Intact Financial (OTCMKTS:IFCZF) Shares Gap Down Following Weak Earnings

Shares of Intact Financial Co. (OTCMKTS:IFCZF) gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $210.29, but opened at $190.02. Intact Financial shares last traded at $197.77, with a volume of 50 shares traded.

The company reported $2.29 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.15). The business had revenue of $4.22 billion for the quarter, compared to the consensus estimate of $4.22 billion. Intact Financial had a net margin of 12.02% and a return on equity of 19.25%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Scotiabank reaffirmed an “outperform” rating on shares of Intact Financial in a research report on Friday. Barclays reissued an “overweight” rating on shares of Intact Financial in a report on Wednesday. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Intact Financial in a research note on Friday, July 10th. Finally, TD Securities restated a “buy” rating on shares of Intact Financial in a report on Wednesday, May 6th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Intact Financial has an average rating of “Moderate Buy”.

Intact Financial Price Performance

The business’s 50 day moving average price is $203.08 and its 200 day moving average price is $193.24. The stock has a market capitalization of $34.88 billion and a P/E ratio of 14.55.

Intact Financial Company Profile

Intact Financial Corporation is a leading Canadian property and casualty insurance provider offering a broad range of personal and commercial insurance products and services. Its primary operations in Canada are conducted through Intact Insurance and belairdirect, while its specialty insurance business in the United States operates under the OneBeacon Insurance Group brand. The company’s portfolio includes coverage for auto, home, commercial property and casualty, specialty lines, and accident and health, supported by risk management and claims solutions tailored to individuals, small and medium-sized enterprises, and large corporate clients.

Tracing its origins to the Halifax Fire Insurance Association founded in 1809, Intact Financial has expanded through a series of strategic mergers and acquisitions.