Infinity Property & Casualty Co. (NASDAQ:IPCC) to Issue Quarterly Dividend of $0.58

Infinity Property & Casualty Co. (NASDAQ:IPCC) announced a quarterly dividend on Tuesday, February 27th, RTT News reports. Stockholders of record on Friday, March 16th will be given a dividend of 0.58 per share by the insurance provider on Friday, March 30th. This represents a $2.32 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Thursday, March 15th.

Infinity Property & Casualty has increased its dividend by an average of 17.2% annually over the last three years and has increased its dividend annually for the last 10 consecutive years. Infinity Property & Casualty has a payout ratio of 53.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Infinity Property & Casualty to earn $6.48 per share next year, which means the company should continue to be able to cover its $2.32 annual dividend with an expected future payout ratio of 35.8%.

Shares of NASDAQ IPCC traded up $0.45 during midday trading on Thursday, hitting $119.40. 51,003 shares of the stock traded hands, compared to its average volume of 133,183. The company has a market cap of $1,305.69, a price-to-earnings ratio of 24.33, a P/E/G ratio of 2.23 and a beta of 0.60. Infinity Property & Casualty has a one year low of $83.00 and a one year high of $122.45. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.38.

Infinity Property & Casualty (NASDAQ:IPCC) last released its quarterly earnings data on Tuesday, February 13th. The insurance provider reported $2.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.47 by $0.78. Infinity Property & Casualty had a return on equity of 7.57% and a net margin of 2.98%. The firm had revenue of $356.10 million during the quarter, compared to the consensus estimate of $346.40 million. equities research analysts anticipate that Infinity Property & Casualty will post 5.95 earnings per share for the current year.

IPCC has been the subject of several recent research reports. ValuEngine upgraded Infinity Property & Casualty from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Zacks Investment Research upgraded Infinity Property & Casualty from a “hold” rating to a “strong-buy” rating and set a $119.00 price target for the company in a report on Friday, January 12th. BidaskClub upgraded Infinity Property & Casualty from a “sell” rating to a “hold” rating in a report on Wednesday, March 21st. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $105.00 price target on shares of Infinity Property & Casualty in a report on Friday, December 22nd. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $115.00.

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About Infinity Property & Casualty

Infinity Property and Casualty Corporation, through its subsidiaries, provides personal auto insurance products in the United States. The company offers nonstandard, commercial, and classic collector auto insurance products. It also provides reinsurance products and services. The company distributes its products primarily through a network of independent agencies and brokers.

Dividend History for Infinity Property & Casualty (NASDAQ:IPCC)

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