iA Financial's FY2024 Earnings Estimate Revised by Cormark

iA Financial Co. Inc. (TSE:IAG - Free Report) recently saw an upgrade in its FY2024 earnings projections from Cormark, a reputable equities research firm. In a note to investors dated Wednesday, November 6th, analyst L. Persaud highlighted that the expected earnings for the year are now set at $10.84 per share. This is an increase from the former estimate of $10.54 per share. Currently, the consensus estimate for iA Financial's earnings for the full year is $11.62 per share.

Cormark also provided forecasts for the company's FY2025 earnings, anticipating them to reach $12.05 per share.

The iA Financial stock has also been analyzed by several other research firms recently. National Bankshares increased their price target for the stock from C$118.00 to C$121.00, while National Bank Financial downgraded their rating from "strong-buy" to "hold" on October 24th. On the other hand, TD Securities raised their price target from C$132.00 to C$135.00, and Scotiabank significantly boosted their target from C$126.00 to C$143.00. Additionally, CIBC World Markets upgraded their rating from "hold" to "strong-buy" just a week prior on October 30th. Presently, the stock has received four hold ratings, four buy ratings, and one strong buy rating, resulting in a consensus rating of "Moderate Buy" with an average price target of C$128.50.

Current Stock Performance

As of Friday, shares of TSE IAG opened at C$130.39, marking a decline of 2.4%. The company boasts a market capitalization of C$12.41 billion, a P/E ratio of 17.46, and a P/E/G ratio of 1.26. The stock shows a beta of 1.13, indicating its volatility compared to the broader market. The 50-day moving average stands at C$111.83, while the 200-day moving average is at C$97.04. Additionally, iA Financial's ratios indicate a debt-to-equity ratio of 46.39, a quick ratio of 0.17, and a current ratio of 2.22. The company has experienced a 52-week range with a low of C$80.95 and a high of C$134.29.

iA Financial last reported its quarterly earnings on August 6th, where it announced an EPS of C$2.75, exceeding the consensus estimate of C$2.58 by C$0.17. The company recorded a revenue of C$1.64 billion, achieving a net margin of 9.02% and a return on equity of 10.51%.

Dividend Announcement

Recently, iA Financial declared its upcoming quarterly dividend, scheduled for payment on December 16th. Shareholders on record as of November 22nd will receive a dividend of $0.90 per share, translating to an annualized dividend of $3.60, which results in a yield of 2.76%. Moreover, this increase marks a rise from the previous quarterly dividend of $0.82, and the company has a payout ratio of 43.91%.

About iA Financial

iA Financial Corporation Inc. is involved in providing insurance and wealth management services both in Canada and the United States. It operates across several sectors, including Insurance in Canada, Wealth Management, Investment, and US Operations. The services encompass a range of products such as health, auto, home and creditor insurance, as well as life insurance and extended warranties.

Earnings, Estimates, Research