State Treasurer State of Michigan grew its holdings in Cincinnati Financial Co. (NASDAQ:CINF) by 0.7% in the 1st quarter, HoldingsChannel reports. The firm owned 43,621 shares of the insurance provider’s stock after buying an additional 300 shares during the quarter. State Treasurer State of Michigan’s holdings in Cincinnati Financial were worth $3,747,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of the company. Berman Capital Advisors LLC bought a new position in shares of Cincinnati Financial during the 4th quarter worth approximately $37,000. Clarus Wealth Advisors bought a new position in shares of Cincinnati Financial during the 4th quarter worth approximately $38,000. Portfolio Solutions LLC bought a new position in shares of Cincinnati Financial during the 4th quarter worth approximately $39,000. Princeton Global Asset Management LLC bought a new position in shares of Cincinnati Financial during the 4th quarter worth approximately $41,000. Finally, Parallel Advisors LLC raised its stake in shares of Cincinnati Financial by 30.5% during the 1st quarter. Parallel Advisors LLC now owns 758 shares of the insurance provider’s stock worth $65,000 after acquiring an additional 177 shares in the last quarter. Institutional investors and hedge funds own 65.12% of the company’s stock.
Shares of Cincinnati Financial stock opened at $97.73 on Friday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.10. Cincinnati Financial Co. has a 12-month low of $66.33 and a 12-month high of $98.28. The company has a market cap of $15.86 billion, a price-to-earnings ratio of 29.17 and a beta of 0.72.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Wednesday, June 19th will be paid a dividend of $0.56 per share. The ex-dividend date is Tuesday, June 18th. This represents a $2.24 dividend on an annualized basis and a yield of 2.29%. Cincinnati Financial’s payout ratio is 66.87%.
Several research analysts recently commented on the stock. Credit Suisse Group upgraded shares of Cincinnati Financial from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $90.00 to $110.00 in a research note on Friday. BidaskClub upgraded shares of Cincinnati Financial from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Finally, Zacks Investment Research lowered shares of Cincinnati Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 10th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Cincinnati Financial presently has a consensus rating of “Buy” and an average target price of $95.67.
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Cincinnati Financial Profile
Cincinnati Financial Corporation, together with its subsidiary, provides property casualty insurance products in the United States. The company operates in five segments: Commercial Lines Insurance, Personal Lines Insurance, Excess and Surplus Lines Insurance, Life Insurance, and Investments. The Commercial Lines Insurance segment provides coverage for commercial casualty, commercial property, commercial auto, and workers' compensation.
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