Brokerages Set IGM Financial Inc. (TSE:IGM) Price Target at C$53.71

IGM Financial Inc. (TSE:IGM) has been assigned an average rating of “Hold” from the six ratings firms that are currently covering the company, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is C$53.71.

A number of research analysts recently issued reports on the stock. BMO Capital Markets lifted their price target on shares of IGM Financial from C$47.00 to C$49.00 and gave the stock a “market perform” rating in a research note on Friday, August 8th. Scotiabank lifted their price target on shares of IGM Financial from C$57.00 to C$64.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 15th. TD Securities lifted their price target on shares of IGM Financial from C$55.00 to C$57.00 and gave the stock a “buy” rating in a research note on Friday, August 8th. National Bankshares lifted their price target on shares of IGM Financial from C$56.00 to C$58.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Finally, Jefferies Financial Group boosted their price objective on shares of IGM Financial from C$42.00 to C$46.00 in a research report on Wednesday, July 30th.

Insider Buying and Selling

In related news, Director Brent Jason Allen sold 1,451 shares of IGM Financial stock in a transaction on Monday, August 18th. The shares were sold at an average price of C$48.56, for a total transaction of C$70,460.56. In the last quarter, insiders have sold 2,840 shares of company stock worth $137,909. 66.58% of the stock is owned by company insiders.

IGM Financial Stock Up 2.1%

Shares of IGM Financial stock opened at C$54.29 on Wednesday. IGM Financial has a 52-week low of C$38.89 and a 52-week high of C$54.99. The company has a 50 day moving average of C$50.86 and a 200 day moving average of C$46.33. The company has a quick ratio of 0.31, a current ratio of 3.61 and a debt-to-equity ratio of 97.24. The company has a market capitalization of C$12.80 billion, a P/E ratio of 13.24, a P/E/G ratio of 4.09 and a beta of 1.07.

IGM Financial Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, October 31st will be paid a dividend of $0.562 per share. This represents a $2.25 annualized dividend and a yield of 4.1%. The ex-dividend date is Friday, September 26th. IGM Financial’s dividend payout ratio (DPR) is currently 54.88%.

IGM Financial Company Profile

IGM Financial is the largest non-bank-affiliated asset manager in Canada. The firm is part of the Power Financial group of companies, which includes Great-West Life, London Life, Canada Life, and Putnam Investments. IGM has two main operating divisionsasset management (operated through Mackenzie Investments) and wealth management (via its Investors Group Wealth Management and Investment Planning Counsel subsidiaries)that provide investment management products and services.