A Wall Street analyst has provided a review for the Financial company today, but retained the same rating on the stock. Analyst Jaeme Gloyn from National Bank reiterated a Buy rating on Intact Financial Corporation (IFC – Research Report), with a C$230.00 price target.
According to TipRanks.com, Gloyn is a 5-star analyst with an average return of 12.3% and a 52.5% success rate. Gloyn covers the Financial sector, focusing on stocks such as Fairfax Financial Holdings, Equitable Group, and IGM Financial.
Currently, the analyst consensus on Intact Financial Corporation is a Strong Buy with an average price target of C$229.13, a 19.5% upside from current levels. In a report issued on August 31, RBC Capital also maintained a Buy rating on the stock with a C$227.00 price target.
Based on Intact Financial Corporation’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of C$7.54 billion and net profit of C$377 million. In comparison, last year the company earned revenue of C$7.93 billion and had a net profit of C$251 million.
Intact Financial Corp is a property and casualty insurance company that provides written premiums in Canada. The company distributes insurance under the Intact Insurance brand through a network of brokers and a wholly owned subsidiary, BrokerLink, and directly to consumers through belairdirect. Most of the company’s direct premiums are written in the personal automotive space. Intact directly manages its investments through subsidiary Intact Investment Management. The vast majority of these invested assets are fixed-income securities. Its asset mix is designed to generate interest and dividend income.
The company’s shares closed last Wednesday at C$195.25.
Read More on TSE:IFC:
- Intact Financial Corporation and RSA to acquire Direct Line Insurance Group plc’s brokered Commercial Lines operations
- Intact Financial price target lowered to C$227 from C$230 at RBC Capital
- Intact Financial price target raised to C$218 from C$210 at Scotiabank
- Intact Financial price target raised to C$230 from C$228 at RBC Capital
- Intact Financial price target lowered to C$220 from C$225 at TD Securities
