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

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

A number of other research analysts have also issued reports on DFY. National Bankshares upped their price target on shares of Definity Financial from C$62.00 to C$65.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. CIBC cut Definity Financial from an “outperform” rating to a “neutral” rating and raised their price objective for the stock from C$47.00 to C$51.00 in a research note on Tuesday, August 6th. Desjardins upped their target price on Definity Financial from C$47.00 to C$52.00 and gave the company a “hold” rating in a research report on Tuesday, August 6th. Royal Bank of Canada lifted their price objective on shares of Definity Financial from C$58.00 to C$61.00 in a research note on Friday, August 2nd. Finally, Scotiabank increased their price objective on shares of Definity Financial from C$51.00 to C$53.00 in a research note on Friday, September 20th. Nine research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of C$54.70.

Definity Financial Price Performance

TSE DFY opened at C$55.01 on Tuesday. The company has a market cap of C$6.32 billion, a PE ratio of 16.38, a P/E/G ratio of 2.63 and a beta of 0.04. Definity Financial has a 52-week low of C$35.48 and a 52-week high of C$58.73. The company has a debt-to-equity ratio of 6.38, a quick ratio of 0.31 and a current ratio of 7.68. The firm’s 50 day moving average price is C$53.14 and its 200-day moving average price is C$48.45.

Definity Financial (TSE:DFY) last announced its quarterly earnings results on Thursday, November 7th. The company reported C$0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C($0.04) by C$0.17. The business had revenue of C$1.10 billion for the quarter, compared to the consensus estimate of C$1.10 billion. Definity Financial had a return on equity of 13.00% and a net margin of 9.60%. Sell-side analysts forecast that Definity Financial will post 3.1263962 EPS for the current fiscal year.

Definity Financial Announces Dividend

The firm 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.