5 Best Blue Chip Dividend Stocks to Buy in August

4. Cincinnati Financial Corporation (NASDAQ:CINF)

Dividend Yield as of August 11: 2.68%

Cincinnati Financial Corporation (NASDAQ:CINF) is an Ohio-based insurance company that specializes in property and casualty insurance. In Q2 2022, the company had over $1 billion available in cash and cash equivalents, and its total assets amount to over $29 billion. The company’s operating cash flow came in at $557 million and its free cash flow for the quarter stood at $553 million.

In May, Cincinnati Financial Corporation (NASDAQ:CINF) declared a quarterly dividend of $0.69 per share, raising it by 10% in January. The company maintains a 61-year track record of consistent dividend growth. As of August 11, the stock’s dividend yield came in at 2.68%.

According to Insider Monkey’s data, 21 hedge funds presented a bullish stance on Cincinnati Financial Corporation (NASDAQ:CINF) in Q1 2022 and held stakes worth nearly $172 million in the company. Among these hedge funds, Millennium Management owned the largest stake in the insurance company, worth $55.7 million.