Cormark Has Strong Forecast for TSE:IFC FY2024 Earnings

Intact Financial Co. (TSE:IFC) – Cormark boosted their FY2024 earnings per share (EPS) estimates for Intact Financial in a note issued to investors on Wednesday, November 6th. Cormark analyst L. Persaud now forecasts that the company will post earnings of $13.70 per share for the year, up from their prior forecast of $13.04. Cormark has a “Buy” rating and a $260.00 price objective on the stock. The consensus estimate for Intact Financial’s current full-year earnings is $16.17 per share.

A number of other analysts have also commented on the company. Raymond James lifted their price target on Intact Financial from C$264.00 to C$290.00 in a research note on Wednesday. Desjardins lifted their price objective on Intact Financial from C$250.00 to C$255.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Jefferies Financial Group cut 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. CIBC lifted their price objective on Intact Financial from C$250.00 to C$270.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Finally, BMO Capital Markets lifted their price objective on Intact Financial from C$275.00 to C$290.00 in a research note on Thursday. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of C$274.90.

Intact Financial Stock Performance

Shares of IFC stock opened at C$263.97 on Friday. The business’s 50-day moving average price is C$259.90 and its 200-day moving average price is C$243.33. Intact Financial has a 12 month low of C$197.82 and a 12 month high of C$273.05. The firm has a market capitalization 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 company has a current ratio of 0.36, a quick ratio of 0.28 and a debt-to-equity ratio of 31.26.

Insider Activity

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

Intact Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be issued a dividend of $1.21 per share. 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 42.61%.

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.