The S&P/TSX Capped Financial Index declined marginally to close out the previous week on Friday, January 27. Today, I want to target two top financial stocks that look dirt-cheap in the final days of the first month of 2023.
EQB (TSX:EQB) is a Toronto-based company that provides personal and commercial banking services to retail and commercial customers in Canada. Shares of this top alternative lender have dropped 9.4% year-over-year as of close on January 27. The stock has jumped 12% so far in 2023.
In the third quarter of fiscal 2022, the company delivered adjusted earnings growth of 13% to $82.1 million. Meanwhile, adjusted diluted earnings per share (EPS) jumped 14% to $2.35. Assets under management (AUM) grew 18% to $47.3 billion. Moreover, single family alternative loans increased 24% to $16.5 billion.
Shares of this financial stock possess a favourable price-to-earnings ratio of 7.3. EQB offers a quarterly dividend of $0.33 per share. That represents a 2% yield.
Intact Financial (TSX:IFC) is a Toronto-based company that provides property and casualty insurance products to individuals and businesses in Canada, the United States, and around the world. Its shares have climbed 12% in the year-over-year period. In the first nine months of fiscal 2022, Intact delivered net income growth of 44% to $2.00 billion.
This financial stock last had an attractive P/E ratio of 12. Meanwhile, it offers a quarterly distribution of $1.00, which also represents a 2% yield.
