Intact Financial (TSE:IFC) Sets New 1-Year High After Dividend Announcement

Intact Financial Co. (TSE:IFC) shares hit a new 52-week high during trading 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. 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 dividend of $1.21 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $4.84 dividend on an annualized basis and a yield of 1.83%. Intact Financial’s dividend payout ratio is 42.61%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on IFC shares. Cormark boosted their price objective on Intact Financial from C$250.00 to C$260.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Desjardins upped their price target on shares of Intact Financial from C$250.00 to C$255.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Raymond James raised their price objective on shares of Intact Financial from C$264.00 to C$290.00 in a research report on Wednesday. TD Securities boosted their target price on shares of Intact Financial from C$293.00 to C$300.00 in a research note on Wednesday. Finally, National Bankshares increased their price target on shares of Intact Financial from C$294.00 to C$296.00 in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Intact Financial has an average rating of “Moderate Buy” and an average price target of C$274.90.

Intact Financial Stock Performance

The company has a debt-to-equity ratio of 31.26, a quick ratio of 0.28 and a current ratio of 0.36. The company has a market cap of C$47.08 billion, a price-to-earnings ratio of 23.24, a PEG ratio of 2.01 and a beta of 0.57. The firm’s 50-day moving average price is C$259.90 and its 200 day moving average price is C$243.33.

Insider Buying and Selling at Intact Financial

In other news, Senior Officer Kenneth Anderson sold 2,000 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of C$253.88, for a total value of C$507,759.00. Insiders own 0.24% of the company’s stock.

About Intact Financial

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.