Power Growth Investor, in the May, 2020, issue, refreshes its buy of Intact Financial Corp., recently $138.70. Power Growth said buy 15 times from April, 2010, to December, 2019, at prices ranging from $42.95 to $135.84. Assuming a $1,000 investment for each of the 15 buys, the $15,000 position is now worth $26,214. Intact is Canada's largest provider of property and casualty insurance. In the quarter ended Dec. 31, 2019, it earned $2.08 a share on revenue of $2.67-billion, up from earnings of $1.93 a share on revenue of $2.39-billion in the same period a year earlier. The gains partly reflect the $1.7-billion (U.S.) takeover of OneBeacon Insurance in September, 2017. Power Growth is pleased by the results -- and by the accompanying hike to Intact's quarterly dividend, now 83 cents instead of 76 cents, for a 2.4-per-cent yield -- but it offers the following words of caution: The above results do not capture the effects of the COVID-19 crisis beginning in early 2020. Power Growth is not worried. With a "strong capital base," Intact should "weather the COVID-19 crisis and then resume its growth path when the economy regains its footing," concludes Power Growth. It ranks Intact "a No. 1 power buy."
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