stock valued at $3,322,000 after purchasing an additional 2,383 shares during the period. Institutional investors and hedge funds own 65.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CINF. Roth Mkm raised their price target on Cincinnati Financial from $140.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Keefe, Bruyette & Woods raised their target price on Cincinnati Financial from $180.00 to $182.00 and gave the company an “outperform” rating in a report on Thursday, February 13th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Cincinnati Financial presently has an average rating of “Moderate Buy” and a consensus target price of $154.20.

Cincinnati Financial Stock Down 1.3 %

Cincinnati Financial stock opened at $145.55 on Friday. The firm has a market capitalization of $22.79 billion, a P/E ratio of 10.02, a P/E/G ratio of 8.30 and a beta of 0.66. The company has a current ratio of 0.29, a quick ratio of 0.31 and a debt-to-equity ratio of 0.06. Cincinnati Financial Co. has a twelve month low of $109.93 and a twelve month high of $161.75. The stock’s fifty day simple moving average is $140.57 and its 200-day simple moving average is $142.73.

Cincinnati Financial (NASDAQ:CINF) last posted its quarterly earnings results on Monday, February 10th. The insurance provider reported $3.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $1.24. Cincinnati Financial had a return on equity of 9.01% and a net margin of 20.22%. As a group, equities analysts expect that Cincinnati Financial Co. will post 5.36 earnings per share for the current fiscal year.

Cincinnati Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 24th will be issued a dividend of $0.87 per share. This represents a $3.48 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend is Monday, March 24th. This is a boost from Cincinnati Financial’s previous quarterly dividend of $0.81. Cincinnati Financial’s payout ratio is 23.97%.

Cincinnati Financial Company Profile

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.