iA Financial Completes $400 Million Preferred Shares Offering

iA Financial Corporation Inc ( (TSE:IAG) ) just unveiled an update.

iA Financial Corporation Inc. has successfully completed a $400 million offering of 6.435% Non-Cumulative 5-Year Rate Reset Class A Preferred Shares Series C. The shares, rated ‘Pfd-2’ by Morningstar DBRS and ‘BBB+/P-2(High)’ by S&P Global Ratings, were sold to institutional investors through a syndicate led by RBC Capital Markets, National Bank Financial Markets, and TD Securities. This offering, under the company’s short form base shelf prospectus, enhances iA Financial’s capital base, potentially strengthening its market position and providing more resources for strategic growth.

The most recent analyst rating on (TSE:IAG) stock is a Buy with a C$150.00 price target. To see the full list of analyst forecasts on iA Financial Corporation Inc stock, see the TSE:IAG Stock Forecast page.

Spark’s Take on TSE:IAG Stock

According to Spark, TipRanks’ AI Analyst, TSE:IAG is a Outperform.

iA Financial Corporation Inc’s overall score reflects its strong financial performance, positive technical indicators, and strategic corporate events. The company’s robust growth in core EPS and solid capital management were significant strengths. While valuation is fair, challenges like macroeconomic fluctuations and a discounted mini-tender offer present potential risks. The positive elements outweigh the negatives, making the stock a compelling investment within its industry.

To see Spark’s full report on TSE:IAG stock, click here.

More about iA Financial Corporation Inc

iA Financial Group is one of the largest insurance and wealth management groups in Canada, with operations extending into the United States. Founded in 1892, it is a significant Canadian public company listed on the Toronto Stock Exchange under the ticker symbol IAG.

Average Trading Volume: 248,206

Technical Sentiment Signal: Buy

Current Market Cap: C$13.4B

Learn more about IAG stock on TipRanks’ Stock Analysis page.