KBW Initiates Coverage On Infinity Property & Casualty Corp.

Keefe Bruyette & Woods is initiating coverage on Infinity Property & Casualty Corp. IPCC with a Market Perform rating and a $58 price target on shares. In a note to clients, Keefe Bruyette & Woods writes, "We view Infinity as a well-positioned nonstandard auto underwriter, and expect the company will ultimately be a significant beneficiary of the growing Hispanic population. We believe Infinity has a solid balance sheet, an impressive underwriting profitability track record, with a history of active capital management; however we view Infinity shares as trading at fair value and are initiating coverage with a Market Perform rating." Shares of IPCC gained 15 cents yesterday to close at $53.16, a gain of 0.28%.