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  5. FSZ: I know your not crazy about this stock,but looking at it from purely an income play the dividend has already been cut and its pays 7% and other than a couple very temporary blips its basically at a... [Fiera Capital Corporation Class A Subordinate Voting Shares]
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Q: I know your not crazy about this stock,but looking at it from purely an income play the dividend has already been cut and its pays 7% and other than a couple very temporary blips its basically at an all time low(i know could still drop more)im just thinking i could possibly hold this company between 5.50 and 7.00 for a long time and collect a nice payout and who knows the canadian landscape of these types of companies is getting smaller every year,could be a take out candidate,could you tell me the payout ratio,new management any possible head or tail winds you see in the next couple of years possibly... THANKS
Asked by Greg on January 23, 2026
5i Research Answer:

Payout ratio (12 months) is 80%. The stock has been a value trap for some time, but there has been a lot of consoliation in the sector and we would see it as a potential target at some point.It has undergone significant executive changes recently. In May 2025, the company overhauled its leadership, with founder Jean-Guy Desjardins stepping down as CEO for the second time, alongside appointments like Maxime Ménard as Global CEO and Gabriel Castiglio as Global COO. These shifts represent recent new management at the top levels of the firm. Headwinds continue to be weak sales and investment performance. Tailwinds are generally strong equity markets and lower interest rates ahead. As you may know, we always worry about dividend cuts, as the first one is not always the last one. The stock is certainly cheap, but investors have been killed. In the past decade the return is -40%. Consensus calls for about 6% EPS growth this year. IF it can achieve this, the stock could stabilize. But it does not have a great record of execution. Its small size adds risks as well. We would still not consider it that great for income investors. 

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