IA Financial Gives C$500K to Food Banks Canada


This article was originally published on TipRanks.com

iA Financial Corporation (TSE: IAG), one of the largest insurance and wealth management groups in Canada, has announced Tuesday it has donated half a million dollars to Food Banks Canada.

Relieving and Preventing Hunger 

Food Banks Canada is a national charity dedicated to helping Canadians living with food insecurity. It actively supports a network of provincial associations, affiliated food banks and food organizations that aim to alleviate hunger in their communities.

This year, iA Financial Group made nearly C$8 million in donations to various social and community organizations or working in the fields of health, education and the environment.

CEO Commentary 

IA Financial Group president and CEO Denis Ricard said, “During this period of pandemic, and with the Holidays approaching, we want to provide tangible support to food banks across the country. More and more people are using food banks, including thousands of children. Hunger in our communities is a problem that concerns us and pushes us into action.”

Wall Street’s Take 

Two months ago, CIBC analyst Paul Holden kept a Buy rating on IAG with an C$84 price target. This implies 17.8% upside potential.

Overall, IAG scores a Strong buy rating among Wall Street analysts based on six Buys. The average IA Financial Corporation price target of C$85.75 implies 20.3% upside potential to current levels.

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