Intact Financial (TSE:IFC) Reaches New 12-Month High on Analyst Upgrade

Key Points

• Intact Financial achieved a new 12-month high after National Bankshares increased their price target from C$341.00 to C$350.00, maintaining an outperform rating.
• Scotiabank and TD Securities also raised their target prices for the stock, with average analyst ratings suggesting a Moderate Buy and a consensus price target of C$317.00.
• Insider trading was noted, with Director Timothy Michael Miller selling 13,028 shares for approximately C$4 million in June.

Intact Financial Co. (TSE:IFC - Get Free Report) hit a new 52-week high during trading on Tuesday after National Bankshares raised their price target on the stock from C$341.00 to C$350.00. National Bankshares currently has an outperform rating on the stock. Intact Financial traded as high as C$24.50 and last traded at C$304.88, with a volume of 108538 shares. The stock had previously closed at C$302.12.

A number of other brokerages also recently issued reports on IFC. Scotiabank lifted their target price on Intact Financial from C$318.00 to C$325.00 in a research report on Wednesday, July 23rd. TD Securities upped their target price on Intact Financial from C$328.00 to C$349.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Raymond James Financial boosted their price target on Intact Financial from C$302.00 to C$330.00 and gave the company an "outperform" rating in a report on Wednesday, May 7th. Royal Bank Of Canada raised Intact Financial to a "hold" rating and set a C$329.00 price objective for the company in a research note on Wednesday, June 18th. Finally, CIBC increased their price target on Intact Financial from C$290.00 to C$300.00 in a research report on Friday, April 25th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Intact Financial currently has an average rating of "Moderate Buy" and a consensus price target of C$317.00.

Insider Activity

In related news, Director Timothy Michael Miller sold 13,028 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of C$309.88, for a total transaction of C$4,037,064.53. 0.24% of the stock is owned by insiders.

Intact Financial Trading Up 0.9%

The stock has a 50 day moving average price of C$308.02 and a two-hundred day moving average price of C$291.42. The company has a market cap of C$54.21 billion, a price-to-earnings ratio of 23.60, a P/E/G ratio of 2.01 and a beta of 0.57.

About Intact Financial

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.

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