Intact Financial (TSE:IFC) Sets New 52-Week High Following Dividend Announcement

Intact Financial Co. (TSE:IFC)’s stock price reached a new 52-week high on Tuesday after the company announced a dividend. The company traded as high as C$271.93 and last traded at C$271.93, with a volume of 26029 shares traded. The stock had previously closed at C$269.61.

The newly announced dividend which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be issued a $1.21 dividend. The ex-dividend date is Monday, December 16th. This represents a $4.84 annualized dividend and a dividend yield of 1.83%. Intact Financial’s dividend payout ratio is presently 42.61%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Raymond James lifted their target price on Intact Financial from C$264.00 to C$290.00 in a research report on Wednesday. BMO Capital Markets lifted their price objective on shares of Intact Financial from C$275.00 to C$290.00 in a report on Thursday. Cormark increased their target price on shares of Intact Financial from C$250.00 to C$260.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Scotiabank boosted their price target on shares of Intact Financial from C$281.00 to C$283.00 in a research note on Thursday. Finally, Jefferies Financial Group reduced their price objective on Intact Financial from C$264.00 to C$262.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Intact Financial currently has an average rating of “Moderate Buy” and an average price target of C$274.90.

Intact Financial Price Performance

The company has a market capitalization of C$47.08 billion, a PE ratio of 23.24, a P/E/G ratio of 2.01 and a beta of 0.57. The company has a current ratio of 0.36, a quick ratio of 0.28 and a debt-to-equity ratio of 31.26. The stock has a fifty day simple moving average of C$259.90 and a 200-day simple moving average of C$243.33.

Insider Buying and Selling

In related news, Senior Officer Kenneth Anderson sold 2,000 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of C$253.88, for a total value of C$507,759.00. 0.24% of the stock is owned by company insiders.

Intact Financial Company Profile

Intact Financial Corporation, through its subsidiaries, provides property and casualty insurance products to individuals and businesses in Canada, the United States, the United Kingdom, and internationally. The company offers insurance, such as personal auto which provides coverage from accidents, third party liability, and physical damage; personal property which provides protection for homes and contents from risks, including fire, theft, vandalism, water damages, other damages, and personal liability; and commercial line and specialty line insurance which provides commercial auto, property, and liability coverages.