iA Financial (TSE:IAG) Stock Price Down 6.9% After Analyst Downgrade

Key Points

• Shares fell 6.9% mid-day after National Bank Financial cut its price target to C$179 and kept a "sector perform" rating; several other banks have trimmed targets or downgraded the stock, leaving a MarketBeat consensus of "Hold" with an average target of C$179.44.
• Insiders bought shares amid the weakness: Director Denis Ricard purchased 6,000 shares at C$152 and Ric Jobin bought 1,000 shares at C$151.82, although insiders still own only 0.09% of the company.
• The shares traded as low as C$157.17 and last at C$163.83 with volume down ~61% versus average; the stock sits below its 200‑day SMA (C$165.73) and trades at a P/E of 14.1 with a market cap of C$14.46 billion.

Shares of iA Financial Co. Inc. (TSE:IAG - Get Free Report) fell 6.9% during mid-day trading on Wednesday after National Bank Financial lowered their price target on the stock from C$181.00 to C$179.00. National Bank Financial currently has a sector perform rating on the stock. iA Financial traded as low as C$157.17 and last traded at C$163.83. 135,280 shares traded hands during trading, a decline of 61% from the average session volume of 351,336 shares. The stock had previously closed at C$176.00.

Several other analysts have also issued reports on the stock. Scotiabank dropped their price target on shares of iA Financial from C$188.00 to C$174.00 in a research report on Thursday, February 19th. Royal Bank Of Canada set a C$167.00 price objective on shares of iA Financial and gave the stock a "sector perform" rating in a research note on Monday, January 19th. TD lowered shares of iA Financial from a "buy" rating to a "hold" rating and lowered their price objective for the stock from C$193.00 to C$190.00 in a research note on Wednesday. Canadian Imperial Bank of Commerce lowered shares of iA Financial from a "strong-buy" rating to a "hold" rating in a research note on Thursday, January 8th. Finally, Desjardins boosted their price objective on shares of iA Financial from C$173.00 to C$174.00 and gave the stock a "hold" rating in a research note on Friday, April 17th. One equities research analyst has rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of C$179.44.

Insider Activity

In related news, insider Ï¿½Ric Jobin bought 1,000 shares of iA Financial stock in a transaction that occurred on Thursday, February 19th. The stock was acquired at an average price of C$151.82 per share, with a total value 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 represents a 106.27% increase in their position. Also, Director Denis Ricard bought 6,000 shares of iA Financial stock in a transaction that occurred on Thursday, February 19th. The shares were bought at an average cost of C$152.00 per share, with a total value of C$912,000.00. Following the acquisition, the director directly owned 56,000 shares in the company, valued at C$8,512,000. This trade represents a 12.00% increase in their position. Insiders own 0.09% of the company's stock.

iA Financial Trading Down 9.5%

The firm's 50 day simple moving average is C$159.56 and its two-hundred day simple moving average is C$165.73. The firm has a market cap of C$14.46 billion, a price-to-earnings ratio of 14.10, a PEG ratio of 1.26 and a beta of 0.92.

iA Financial (TSE:IAG - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported C$3.25 earnings per share for the quarter. iA Financial had a net margin of 10.11% and a return on equity of 13.62%. The business had revenue of C$2.74 billion during the quarter. As a group, equities research analysts anticipate that iA Financial Co. Inc. will post 11.6187564 earnings per share for the current fiscal year.

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

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