iA Financial (TSE:IAG) Downgraded by TD to "Hold"

Key Points

• TD downgraded iA Financial from a "buy" to a "hold" and set a C$190 price target (previously C$193); overall analyst consensus is "Hold" with an average target of C$179.44 (one buy, seven holds).
• Stock fell 9.7% to C$158.88 on heavy volume (580,401 shares vs. a 357,144 average), valuing the company at C$14.43 billion and trading at a P/E of 14.07.
• iA Financial reported quarterly EPS of C$3.25 and revenue of C$2.74 billion, and insiders increased positions — a director bought 6,000 shares at roughly C$152 per share.

iA Financial (TSE:IAG - Get Free Report) was downgraded by analysts at TD from a "buy" rating to a "hold" rating in a research report issued on Wednesday,BayStreet.CA reports. They presently have a C$190.00 price objective on the stock, down from their previous price objective of C$193.00. TD's price objective suggests a potential upside of 19.59% from the company's previous close.

Other equities research analysts have also issued research reports about the company. Scotia lifted their price objective on iA Financial from C$174.00 to C$183.00 in a research note on Wednesday, April 29th. BMO Capital Markets dropped their price objective on iA Financial from C$185.00 to C$175.00 in a research note on Thursday, February 19th. Desjardins lifted their price objective on iA Financial from C$173.00 to C$174.00 and gave the company a "hold" rating in a research note on Friday, April 17th. Scotiabank lowered their price target on iA Financial from C$188.00 to C$174.00 in a research report on Thursday, February 19th. Finally, Canadian Imperial Bank of Commerce downgraded iA Financial from a "strong-buy" rating to a "hold" rating in a research report on Thursday, January 8th. One equities research analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of C$179.44.

iA Financial Stock Down 9.7%

TSE:IAG traded down C$17.12 during trading hours on Wednesday, hitting C$158.88. 580,401 shares of the company's stock traded hands, compared to its average volume of 357,144. The firm has a market cap of C$14.43 billion, a P/E ratio of 14.07, a P/E/G ratio of 1.26 and a beta of 0.92. iA Financial has a 52 week low of C$129.24 and a 52 week high of C$182.99. The business's fifty day simple moving average is C$159.56 and its two-hundred day simple moving average is C$165.73.

iA Financial (TSE:IAG - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported C$3.25 earnings per share (EPS) for the quarter. The company had revenue of C$2.74 billion during the quarter. iA Financial had a return on equity of 13.62% and a net margin of 10.11%. On average, analysts expect that iA Financial will post 11.6187564 EPS for the current year.

Insider Activity

In related news, Director Denis Ricard acquired 6,000 shares of the firm's stock in a transaction dated Thursday, February 19th. The shares were purchased at an average price of C$152.00 per share, for a total transaction of C$912,000.00. Following the completion of the acquisition, the director owned 56,000 shares in the company, valued at approximately C$8,512,000. This represents a 12.00% increase in their ownership of the stock. Also, insider Ï¿½Ric Jobin acquired 1,000 shares of the firm's stock in a transaction dated Thursday, February 19th. The stock was bought at an average price of C$151.82 per share, for a total transaction of C$151,820.00. Following the acquisition, the insider owned 1,941 shares of the company's stock, valued at approximately C$294,682.62. This trade represents a 106.27% increase in their position. 0.09% of the stock is currently owned by insiders.

iA Financial Company Profile

iA Financial Group is one of the largest insurance and wealth management groups in Canada, with operations in the United States. Founded in 1892, it is an important Canadian public company and is listed on the Toronto Stock Exchange under the ticker symbol IAG (common shares). To learn more about iA Financial Group, you can sign up for our newsletter on our website at ia.ca. iA Financial Group is a business name and trademark of iA Financial Corporation Inc

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.