Definity Financial (TSE:DFY) Hits New 1-Year High Following Earnings Beat

Definity Financial Co. (TSE:DFY) shares reached a new 52-week high on Friday after the company announced better than expected quarterly earnings. The stock traded as high as C$56.73 and last traded at C$56.66, with a volume of 7639 shares traded. The stock had previously closed at C$55.47.

The company reported C$0.13 earnings per share for the quarter, beating the consensus estimate of C($0.04) by C$0.17. Definity Financial had a return on equity of 13.00% and a net margin of 9.60%. The business had revenue of C$1.10 billion during the quarter, compared to analysts’ expectations of C$1.10 billion.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on DFY shares. TD Securities raised their price objective on shares of Definity Financial from C$52.00 to C$55.00 in a research report on Friday, September 20th. National Bankshares increased their target price on shares of Definity Financial from C$62.00 to C$65.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Scotiabank upped their price target on Definity Financial from C$51.00 to C$53.00 in a research note on Friday, September 20th. Cibc World Mkts cut Definity Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Finally, Cormark lowered Definity Financial from a “moderate buy” rating to a “hold” rating in a report on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Definity Financial has an average rating of “Hold” and an average price target of C$53.70.

Definity Financial Trading Up 3.0 %

The business’s 50-day moving average price is C$52.93 and its 200 day moving average price is C$48.28. The company has a market cap of C$6.57 billion, a P/E ratio of 16.76, a P/E/G ratio of 2.63 and a beta of 0.04. The company has a debt-to-equity ratio of 6.38, a quick ratio of 0.31 and a current ratio of 7.68.

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.