Zacks Investment Research Lowers Infinity Property and Casualty Corporation (NASDAQ:IPCC) to Hold

Zacks Investment Research cut shares of Infinity Property and Casualty Corporation (NASDAQ:IPCC) from a buy rating to a hold rating in a research report report published on Wednesday, July 5th.

According to Zacks, “Infinity Property is a property and casualty insurer. “

Other equities analysts also recently issued reports about the stock. BidaskClub downgraded shares of Infinity Property and Casualty Corporation from a sell rating to a strong sell rating in a research note on Saturday, June 24th. Keefe, Bruyette & Woods restated a hold rating on shares of Infinity Property and Casualty Corporation in a research note on Thursday, May 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $101.67.

Infinity Property and Casualty Corporation (NASDAQ:IPCC) traded up 1.78% during mid-day trading on Wednesday, hitting $100.25. The company had a trading volume of 19,081 shares. Infinity Property and Casualty Corporation has a 1-year low of $73.80 and a 1-year high of $101.70. The stock has a market capitalization of $1.11 billion, a PE ratio of 24.16 and a beta of 0.82. The stock has a 50 day moving average price of $95.53 and a 200-day moving average price of $93.75.

Infinity Property and Casualty Corporation (NASDAQ:IPCC) last issued its earnings results on Thursday, May 4th. The insurance provider reported $0.93 EPS for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.07. The business had revenue of $370.70 million for the quarter, compared to the consensus estimate of $390.70 million. Infinity Property and Casualty Corporation had a net margin of 2.97% and a return on equity of 6.21%. The company’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.68 EPS. On average, analysts forecast that Infinity Property and Casualty Corporation will post $4.27 earnings per share for the current year.

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The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Friday, June 16th were paid a dividend of $0.58 per share. The ex-dividend date of this dividend was Wednesday, June 14th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.31%. Infinity Property and Casualty Corporation’s dividend payout ratio is presently 55.90%.

Several institutional investors have recently added to or reduced their stakes in IPCC. Suntrust Banks Inc. increased its position in Infinity Property and Casualty Corporation by 0.5% in the first quarter. Suntrust Banks Inc. now owns 3,073 shares of the insurance provider’s stock worth $293,000 after buying an additional 16 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in Infinity Property and Casualty Corporation by 1.7% in the first quarter. State of Alaska Department of Revenue now owns 1,220 shares of the insurance provider’s stock worth $116,000 after buying an additional 20 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Infinity Property and Casualty Corporation by 0.3% in the first quarter. Wells Fargo & Company MN now owns 7,676 shares of the insurance provider’s stock worth $733,000 after buying an additional 22 shares during the last quarter. Alpha Windward LLC boosted its stake in Infinity Property and Casualty Corporation by 1.1% in the first quarter. Alpha Windward LLC now owns 5,400 shares of the insurance provider’s stock worth $516,000 after buying an additional 60 shares during the last quarter. Finally, Texas Permanent School Fund boosted its stake in Infinity Property and Casualty Corporation by 0.9% in the second quarter. Texas Permanent School Fund now owns 8,068 shares of the insurance provider’s stock worth $758,000 after buying an additional 75 shares during the last quarter. Hedge funds and other institutional investors own 95.95% 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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