CIBC cut shares of Definity Financial (TSE:DFY – Free Report) from an outperform rating to a neutral rating in a research note issued to investors on Tuesday morning, BayStreet.CA reports. CIBC currently has C$51.00 price objective on the stock, up from their previous price objective of C$47.00.
DFY has been the subject of a number of other research reports. Desjardins increased their price objective on shares of Definity Financial from C$47.00 to C$52.00 and gave the company a hold rating in a report on Tuesday. BMO Capital Markets lifted their price objective on Definity Financial from C$44.00 to C$48.00 and gave the stock a market perform rating in a research report on Monday, May 13th. Cormark upped their target price on Definity Financial from C$49.00 to C$51.00 in a report on Friday, July 26th. Royal Bank of Canada upped their price objective on shares of Definity Financial from C$58.00 to C$61.00 in a report on Friday, August 2nd. Finally, TD Securities lifted their target price on shares of Definity Financial from C$49.00 to C$52.00 in a research note on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of C$52.70.
Get Our Latest Research Report on DFY
Definity Financial Price Performance
Definity Financial (TSE:DFY – Get Free Report) last issued its earnings results on Thursday, May 9th. The company reported C$0.65 EPS for the quarter, missing analysts’ consensus estimates of C$0.72 by C($0.07). The business had revenue of C$991.90 million during the quarter, compared to analyst estimates of C$1 billion. Definity Financial had a net margin of 9.60% and a return on equity of 13.00%. Research analysts expect that Definity Financial will post 2.920143 earnings per share for the current year.
Definity Financial Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend is Friday, September 13th. Definity Financial’s payout ratio is 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.
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