Infinity Property and Casualty Corporation (NASDAQ:IPCC) Downgraded to “Hold” at Zacks Investment Research

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 sent to investors on Wednesday, July 5th.

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

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

Shares of Infinity Property and Casualty Corporation (NASDAQ:IPCC) opened at 93.35 on Wednesday. Infinity Property and Casualty Corporation has a one year low of $73.80 and a one year high of $101.70. The firm’s 50-day moving average is $95.74 and its 200-day moving average is $94.03. The company has a market cap of $1.03 billion, a price-to-earnings ratio of 22.49 and a beta of 0.83.

Infinity Property and Casualty Corporation (NASDAQ:IPCC) last posted its quarterly earnings data on Thursday, August 3rd. The insurance provider reported $0.34 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 analysts’ expectations of $330 million. Infinity Property and Casualty Corporation had a net margin of 2.58% and a return on equity of 5.16%. The firm’s revenue was down 3.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.99 EPS. Analysts expect that Infinity Property and Casualty Corporation will post $4.27 EPS for the current fiscal year.

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The business also recently declared 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. This represents a $2.32 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend is Thursday, September 7th. Infinity Property and Casualty Corporation’s dividend payout ratio is presently 64.09%.

Several institutional investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue raised its position 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 period. Hillsdale Investment Management Inc. acquired a new position in Infinity Property and Casualty Corporation during the first quarter worth $162,000. Arxis Securities LLC acquired a new position in Infinity Property and Casualty Corporation during the first quarter worth $208,000. Mason Street Advisors LLC raised its position in Infinity Property and Casualty Corporation by 6.8% in the first quarter. Mason Street Advisors LLC now owns 2,581 shares of the insurance provider’s stock worth $246,000 after buying an additional 165 shares during the period. Finally, Suntrust Banks Inc. raised its position in shares of 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 during the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Infinity Property and Casualty Corporation Company Profile

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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