Keefe, Bruyette & Woods Reiterates Hold Rating for Infinity Property and Casualty Corporation (IPCC)

Keefe, Bruyette & Woods reaffirmed their hold rating on shares of Infinity Property and Casualty Corporation (NASDAQ:IPCC) in a research note released on Thursday morning. The firm currently has a $94.00 target price on the insurance provider’s stock.

Several other research firms have also recently issued reports on IPCC. BidaskClub raised Infinity Property and Casualty Corporation from a strong sell rating to a sell rating in a research note on Wednesday, July 19th. Zacks Investment Research cut Infinity Property and Casualty Corporation from a buy rating to a hold rating in a research note on Wednesday, July 5th. Raymond James Financial, Inc. raised Infinity Property and Casualty Corporation from a market perform rating to an outperform rating and set a $105.00 target price on the stock in a research note on Thursday, July 13th. Finally, UBS AG raised Infinity Property and Casualty Corporation from a market perform rating to an outperform rating in a research note on Thursday, July 13th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $101.67.

Infinity Property and Casualty Corporation (NASDAQ:IPCC) opened at 89.80 on Thursday. The company has a market capitalization of $991.12 million, a PE ratio of 24.88 and a beta of 0.86. The firm’s 50 day moving average price is $90.89 and its 200-day moving average price is $94.48. Infinity Property and Casualty Corporation has a 12-month low of $73.80 and a 12-month high of $101.70.

Infinity Property and Casualty Corporation (NASDAQ:IPCC) last posted its earnings results on Thursday, August 3rd. The insurance provider reported $0.34 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.89 by ($0.55). Infinity Property and Casualty Corporation had a net margin of 2.58% and a return on equity of 5.16%. The business had revenue of $323.80 million for the quarter, compared to analysts’ expectations of $330.00 million. During the same period last year, the firm posted $0.99 earnings per share. Infinity Property and Casualty Corporation’s quarterly revenue was down 3.9% on a year-over-year basis. On average, equities analysts anticipate that Infinity Property and Casualty Corporation will post $3.75 earnings per share for the current fiscal year.

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The company also recently declared a quarterly dividend, which was paid on Friday, September 22nd. Investors of record on Friday, September 8th were given a dividend of $0.58 per share. The ex-dividend date was Thursday, September 7th. This represents a $2.32 annualized dividend and a dividend yield of 2.58%. Infinity Property and Casualty Corporation’s dividend payout ratio is presently 64.09%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Suntrust Banks Inc. boosted its position in shares of Infinity Property and Casualty Corporation by 0.5% during the first quarter. Suntrust Banks Inc. now owns 3,073 shares of the insurance provider’s stock valued at $293,000 after purchasing an additional 16 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Infinity Property and Casualty Corporation by 0.3% during the first quarter. Wells Fargo & Company MN now owns 7,676 shares of the insurance provider’s stock valued at $733,000 after purchasing an additional 22 shares in the last quarter. Texas Permanent School Fund boosted its position in shares of Infinity Property and Casualty Corporation by 0.9% during the second quarter. Texas Permanent School Fund now owns 8,068 shares of the insurance provider’s stock valued at $758,000 after purchasing an additional 75 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of Infinity Property and Casualty Corporation by 0.6% during the second quarter. Bessemer Group Inc. now owns 15,600 shares of the insurance provider’s stock valued at $1,466,000 after purchasing an additional 100 shares in the last quarter. Finally, Martingale Asset Management L P boosted its position in shares of Infinity Property and Casualty Corporation by 0.3% during the second quarter. Martingale Asset Management L P now owns 38,003 shares of the insurance provider’s stock valued at $3,573,000 after purchasing an additional 100 shares in the last quarter. Institutional investors own 95.16% 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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