TD Securities Cuts iA Financial Price Target to C$189.00

Equities researchers at TD Securities have lowered the price target for iA Financial (TSE:IAG) from C$192.00 to C$189.00, according to a research note released on Wednesday. The firm maintains a “buy” rating on the stock, suggesting that the new target represents a potential upside of approximately 26.48% from the company’s current price.

Other financial institutions have also recently revised their outlooks for iA Financial. National Bank Financial reduced its price target from C$190.00 to C$181.00, classifying the company with a “sector perform” rating. Meanwhile, BMO Capital Markets increased its target price from C$170.00 to C$175.00 in a note dated November 6, 2023.

Additionally, Canadian Imperial Bank of Commerce downgraded iA Financial from a “strong-buy” rating to “hold” on January 8, 2024. Royal Bank of Canada also set a target price of C$167.00 and assigned a “sector perform” rating on January 19, 2024. Finally, Scotiabank downgraded its rating from “outperform” to “sector perform,” setting a price target of C$188.00 on Wednesday.

A total of two analysts have rated iA Financial with a “buy” rating, while six have assigned a “hold” rating. According to data from MarketBeat.com, the stock currently carries an average rating of “hold” with a consensus target price of C$178.14.

Recent Earnings Report

iA Financial reported its quarterly earnings on February 17, 2024, posting an earnings per share (EPS) of C$3.10 for the quarter. The company generated revenue of C$3.23 billion during this period, achieving a return on equity of 13.73% and a net margin of 6.85%. Analysts predict that iA Financial will post earnings per share of approximately C$11.62 for the current fiscal year.

Insider Transactions

In related news, Denis Ricard, a director at iA Financial, sold 3,000 shares of the company on December 12, 2023. The shares were sold at an average price of C$175.25, amounting to a total of C$525,750.00. Following this transaction, Ricard retains ownership of 50,000 shares, valued at around C$8,762,500, representing a 5.66% decrease in his position. Currently, insiders own approximately 0.09% of the stock.

Founded as a life and health insurance provider, iA Financial Corp Inc offers a range of products including life and health insurance, savings and retirement plans, mutual funds, and mortgages. The company operates through five main segments: Individual Insurance, Individual Wealth Management, Group Insurance, Group Savings and Retirement, and US Operations.

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