Definity Financial (TSE:DFY) Reaches New 52-Week High Following Strong Earnings

Definity Financial Co. (TSE:DFY - Get Free Report)'s stock price reached a new 52-week high during trading on Friday following a better than expected earnings announcement. The company traded as high as C$56.73 and last traded at C$56.66, with a volume of 7639 shares. 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 net margin of 9.60% and a return on equity of 13.00%. The firm had revenue of C$1.10 billion during the quarter, compared to analyst estimates of C$1.10 billion.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Scotiabank raised their price target on shares of Definity Financial from C$51.00 to C$53.00 in a research note on Friday, September 20th. National Bankshares raised their target price on Definity Financial from C$62.00 to C$65.00 and gave the company an "outperform" rating in a research report on Wednesday, October 30th. Desjardins increased their price target on Definity Financial from C$47.00 to C$52.00 and gave the stock a "hold" rating in a research note on Tuesday, August 6th. CIBC lowered Definity Financial from an "outperform" rating to a "neutral" rating and raised their price target for the company from C$47.00 to C$51.00 in a report on Tuesday, August 6th. Finally, Cormark lowered shares of Definity Financial from a "moderate buy" rating to a "hold" rating in a research report on Wednesday, October 30th. Eight research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, Definity Financial currently has an average rating of "Hold" and a consensus target price of C$54.10.

Definity Financial Stock Down 1.2 %

The company has a quick ratio of 0.31, a current ratio of 7.68 and a debt-to-equity ratio of 6.38. The firm has a market capitalization of C$6.30 billion, a PE ratio of 16.56, a price-to-earnings-growth ratio of 2.63 and a beta of 0.04. The business's 50-day moving average price is C$52.93 and its 200-day moving average price is C$48.28.

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.