Brokers Issue Forecasts for iA Financial Co. Inc.’s FY2024 Earnings (TSE:IAG)

iA Financial Co. Inc. (TSE:IAG) – Investment analysts at National Bank Financial lifted their FY2024 earnings estimates for iA Financial in a research report issued to clients and investors on Tuesday, August 6th. National Bank Financial analyst G. Dechaine now expects that the company will post earnings per share of $10.49 for the year, up from their prior estimate of $10.32. The consensus estimate for iA Financial’s current full-year earnings is $10.65 per share.

A number of other equities analysts have also weighed in on the stock. CIBC upped their price target on shares of iA Financial from C$100.00 to C$106.00 in a research report on Thursday. BMO Capital Markets lifted their target price on iA Financial from C$102.00 to C$111.00 in a research note on Thursday. Cormark upped their price target on iA Financial from C$103.00 to C$105.00 in a research note on Friday, May 10th. Royal Bank of Canada boosted their target price on shares of iA Financial from C$102.00 to C$105.00 and gave the stock a “moderate buy” rating in a report on Thursday. Finally, TD Securities upped their target price on shares of iA Financial from C$110.00 to C$114.00 and gave the stock a “buy” rating in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$94.06.

iA Financial Stock Performance

Shares of TSE:IAG traded up C$2.93 during mid-day trading on Thursday, reaching C$99.23. 360,301 shares of the company traded hands, compared to its average volume of 277,637. The company’s 50 day moving average price is C$88.30 and its 200-day moving average price is C$87.88. The firm has a market cap of C$9.44 billion, a PE ratio of 13.28, a PEG ratio of 1.26 and a beta of 1.11. iA Financial has a 52 week low of C$77.61 and a 52 week high of C$99.31. The company has a debt-to-equity ratio of 20.29, a current ratio of 6.92 and a quick ratio of 0.17.

iA Financial (TSE:IAG) last announced its earnings results on Thursday, May 9th. The company reported C$2.44 EPS for the quarter, topping analysts’ consensus estimates of C$2.38 by C$0.06. iA Financial had a return on equity of 10.51% and a net margin of 10.50%. The company had revenue of C$1.60 billion for the quarter.

Insider Buying and Selling

In other news, Senior Officer Alain Bergeron sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, May 27th. The stock was sold at an average price of C$93.42, for a total value of C$467,091.50. Following the completion of the sale, the insider now directly owns 500 shares of the company’s stock, valued at approximately C$46,709.15. In other news, Senior Officer Alain Bergeron sold 5,000 shares of the firm’s stock in a transaction dated Monday, May 27th. The shares were sold at an average price of C$93.42, for a total value of C$467,091.50. Following the completion of the sale, the insider now owns 500 shares in the company, valued at approximately C$46,709.15. Also, Senior Officer Michael Lee Stickney sold 1,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of C$91.42, for a total transaction of C$91,420.00. Over the last quarter, insiders sold 31,000 shares of company stock worth $2,850,331. Corporate insiders own 0.09% of the company’s stock.

iA Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 23rd will be issued a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date is Friday, August 23rd. iA Financial’s payout ratio is 43.91%.

iA Financial Company Profile

iA Financial Corporation Inc, provides insurance and wealth management services in Canada and the United States. The company operates through Insurance, Canada; Wealth Management; Investment; and US Operations segments. The company provides health, auto, home, and creditor insurance products; replacement insurance products and warranties; extended warranties and other ancillary products for dealer services; specialized products for special markets; and life insurance products and extended warranties relating to dealer services.