Definity Financial (TSE:DFY) Sets New 1-Year High After Analyst Upgrade

Definity Financial Co. (TSE:DFY)’s share price reached a new 52-week high on Friday after Scotiabank raised their price target on the stock from C$51.00 to C$53.00. The stock traded as high as C$50.77 and last traded at C$50.55, with a volume of 44328 shares trading hands. The stock had previously closed at C$49.84.

Several other research firms also recently weighed in on DFY. Cibc World Mkts downgraded Definity Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 6th. TD Securities boosted their price target on Definity Financial from C$52.00 to C$55.00 in a research note on Friday. Royal Bank of Canada boosted their price target on Definity Financial from C$58.00 to C$61.00 in a research note on Friday, August 2nd. CIBC downgraded Definity Financial from an “outperform” rating to a “neutral” rating and boosted their price target for the company from C$47.00 to C$51.00 in a research note on Tuesday, August 6th. Finally, Raymond James boosted their price target on Definity Financial from C$52.50 to C$55.00 and gave the company an “outperform” rating in a research note on Tuesday, August 6th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Definity Financial currently has a consensus rating of “Hold” and a consensus price target of C$53.10.

Definity Financial Stock Up 4.8 %

The company has a market cap of C$6.00 billion, a PE ratio of 15.79, a P/E/G ratio of 2.63 and a beta of 0.01. The business has a 50-day simple moving average of C$48.84 and a 200-day simple moving average of C$45.98. The company has a quick ratio of 0.31, a current ratio of 7.68 and a debt-to-equity ratio of 6.38.

Definity Financial (TSE:DFY) last issued its quarterly earnings results on Thursday, August 1st. The company reported C$0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.66 by C$0.28. The company had revenue of C$1.05 billion for the quarter, compared to the consensus estimate of C$1.07 billion. Definity Financial had a return on equity of 13.00% and a net margin of 9.60%. Equities research analysts anticipate that Definity Financial Co. will post 3.1395647 EPS for the current year.

Definity Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, September 13th. This represents a $0.64 dividend on an annualized basis and a yield of 1.22%. Definity Financial’s dividend payout ratio is currently 19.34%.

About Definity Financial

Definity Financial Corporation, together with its subsidiaries, offers property and casualty insurance products in Canada. It provides personal insurance products, including auto, property, general and umbrella liability, and pet insurance products to individuals under the Economical, Sonnet, Family, Petsecure, and Peppermint brands; and commercial insurance products, which include fleet, commercial auto, property, liability, and specialty insurance products to businesses under the Definity Insurance and Economical brand name.