Definity Financial (TSE:DFY) Cut to Neutral at CIBC

CIBC lowered shares of Definity Financial (TSE:DFY) from an outperform rating to a neutral rating in a research note issued to investors on Tuesday, BayStreet.CA reports. They currently have C$51.00 price target on the stock, up from their prior price target of C$47.00.

Several other equities analysts have also recently issued reports on DFY. Scotiabank boosted their target price on Definity Financial from C$51.00 to C$52.00 in a research note on Wednesday, July 24th. TD Securities upped their price objective on shares of Definity Financial from C$49.00 to C$52.00 in a report on Friday, August 2nd. BMO Capital Markets lifted their target price on shares of Definity Financial from C$44.00 to C$48.00 and gave the company a market perform rating in a research note on Monday, May 13th. National Bankshares increased their price target on shares of Definity Financial from C$59.00 to C$60.00 and gave the stock an outperform rating in a research note on Tuesday, April 30th. Finally, Royal Bank of Canada upped their target price on Definity Financial from C$58.00 to C$61.00 in a report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of C$52.70.

Definity Financial Price Performance

Shares of Definity Financial stock opened at C$49.00 on Tuesday. The firm has a market cap of C$5.63 billion, a PE ratio of 14.80, a price-to-earnings-growth ratio of 2.63 and a beta of 0.01. The company’s fifty day simple moving average is C$45.28 and its two-hundred day simple moving average is C$44.12. 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 has a 12-month low of C$35.48 and a 12-month high of C$50.23.

Definity Financial (TSE:DFY) last announced its quarterly earnings results on Thursday, May 9th. The company reported C$0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$0.72 by C($0.07). The business had revenue of C$991.90 million for the quarter, compared to analysts’ expectations of C$1 billion. Definity Financial had a net margin of 9.60% and a return on equity of 13.00%. As a group, equities analysts expect that Definity Financial will post 2.920143 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. This represents a $0.64 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date is Friday, September 13th. Definity Financial’s dividend payout ratio is presently 19.34%.

Definity Financial Company Profile

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.