Cormark Increases FY2024 Earnings Estimate for iA Financial

iA Financial Co. Inc. (TSE:IAG - Free Report) has received an upward revision of its fiscal year 2024 earnings estimates from Cormark, as noted in a recent report released to investors on November 6th. The analyst L. Persaud now predicts that the company will report earnings of $10.84 per share, which is an increase from the previous estimate of $10.54. However, the general consensus among analysts for iA Financial's full-year earnings remains higher at $11.62 per share. Additionally, Cormark has projected that earnings for FY2025 will be at $12.05 per share.

The stock of iA Financial has also caught the attention of several other research firms. For instance, National Bank Financial raised its target price for iA Financial shares from C$118.00 to C$121.00 in a report issued on Wednesday. Meanwhile, National Bank Financial downgraded the stock from a "strong-buy" rating to a "hold" rating on October 24th. In another update, TD Securities also increased their price target from C$132.00 to C$135.00, and Scotiabank revised their target price up from C$126.00 to C$143.00 in a research note published on Thursday. CIBC World Markets similarly upgraded iA Financial from a "hold" to a "strong-buy" rating on October 30th. Currently, four analysts have given the stock a hold rating, while four rated it as a buy and one as a strong buy. Data from MarketBeat.com indicates that the consensus rating for the stock is a "Moderate Buy", with a consensus price target of C$128.50.

Performance and Market Capitalization

As of last Friday, shares of TSE IAG were trading at C$130.39. iA Financial holds a market capitalization of C$12.41 billion and has a price-to-earnings (P/E) ratio of 17.46. The company's P/E growth (P/E/G) ratio is 1.26, and it has a beta value of 1.13. Over the past 50 days, the stock's moving average price stood at C$111.83, while the 200-day moving average price was C$97.04. iA Financial has a debt-to-equity ratio of 46.39, a quick ratio of 0.17, and a current ratio of 2.22. The stock has experienced a 52-week low of C$80.95 and a high of C$134.29.

Quarterly Earnings Report

iA Financial released its latest quarterly earnings report on August 6th, where it announced earnings of C$2.75 per share, surpassing the analysts' consensus estimate of C$2.58 by C$0.17. The company's revenue for the quarter reached C$1.64 billion, yielding a net margin of 9.02% and a return on equity of 10.51%.

Dividend Announcement

The company recently revealed details about its quarterly dividend, which is scheduled for payment on December 16th. Shareholders registered by November 22nd will receive a dividend of $0.90, translating to an annualized dividend of $3.60 and a yield of 2.76%. This is an increase from the previously declared dividend of $0.82. The current payout ratio stands at 43.91%.

Company Overview

iA Financial Corporation Inc. provides a range of insurance and wealth management services across Canada and the United States. Its operations are divided into different segments, including Insurance, Canada; Wealth Management; Investment; and U.S. Operations. The company offers various products, including health, auto, home, and creditor insurance, replacement insurance, warranties, life insurance, and specialized products for specific markets.

IAG, Earnings, Analyst