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Why the IOOF Holdings Limited share price is soaring this week

IOOF Holdings Limited (ASX:IFL) peaked at $11.84 in October 2017 but has since fallen back to $9.40 at the time of writing, up almost 5% on Tuesday. IOOF is in the wealth business, offering financial advice, superannuation, investment management and trustee services. 

IOOF is in the process of buying ANZ Wealth, with a recent update reassuring investors that any future liabilities from ANZ Wealth as a result of the royal commission will not impact IOOF. According to the update “ANZ has provided various indemnities in favour of IOOF in relation to liability arising from a claim by a client made within five years.”  

IOOF released a statement highlighting the strong performance of ANZ Wealth, which was reported today, with 1H18 NPAT at $39 million compared to $33 million in 1H17. 

IOOF is trading on a forward price to earnings ratio of 17.5x, and the current dividend yield is 5.9% fully franked.  

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Motley Fool contributor Rosemary Steinfort has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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