iA Financial's FY2024 Earnings Estimates Raised by Cormark

The analysts at Cormark have revised their earnings estimates for iA Financial Co. Inc. (TSE:IAG) for the fiscal year 2024. In a note shared with investors on November 6, Cormark's analyst L. Persaud updated the forecast, now predicting earnings of $10.84 per share, an increase from the previous estimate of $10.54. Currently, the consensus estimate for iA Financial's earnings for the full year stands at $11.62 per share. Additionally, Cormark has provided projections for the company's FY2025 earnings, estimating them at $12.05 per share.

iA Financial has recently been analyzed by several other research firms as well. National Bankshares raised their target price for the shares from C$118.00 to C$121.00. On the other hand, on October 24, National Bank Financial downgraded their rating for iA Financial from a "strong-buy" to a "hold". Meanwhile, TD Securities also increased their price target from C$132.00 to C$135.00. Scotiabank has gone further, lifting their target price from C$126.00 to C$143.00. In another development, Cibc World Markets upgraded iA Financial from a "hold" to a "strong-buy" rating.

Overall, the stock has received varied ratings; four analysts have given a hold rating, four have rated it as a buy, and one analyst has assigned a strong buy rating. Based on data gathered from various sources, the consensus rating for iA Financial is a "Moderate Buy" with an average price target set at C$128.50.

Latest Stock Performance

As of Friday, shares of iA Financial (TSE:IAG) opened at C$130.39. The stock carries a market capitalization of C$12.41 billion and has a price-to-earnings (P/E) ratio of 17.46. The 50-day moving average for the stock is C$111.83, while the 200-day moving average is C$97.04. The company has reported a debt-to-equity ratio of 46.39, with a quick ratio of 0.17 and a current ratio of 2.22. Over the past year, iA Financial's stock has seen a low of C$80.95 and a high of C$134.29.

Dividend Announcement

The firm has also announced a quarterly dividend that will be distributed on December 16, 2023. Shareholders who are on record by November 22, 2023, will receive a dividend payment of $0.90 per share, which translates to an annual dividend of $3.60 with a yield of 2.76%. Notably, this marks an increase from the previous quarterly dividend of $0.82. Currently, iA Financial's payout ratio stands at 43.91%.

About iA Financial

iA Financial Corporation Inc. operates in Canada and the United States, providing a range of insurance and wealth management services. Its major segments include Insurance, Wealth Management, Investment, and U.S. Operations. The company offers various types of insurance products, including health, auto, home, and creditor insurance, as well as life insurance products and extended warranties.

Earnings, Finance, Analysis