Earlier today, Canadian asset management company AGF Management Limited (TSE:AGF.B) announced its Q3 earnings results, with earnings per share (EPS) of C$0.34 coming in ahead of the C$0.32 consensus estimate and last year’s EPS of C$0.32. Also, the results revealed a rise in assets under management to C$42.3 billion, up from C$41.2 billion in May 2023 and C$39.6 billion in the prior year. As a result, the stock finished slightly higher today, up 1.11%.
AGF highlighted a 43% year-over-year increase in its ETFs and SMA AUM (seperately-managed accounts assets under management), reaching C$1.3 billion from the previous C$0.9 billion. Also, despite seeing mutual fund net redemptions worth C$151 million, the firm’s mutual fund gross sales surged to C$633 million compared to C$594 million in the previous year.
Kevin McCreadie, CEO and CIO of AGF, attributed the company’s relatively strong performance to its strategic diversification efforts, citing its resilience during volatile market periods.
Is AGF.B Stock a Buy, According to Analysts?
According to analysts, AGF.B stock comes in as a Moderate Buy based on one Buy and two Hold ratings assigned in the past three months. The average AGF.B stock price target of C$9.33 implies 28.7% upside potential.
If you’re wondering which analyst you should follow if you want to buy and sell AGF.B stock, the most accurate analyst covering the stock (on a one-year timeframe) is Gary Ho of Desjardins, with an average return of 16.61% per rating and a 63% success rate. Click on the image below to learn more.
