Scotiabank Raises iA Financial (TSE:IAG) Price Target to C$198.52

Key Points

• Scotiabank raised its price target on iA Financial to C$198.52 from C$168.00, while keeping a sector perform rating on the stock.
• The new target still implies a 4.6% downside from the stock’s prior close, and the broader analyst consensus remains Hold with an average target of C$183.17.
• iA Financial shares recently traded near their 52-week high after reporting quarterly EPS of C$3.25 and revenue of C$2.74 billion; meanwhile, insiders have been selling shares in recent months.

iA Financial (TSE:IAG - Get Free Report) had its price objective boosted by Scotiabank from C$168.00 to C$198.52 in a research note issued on Wednesday,BayStreet.CA reports. The brokerage currently has a "sector perform" rating on the stock. Scotiabank's target price suggests a potential downside of 4.60% from the stock's previous close.

Other analysts have also recently issued reports about the company. Scotia decreased their price objective on iA Financial from C$183.00 to C$168.00 and set a "sector perform" rating on the stock in a report on Thursday, May 7th. Desjardins upped their price target on shares of 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. National Bank Financial lowered their price objective on shares of iA Financial from C$181.00 to C$179.00 and set a "sector perform" rating for the company in a research report on Wednesday, May 6th. TD Securities cut shares of iA Financial from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 6th. Finally, Canadian Imperial Bank of Commerce boosted their target price on shares of iA Financial from C$180.00 to C$208.00 in a report on Wednesday. Nine investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, iA Financial currently has a consensus rating of "Hold" and a consensus target price of C$183.17.

iA Financial Price Performance

Shares of IAG traded up C$4.78 during midday trading on Wednesday, hitting C$208.10. 152,845 shares of the company traded hands, compared to its average volume of 338,586. The stock has a market cap of C$18.58 billion, a price-to-earnings ratio of 19.27, a PEG ratio of 1.26 and a beta of 0.91. The firm has a 50 day moving average of C$182.44 and a 200-day moving average of C$171.30. The company has a debt-to-equity ratio of 18.46, a quick ratio of 0.17 and a current ratio of 0.60. iA Financial has a 52 week low of C$133.36 and a 52 week high of C$208.38.

iA Financial (TSE:IAG - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported C$3.25 earnings per share (EPS) for the quarter. The firm had revenue of C$2.74 billion for the quarter. iA Financial had a return on equity of 12.80% and a net margin of 9.87%. On average, analysts forecast that iA Financial will post 11.6187564 EPS for the current fiscal year.

Insider Activity at iA Financial

In other iA Financial news, insider Pierre Miron sold 15,000 shares of the company's stock in a transaction on Friday, June 5th. The stock was sold at an average price of C$174.90, for a total transaction of C$2,623,500.00. Following the transaction, the insider owned 4,900 shares of the company's stock, valued at approximately C$857,010. This represents a 75.38% decrease in their position. Also, insider Renée Laflamme sold 12,500 shares of the stock in a transaction on Friday, June 26th. The shares were sold at an average price of C$192.81, for a total value of C$2,410,125.00. Following the completion of the transaction, the insider owned 11,645 shares in the company, valued at C$2,245,272.45. The trade was a 51.77% decrease in their ownership of the stock. Insiders sold a total of 39,500 shares of company stock valued at $7,156,765 over the last quarter. Corporate insiders own 0.09% of the company's stock.

About iA Financial

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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