iA Financial (TSE:IAG) Reaches New 12-Month High Following Dividend Announcement

iA Financial Co. Inc. (TSE:IAG) reached a new 52-week high during trading on Wednesday following a dividend announcement from the company. The stock traded as high as C$141.88 and last traded at C$139.94, with a volume of 75594 shares changing hands. The stock had previously closed at C$132.87.

The newly announced dividend which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 2.57%. iA Financial’s dividend payout ratio is currently 31.25%.

Analyst Ratings Changes

A number of research firms have recently weighed in on IAG. National Bank Financial cut iA Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. TD Securities lifted their price objective on shares of iA Financial from C$132.00 to C$135.00 in a research note on Wednesday, November 6th. National Bankshares increased their price objective on shares of iA Financial from C$118.00 to C$121.00 in a research note on Wednesday, November 6th. Royal Bank of Canada downgraded shares of iA Financial from an “outperform” rating to a “sector perform” rating and boosted their target price for the company from C$105.00 to C$137.00 in a research report on Thursday, November 7th. Finally, Cormark upped their price target on shares of iA Financial from C$127.00 to C$130.00 in a report on Wednesday, November 6th. Five research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$129.88.

iA Financial Stock Up 5.3 %

The stock has a market capitalization of C$13.13 billion, a price-to-earnings ratio of 13.33, a price-to-earnings-growth ratio of 1.26 and a beta of 1.13. The business’s 50-day moving average is C$131.91 and its two-hundred day moving average is C$119.48.

Insider Activity

In other news, Senior Officer Éric Jobin sold 1,000 shares of iA Financial stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of C$136.91, for a total transaction of C$136,913.00. Also, Director Denis Ricard sold 10,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of C$135.00, for a total value of C$1,350,000.00. Insiders sold 22,010 shares of company stock worth $2,976,055 over the last ninety days. Corporate insiders own 0.09% of the company’s stock.

About iA Financial

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.