Definity Financial (TSE:DFY) Given New C$45.00 Price Target at Desjardins

Definity Financial (TSE:DFY) had its target price increased by Desjardins from C$44.00 to C$45.00 in a research report sent to investors on Tuesday morning, BayStreet.CA reports. They currently have a hold rating on the stock. Desjardins also issued estimates for Definity Financial’s Q1 2024 earnings at $0.70 EPS and FY2024 earnings at $2.68 EPS.

Several other analysts have also issued reports on the company. BMO Capital Markets boosted their target price on Definity Financial from C$40.00 to C$44.00 and gave the company a market perform rating in a research note on Tuesday, February 20th. TD Securities lifted their price target on Definity Financial from C$45.00 to C$49.00 and gave the company a buy rating in a research report on Friday, February 16th. Raymond James lifted their price target on Definity Financial from C$42.00 to C$46.00 and gave the company a market perform rating in a research report on Friday, February 16th. Cormark lifted their price target on Definity Financial from C$42.00 to C$43.00 in a research report on Friday, February 16th. Finally, Royal Bank of Canada lifted their price target on Definity Financial from C$48.00 to C$49.00 and gave the company an outperform rating in a research report on Friday, February 16th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Definity Financial currently has an average rating of Moderate Buy and a consensus price target of C$47.30.

Definity Financial Stock Performance

Shares of DFY opened at C$44.30 on Tuesday. The firm has a market cap of C$5.13 billion, a PE ratio of 14.77, a PEG ratio of 2.63 and a beta of 0.08. The stock’s fifty day moving average price is C$44.11 and its two-hundred day moving average price is C$39.95. The company has a debt-to-equity ratio of 4.99, a current ratio of 4.68 and a quick ratio of 0.31. Definity Financial has a 1 year low of C$32.09 and a 1 year high of C$47.50.

Definity Financial (TSE:DFY) last issued its earnings results on Thursday, February 15th. The company reported C$0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.74 by C$0.12. The firm had revenue of C$1 billion for the quarter. Definity Financial had a return on equity of 12.52% and a net margin of 9.06%. On average, equities research analysts forecast that Definity Financial will post 2.7913715 EPS for the current year.

Definity Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a $0.16 dividend. This is a positive change from Definity Financial’s previous quarterly dividend of $0.14. This represents a $0.64 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date was Thursday, March 14th. Definity Financial’s dividend payout ratio is currently 21.33%.

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.