Definity Financial (TSE:DFY) Downgraded by Raymond James to Market Perform

Raymond James downgraded shares of Definity Financial (TSE:DFY) from an outperform rating to a market perform rating in a report released on Tuesday morning,BayStreet.CA reports. The brokerage currently has C$55.00 price objective on the stock, up from their previous price objective of C$53.00.

Several other analysts have also recently issued reports on DFY. BMO Capital Markets upped their target price on shares of Definity Financial from C$53.00 to C$57.00 in a research report on Monday. Desjardins lifted their target price on Definity Financial from C$47.00 to C$52.00 and gave the stock a “hold” rating in a report on Tuesday, August 6th. Royal Bank of Canada boosted their target price on Definity Financial from C$58.00 to C$61.00 in a research report on Friday, August 2nd. CIBC lowered shares of Definity Financial from an “outperform” rating to a “neutral” rating and lifted their price objective for the stock from C$47.00 to C$51.00 in a research note on Tuesday, August 6th. Finally, Cibc World Mkts downgraded shares of Definity Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Nine investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of C$54.70.

Definity Financial Price Performance

Shares of Definity Financial stock opened at C$55.01 on Tuesday. The company has a current ratio of 7.68, a quick ratio of 0.31 and a debt-to-equity ratio of 6.38. Definity Financial has a 12 month low of C$35.48 and a 12 month high of C$58.73. The stock has a 50 day moving average of C$53.14 and a 200 day moving average of C$48.45. The firm has a market cap of C$6.32 billion, a PE ratio of 16.38, a PEG ratio of 2.63 and a beta of 0.04.

Definity Financial (TSE:DFY) last posted its earnings results on Thursday, November 7th. The company reported C$0.13 earnings per share for the quarter, beating analysts’ consensus estimates of C($0.04) by C$0.17. The firm had revenue of C$1.10 billion during the quarter, compared to analyst estimates of C$1.10 billion. Definity Financial had a net margin of 9.60% and a return on equity of 13.00%. On average, research analysts expect that Definity Financial will post 3.1263962 EPS for the current fiscal year.

Definity Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date of this dividend is Friday, December 13th. Definity Financial’s dividend payout ratio (DPR) is presently 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.