iA Financial FY2024 Earnings Estimates Raised by Cormark

iA Financial Co. Inc. (TSE:IAG - Free Report) has seen its earnings estimates for FY2024 increased by analysts at Cormark. This announcement was made in a note to investors on November 6th. Analyst L. Persaud at Cormark now anticipates that iA Financial will report earnings of $10.84 per share for the year, which is an increase from the previous estimate of $10.54.

In contrast, the overall market consensus for iA Financial's full-year earnings currently stands at $11.62 per share. Furthermore, Cormark has also forecasted earnings for FY2025 to be approximately $12.05 per share.

iA Financial has received attention from several research institutions lately. Notably, National Bankshares raised their price target on the company’s shares from C$118.00 to C$121.00 in a report released on Wednesday. Additionally, TD Securities increased their price target from C$132.00 to C$135.00. In a recent note, Scotiabank also raised their price objective from C$126.00 to C$143.00.

On the other hand, National Bank Financial downgraded their rating for iA Financial’s shares from a “strong-buy” to a “hold.” Meanwhile, Cibc World Mkts upgraded their stance from a “hold” to a “strong-buy.” In total, four analysts recommend holding the stock, four suggest buying it, and one has given it a strong buy rating. As per MarketBeat.com, iA Financial holds a consensus rating of "Moderate Buy" with a target price of C$128.50.

Recent Stock Performance of iA Financial

As of Friday, the shares of TSE IAG traded at C$130.39. The company boasts a market capitalization of C$12.41 billion, with a P/E ratio of 17.46 and a P/E/G ratio of 1.26. The stock has experienced a 52-week low of C$80.95 and a high of C$134.29. With financial metrics reflecting a debt-to-equity ratio of 46.39, the quick ratio stands at 0.17, and the current ratio is noted at 2.22.

In its most recent quarterly earnings report released on August 6th, iA Financial noted earnings of C$2.75 per share, which exceeded the market's expectation of C$2.58 by C$0.17. The company’s revenue for the quarter was C$1.64 billion, showcasing a net margin of 9.02% and a return on equity of 10.51%.

Dividend Announcement

Recently, iA Financial announced an increase in its quarterly dividend. The new dividend of $0.90 will be distributed on December 16th to shareholders on record as of November 22nd. This increase marks an upgrade from the previous quarterly dividend of $0.82, translating to an annualized dividend of $3.60 and a yield of 2.76%. The company’s payout ratio stands at 43.91%.

About iA Financial

iA Financial Corporation Inc. offers a wide range of insurance and wealth management services in Canada and the United States. The various segments of the company include Insurance, Wealth Management, Investment, and US Operations. It provides numerous products such as health, auto, home insurance, life insurance, and specialized products for specific markets.

Earnings, Estimates, Financial