Desjardins Raises Definity Financial (TSE:DFY) Price Target to C$47.00

Definity Financial (TSE:DFY) had its price target upped by Desjardins from C$45.00 to C$47.00 in a research report released on Tuesday, BayStreet.CA reports. Desjardins currently has a hold rating on the stock. Desjardins also issued estimates for Definity Financial’s Q2 2024 earnings at $0.62 EPS, FY2024 earnings at $2.68 EPS and FY2025 earnings at $2.85 EPS.

A number of other brokerages have also recently issued reports on DFY. BMO Capital Markets lifted their price objective on Definity Financial from C$44.00 to C$48.00 and gave the stock a market perform rating in a report on Monday, May 13th. National Bankshares boosted their price objective on Definity Financial from C$59.00 to C$60.00 and gave the company an outperform rating in a research report on Tuesday, April 30th. Jefferies Financial Group cut their target price on shares of Definity Financial from C$44.00 to C$43.00 and set a hold rating on the stock in a report on Monday, May 13th. Scotiabank lowered their price target on shares of Definity Financial from C$52.00 to C$51.00 and set an outperform rating for the company in a report on Monday, May 13th. Finally, Raymond James raised their price target on shares of Definity Financial from C$46.00 to C$52.50 and gave the stock an outperform rating in a report on Monday, May 13th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of C$49.25.

Definity Financial Trading Down 0.7 %

Shares of DFY opened at C$47.34 on Tuesday. Definity Financial has a 1-year low of C$32.09 and a 1-year high of C$48.36. The company has a debt-to-equity ratio of 8.20, a current ratio of 5.47 and a quick ratio of 0.31. The company has a market capitalization of C$5.45 billion and a P/E ratio of 15.62. The firm’s 50 day simple moving average is C$44.34 and its 200 day simple moving average is C$43.37.

Definity Financial (TSE:DFY) last posted its quarterly earnings results on Thursday, May 9th. The company reported C$0.65 EPS for the quarter, missing the consensus estimate of C$0.72 by C($0.07). Definity Financial had a return on equity of 12.27% and a net margin of 8.94%. The business had revenue of C$991.90 million for the quarter, compared to analysts’ expectations of C$1 billion. Sell-side analysts forecast that Definity Financial will post 2.6896762 earnings per share for the current fiscal year.

Definity Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Thursday, June 13th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date of this dividend was Thursday, June 13th. Definity Financial’s payout ratio is currently 21.12%.

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.