iA Financial's FY2024 Earnings Forecast Adjusted by Cormark

iA Financial Co. Inc. (TSE:IAG - Free Report) has seen an adjustment to its FY2024 earnings estimates as Cormark, an equity research firm, raised its projections on November 6th. Analyst L. Persaud now believes that iA Financial will achieve earnings of C$10.84 per share, which is an increase from the previous estimate of C$10.54. In comparison, the consensus estimate for the company's current full-year earnings stands at C$11.62 per share. Additionally, Cormark has set its FY2025 earnings forecast at C$12.05 per share.

iA Financial has been featured in multiple research reports from other financial institutions as well. National Bankshares, for example, raised their price target for iA Financial’s shares from C$118.00 to C$121.00 on the same day. Meanwhile, on October 24th, National Bank Financial downgraded iA Financial from a "strong-buy" to a "hold" rating. TD Securities also increased their price target from C$132.00 to C$135.00. Following that, Scotiabank lifted their price target considerably from C$126.00 to C$143.00. Furthermore, CIBC World Markets upgraded their rating for iA Financial from a "hold" to a "strong-buy" at the end of October. Currently, analysts have given iA Financial a mix of ratings: four analysts rate the stock as a hold, four as a buy, and one as a strong buy. According to MarketBeat.com, the overall consensus rating for the company is a "Moderate Buy," along with a consensus price target of C$128.50.

Current Stock Performance

As of last Friday, shares of iA Financial opened at C$130.39. The company's market capitalization is approximately C$12.41 billion, with a P/E ratio of 17.46 and a P/E/G ratio of 1.26. The stock's beta is recorded at 1.13, indicating some volatility. iA Financial’s 50-day moving average price sits at C$111.83, while the 200-day moving average price is C$97.04. With a debt-to-equity ratio of 46.39, the company also has a quick ratio of 0.17 and a current ratio of 2.22. Looking at its performance over the last year, iA Financial shares have ranged from a low of C$80.95 to a high of C$134.29.

Quarterly Earnings Insights

On August 6th, iA Financial released its most recent quarterly earnings report. The company achieved earnings of C$2.75 per share, surpassing the consensus estimate of C$2.58 by C$0.17. During this quarter, iA Financial reported revenues totaling C$1.64 billion. The company’s net margin was 9.02%, and it maintained a return on equity of 10.51%.

Dividend Increase Announcement

In addition to the earnings forecast, iA Financial recently announced an increase in its quarterly dividend, which will be paid on December 16th to shareholders on record by November 22nd. The upcoming dividend is set at C$0.90, translating to an annualized dividend of C$3.60 and a yield of 2.76%. This is an increase from the previous quarterly dividend of C$0.82. Currently, iA Financial's payout ratio is 43.91%, suggesting a reasonably sustainable dividend.

Overview of iA Financial

iA Financial Corporation Inc. is a provider of insurance and wealth management services operating primarily in Canada and the United States. The company’s operations are segmented into Insurance, Wealth Management, and U.S. Operations. iA Financial offers a variety of products, including health, auto, home, and creditor insurance, as well as life insurance and extended warranties related to dealer services.

Earnings, Stocks, Forecast