RBC Cuts Stake in Cincinnati Financial by 12.9% as Analysts Remain Bullish
Royal Bank of Canada (RBC) has reduced its stake in Cincinnati Financial Corporation (CINF), an insurance holding company. In a recent disclosure to the Securities and Exchange Commission, RBC revealed it sold 141,464 shares during the first quarter, lowering its holdings by 12.9%. This change brings RBC's ownership of CINF to 0.62%, with a total value of $150,056,000 at the end of the reporting period.
The institutional investor owned 953,636 shares of Cincinnati Financial's stock after selling the mentioned shares. This reduction in stake is part of a larger trend where several large investors have adjusted their holdings in the company. Vanguard Group Inc., for instance, increased its position in CINF by 0.6% during the fourth quarter.
Cincinnati Financial reported earnings per share (EPS) of $1.43 in the latest quarter, missing analyst estimates of $1.82. The company's net margin was 23.84%, and return on equity was 9.63%. With a price-to-earnings ratio of 8.24 and beta of 0.54, CINF has a market capitalization of $26.82 billion.