Cincinnati Financial (NASDAQ:CINF) has received a price target increase from Keefe, Bruyette & Woods, which raised its forecast from $180.00 to $191.00. This adjustment was detailed in a research note issued on October 31, 2023, where the firm maintained an outperform rating for the insurance provider’s stock.
Additional analysts have also shared their insights on Cincinnati Financial. On December 29, 2023, Weiss Ratings reaffirmed a “buy (B+)” rating for the company’s shares. Meanwhile, Piper Sandler adjusted its price target from $150.00 to $157.00 on December 22, 2023, assigning a “neutral” rating. Roth Capital reiterated a “buy” rating and set a price target at $175.00 in a report dated October 28, 2023. Overall, four analysts currently rate the stock as a Buy, while one has issued a Hold rating. According to MarketBeat, Cincinnati Financial enjoys a consensus rating of “Moderate Buy” with an average price target of $170.75.
Recent Financial Performance
Cincinnati Financial last reported its quarterly earnings on October 27, 2023. For the quarter, the company announced earnings per share (EPS) of $2.85, significantly surpassing the consensus estimate of $2.01 by $0.84. The company achieved a return on equity of 8.51% with a net margin of 17.57%. Revenue for the quarter reached $3.73 billion, exceeding expectations of $2.87 billion and reflecting an 11.8% increase compared to the same quarter last year. Analysts project Cincinnati Financial will report an EPS of $5.36 for the current year.
Dividend Announcement and Insider Activity
Cincinnati Financial has declared a quarterly dividend of $0.87 per share, set to be paid on January 15, 2024. Shareholders on record by December 22, 2023 will be eligible for this dividend, which translates to an annualized figure of $3.48 and a dividend yield of 2.1%. The company maintains a payout ratio of 25.89%.
In insider news, Director Dirk J. Debbink purchased 1,000 shares of Cincinnati Financial on October 28, 2023, at an average price of $153.98 per share, totaling $153,980.00. Following this transaction, Debbink’s holdings increased to 58,482 shares, valued at approximately $9,005,058.36. Insiders own 2.83% of the company’s stock.
Institutional Investors’ Engagement
Cincinnati Financial has seen activity from various institutional investors recently. Quintet Private Bank Europe S.A. established a new stake valued at approximately $25,000 during the second quarter. Other investors, such as LRI Investments LLC and Redmont Wealth Advisors LLC, also made new investments, amounting to around $29,000 and $30,000, respectively. Additionally, AlphaQuest LLC significantly increased its holdings by 714.3% during the same period. Currently, hedge funds and institutional investors collectively own 65.24% of Cincinnati Financial’s stock.
Cincinnati Financial Corporation, based in the Cincinnati area of Ohio, is an insurance holding company that specializes in property and casualty insurance products. Established as part of the Cincinnati Insurance group, it operates through various subsidiaries to underwrite and service policies for both personal and commercial clients. The company is publicly traded and focuses on maintaining underwriting discipline and fostering long-term relationships with its distribution partners and policyholders.
