Great-West Lifeco (TSE:GWO) Given New C$97.00 Price Target at Canadian Imperial Bank of Commerce

Key Points

• Canadian Imperial Bank of Commerce raised Great-West Lifeco’s price target to C$97 from C$95, implying 5.52% upside. Analysts hold a consensus “Moderate Buy” rating with an average target of C$93.27.
• Great-West Lifeco shares traded at C$91.93, near their 52-week high of C$93.69. The company reported quarterly earnings of C$1.42 per share and revenue of C$8.35 billion.
• Insiders sold 119,200 shares worth approximately C$9.82 million over the past quarter, including substantial reductions in holdings by an insider and a director.

Great-West Lifeco (TSE:GWO - Get Free Report) had its price target lifted by Canadian Imperial Bank of Commerce from C$95.00 to C$97.00 in a report released on Thursday,BayStreet.CA reports. Canadian Imperial Bank of Commerce's target price indicates a potential upside of 5.52% from the company's previous close.

Other analysts have also recently issued research reports about the company. TD lifted their price target on Great-West Lifeco from C$98.00 to C$106.00 and gave the stock a "buy" rating in a research report on Wednesday. Desjardins increased their price objective on Great-West Lifeco from C$71.00 to C$80.00 and gave the company a "hold" rating in a report on Friday, May 8th. Jefferies Financial Group raised their price objective on Great-West Lifeco from C$84.00 to C$107.00 and gave the stock a "buy" rating in a research note on Tuesday, July 21st. Barclays lifted their target price on Great-West Lifeco from C$86.00 to C$87.00 in a report on Wednesday. Finally, Scotia increased their price target on shares of Great-West Lifeco from C$78.00 to C$83.00 and gave the stock a "sector outperform" rating in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Great-West Lifeco has a consensus rating of "Moderate Buy" and an average price target of C$93.27.

Great-West Lifeco Stock Performance

Shares of TSE GWO traded up C$1.50 during midday trading on Thursday, reaching C$91.93. The company had a trading volume of 350,502 shares, compared to its average volume of 1,620,427. The business's 50-day simple moving average is C$87.08 and its 200 day simple moving average is C$73.92. The stock has a market cap of C$82.56 billion, a P/E ratio of 19.77, a P/E/G ratio of 2.26 and a beta of 0.67. Great-West Lifeco has a 1 year low of C$51.60 and a 1 year high of C$93.69. The company has a current ratio of 6.57, a quick ratio of 22.18 and a debt-to-equity ratio of 29.59.

Great-West Lifeco (TSE:GWO - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported C$1.42 earnings per share for the quarter. Great-West Lifeco had a net margin of 12.86% and a return on equity of 15.17%. The firm had revenue of C$8.35 billion for the quarter. On average, analysts forecast that Great-West Lifeco will post 4.4525194 earnings per share for the current fiscal year.

Insider Transactions at Great-West Lifeco

In other news, insider Jean-Francois Poulin sold 20,000 shares of the company's stock in a transaction dated Friday, June 19th. The stock was sold at an average price of C$89.55, for a total value of C$1,791,000.00. Following the sale, the insider owned 160 shares in the company, valued at C$14,328. This represents a 99.21% decrease in their ownership of the stock. Also, Director Edmund Francis Murphy sold 40,000 shares of the firm's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of C$86.20, for a total value of C$3,448,000.00. Following the sale, the director directly owned 8,784 shares in the company, valued at approximately C$757,180.80. This trade represents a 81.99% decrease in their ownership of the stock. Insiders have sold 119,200 shares of company stock worth $9,821,888 over the last quarter. 70.70% of the stock is currently owned by insiders.

About Great-West Lifeco

Great-West Lifeco is one of the three big Canadian life insurance firms. With just under half of the firm's profit and revenue in Canada, Great-West also operates in the U.S. and Europe. In Canada, Great-West provides both individual and group insurance. In the United States, Great-West operates Putnam Investments and defined-contribution recordkeeping firm Empower Retirement. In 2020, Great-West announced it would acquire Personal Capital and MassMutual's recordkeeping business. In Europe, Great-West offers life insurance, annuities, and reinsurance primarily in the U.K., Ireland, and Germany.

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