CINF Dividend

Although CINF has a dividend of 0.87 with an ex-dividend date of Jun 23, you can sell covered calls on Cincinnati Financial Corporation to create 12 extra dividend type payments per year to boost its yield. Let's look at some recent prices (last updated Tue 4:16 PM ET):

Cincinnati Financial Corporation (CINF)
Bid	Ask	Last	Change	Volume	P/E	Market Cap
136.00	151.12	145.27	-1.43	484K	16	23B

CINF Dividend-Like Income Using Covered Calls

With CINF at 145.27, here's a table showing how big the annual "dividend" (i.e. total annual call premium received) would need to be to attain 3%, 5%, and 10% annual yields. Also shown is the equivalent number of cents/day necessary to achieve each yield:

Annual Yield	Annual Premium	Cents/Day
3%	4.36	1.2
5%	7.26	2.0
10%	14.53	4.0

So now we need to find out of the money covered calls that pay at least the prescribed cents/day amount of time premium. That will generate income and, because they are out of the money, leave room for some upside potential on the stock. Here are some examples:

3% Yield On CINF Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Aug 15	155.00	1.85	60	3.1	3.88 (2.7%)
Sep 19	155.00	1.30	95	1.4	3.88 (2.7%)

5% Yield On CINF Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Aug 15	155.00	1.85	60	3.1	3.88 (2.7%)
Dec 19	155.00	4.60	186	2.5	3.88 (2.7%)

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