CIBC Increases IGM Financial (TSE:IGM) Price Target to C$45.00

IGM Financial (TSE:IGM) had its price target increased by CIBC from C$42.00 to C$45.00 in a research note issued to investors on Friday, BayStreet.CA reports. They currently have an outperform rating on the financial services provider’s stock.

Other equities analysts have also issued reports about the stock. National Bankshares upped their target price on shares of IGM Financial from C$44.00 to C$46.00 and gave the stock an outperform rating in a research note on Monday, February 5th. TD Securities increased their target price on shares of IGM Financial from C$41.00 to C$42.00 in a report on Thursday, April 25th. Royal Bank of Canada lifted their target price on IGM Financial from C$44.00 to C$45.00 in a research report on Friday. Finally, Scotiabank boosted their price target on IGM Financial from C$44.00 to C$45.00 and gave the stock a sector perform rating in a research report on Tuesday, April 30th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of C$44.00.

IGM Financial Stock Performance

TSE:IGM opened at C$38.12 on Friday. The stock has a market capitalization of C$9.08 billion, a P/E ratio of 9.82, a price-to-earnings-growth ratio of 4.24 and a beta of 1.58. IGM Financial has a 1 year low of C$30.34 and a 1 year high of C$42.02. The firm has a 50 day moving average of C$34.79 and a 200-day moving average of C$34.61. The company has a current ratio of 1.94, a quick ratio of 0.31 and a debt-to-equity ratio of 38.26.

IGM Financial (TSE:IGM) last issued its earnings results on Thursday, February 15th. The financial services provider reported C$0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.89 by C($0.05). IGM Financial had a net margin of 31.03% and a return on equity of 14.46%. The business had revenue of C$768.80 million during the quarter, compared to the consensus estimate of C$773.00 million. As a group, sell-side analysts anticipate that IGM Financial will post 3.711039 EPS for the current fiscal year.

IGM Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, June 28th will be given a dividend of $0.563 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.25 annualized dividend and a dividend yield of 5.91%. IGM Financial’s payout ratio is 57.99%.

IGM Financial Company Profile

IGM Financial Inc operates as a wealth and asset management company in Canada. It operates through Wealth Management and Asset Management segments. The Wealth Management segment offers investments that are focused on providing financial planning and related services; and provides mutual fund management and discretionary portfolio management services.