Desjardins Has Strong Forecast for TSE:DFY FY2024 Earnings

Definity Financial Co. (TSE:DFY) – Stock analysts at Desjardins increased their FY2024 earnings per share estimates for Definity Financial in a research report issued to clients and investors on Monday, February 3rd. Desjardins analyst D. Young now expects that the company will post earnings per share of $2.59 for the year, up from their prior forecast of $2.52. The consensus estimate for Definity Financial’s current full-year earnings is $3.13 per share. Desjardins also issued estimates for Definity Financial’s Q4 2024 earnings at $0.88 EPS.

DFY has been the topic of a number of other reports. TD Securities boosted their target price on shares of Definity Financial from C$58.00 to C$59.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Raymond James cut shares of Definity Financial from an “outperform” rating to a “market perform” rating and upped their target price for the company from C$53.00 to C$55.00 in a report on Tuesday, November 12th. BMO Capital Markets boosted their price target on Definity Financial from C$53.00 to C$57.00 in a research report on Monday, November 11th. Cormark lowered Definity Financial from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Finally, National Bankshares lifted their target price on Definity Financial from C$62.00 to C$65.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Nine analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of C$54.70.

Definity Financial Price Performance

Shares of DFY opened at C$59.20 on Wednesday. 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 twelve month low of C$37.83 and a twelve month high of C$60.78. The company has a 50 day moving average of C$57.43 and a 200-day moving average of C$53.96. The stock has a market capitalization of C$6.80 billion, a P/E ratio of 17.89, a P/E/G ratio of 2.63 and a beta of 0.04.

Definity Financial (TSE:DFY) last released its quarterly earnings results on Thursday, November 7th. The company reported C$0.13 EPS for the quarter, topping analysts’ consensus estimates of C($0.04) by C$0.17. The company had revenue of C$1.10 billion for the quarter, compared to analyst estimates of C$1.10 billion. Definity Financial had a return on equity of 13.00% and a net margin of 9.60%.

Definity Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date of this dividend was Friday, December 13th. Definity Financial’s dividend payout ratio is 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.