Daily Stock Opinions and Ratings

Opinions

Larry Berman CFA, CMT, CTAIndustrial-Alliance Life InsIAG.TOWAITSep 09, 2013

We are not early on insurance. If we get back to $35 then risk reward starts to get more compelling. Wait for a 10% pullback.

Larry Berman CFA, CMT, CTA

Unknown

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$42.49

Stock price when the opinion was issued

$203.39

As of Jul 07, 2026. Market Open.

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HOLD

No issues with this one. Not as big as the 3 big insurers in Canada, but has still found pockets to grow domestically and outside Canada. Stronger growth outlook, but valuations in the whole sector have come up significantly.

DON'T BUY

Pressures on the asset management business in the sector remain intense. So you need to rely on the insurance side to carry the day.

Instead, he prefers and owns SLF and MFC in the sector. Also likes their growth in Asian asset management.

PAST TOP PICK

(A Top Pick Nov 13/20, Up 33%) Has started buying back shares and paying dividends. Financials should do well as the yield curve steepens. Valuation is not as compelling as before. Middle of the pack. Has moved to US banks and non-financial banks in Canada.

TOP PICK

A Quebec based financial services, insurance, financial advice and brokerage. They have been caught up in the brought sell-off in financial stocks. Interest rates being low has hurt them. However, he sees interest rates rising as the economy improves. Top 3% on valuation, 8x PE, 4x cashflow and 1x book value. It is cheap with a 3.5% yield. (Analysts’ price target is $61.25)

PAST TOP PICK

(A Top Pick Jun 26/19, Down 3%) Financials have been punished. Still holds it because of the valuation, trading below book value. Solid balance sheet. Will benefit from a reflation trade or rates moving higher. Payout ratio of only 27% with a yield of 4.1%.

PAST TOP PICK

(A Top Pick Jul 26/19, Down 10%) It sold off in sympathy to other financial stocks and has not yet fully recovered. It has good valuation and price momentum is improving. This whole group should be beneficiaries to a return to work.

BUY ON WEAKNESS

Over the last year you have seen a significant growth. It is on his radar screen. The securities side and the banking side are both doing well. He would be interested if it pulled back.

WATCH

It has fundamentally traded between two price-to-book break points: 1 times adjusted book and 60% of book. It has traded between these points for a very long time. It is getting up there so don't buck history. Don't bail now but look again at $279.

TOP PICK

Will do well if interest rates go up. A lifeco that offers financial services. Scores in the top 25% of valuation with decent price momentum and volatility. (Analysts’ price target is $60.89)

PAST TOP PICK

(A Top Pick Jul 25/18, Up 5%) They have been growing their wealth management business. It is cheap and well managed out of Quebec city.

HOLD

Pretty significant resistance point right now. Difficult to get above. Don't add to it now, but don't sell either. Looks OK in the short or medium term. If it gets above $54, could get to $57. If it gets down to $50, start reducing your position.

HOLD

Cheap but for a reason. It is smaller and more regional in Quebec than Manulife. Probably going to stay cheaper.

HOLD

There have been other opportunities that have kept him away. In his to 70% for valuation. Trades at 1.1 book value. The dividend is safe. A good long term hold. Yield 3%.

TOP PICK

An unknown insurance company. Undervalued. Has a well positioned distribution network. Trades at a discount to its peers. Gives you insurance exposure in the financial services asset class. Still a growth story. Yield is 3.1% (Analysts' price target is $63.67.)

TOP PICK

They focus more on personal insurance, but have been consolidating personal investment advisors with the largest network of advisors in Canada now. It trades at 9 times earnings and they are growing the dividend. It is cheaper than a Sunlife or Manulife. Yield 2.9%. (Analysts’ price target is $63.22)

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