Raymond James Financial, Inc. Upgrades Infinity Property and Casualty Corporation (NASDAQ:IPCC) to Outperform

Raymond James Financial, Inc. upgraded shares of Infinity Property and Casualty Corporation (NASDAQ:IPCC) from a market perform rating to an outperform rating in a research report released on Thursday, July 13th, MarketBeat.com reports. The brokerage currently has $105.00 price objective on the insurance provider’s stock.

Several other research firms have also recently weighed in on IPCC. BidaskClub upgraded shares of Infinity Property and Casualty Corporation from a strong sell rating to a sell rating in a research report on Wednesday, July 5th. Zacks Investment Research raised shares of Infinity Property and Casualty Corporation from a hold rating to a buy rating and set a $106.00 target price on the stock in a research note on Wednesday, June 21st. Keefe, Bruyette & Woods reaffirmed a hold rating on shares of Infinity Property and Casualty Corporation in a research note on Thursday, May 25th. Finally, UBS AG raised shares of Infinity Property and Casualty Corporation from a market perform rating to an outperform rating in a research note on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. Infinity Property and Casualty Corporation presently has an average rating of Hold and a consensus price target of $101.67.

Shares of Infinity Property and Casualty Corporation (NASDAQ:IPCC) traded down 2.14% during midday trading on Thursday, hitting $91.55. 29,779 shares of the company were exchanged. Infinity Property and Casualty Corporation has a one year low of $73.80 and a one year high of $101.70. The stock has a market cap of $1.01 billion, a PE ratio of 25.36 and a beta of 0.83. The stock’s 50-day moving average is $95.50 and its 200-day moving average is $94.28.

Infinity Property and Casualty Corporation (NASDAQ:IPCC) last announced its earnings results on Thursday, August 3rd. The insurance provider reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.89 by $0.55. The firm had revenue of $323.80 million for the quarter, compared to analyst estimates of $330 million. Infinity Property and Casualty Corporation had a return on equity of 5.16% and a net margin of 2.58%. The company’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.99 EPS. Equities research analysts anticipate that Infinity Property and Casualty Corporation will post $4.03 EPS for the current year.

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The business also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Friday, September 8th will be issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $2.32 annualized dividend and a yield of 2.53%. Infinity Property and Casualty Corporation’s dividend payout ratio (DPR) is currently 64.09%.

Several hedge funds have recently bought and sold shares of IPCC. Russell Investments Group Ltd. acquired a new stake in Infinity Property and Casualty Corporation during the fourth quarter worth about $310,000. Comerica Bank increased its position in shares of Infinity Property and Casualty Corporation by 3.2% in the fourth quarter. Comerica Bank now owns 11,742 shares of the insurance provider’s stock worth $1,021,000 after buying an additional 362 shares during the last quarter. State Street Corp increased its position in shares of Infinity Property and Casualty Corporation by 11.3% in the fourth quarter. State Street Corp now owns 271,862 shares of the insurance provider’s stock worth $23,898,000 after buying an additional 27,685 shares during the last quarter. Guggenheim Capital LLC increased its position in shares of Infinity Property and Casualty Corporation by 98.9% in the fourth quarter. Guggenheim Capital LLC now owns 24,582 shares of the insurance provider’s stock worth $2,160,000 after buying an additional 12,225 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Infinity Property and Casualty Corporation during the fourth quarter worth $19,236,000. Institutional investors own 95.41% of the company’s stock.

About Infinity Property and Casualty Corporation

Infinity Property and Casualty Corporation is a holding company. The Company’s segments include Personal Auto, Commercial Vehicle and Classic Collector (its segments are Personal Auto and Commercial Vehicle). The Company writes personal automobile insurance with a concentration on nonstandard automobile insurance, commercial vehicle insurance and classic collector automobile insurance.

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