IGM Financial Inc. (TSE:IGM) Receives C$64.86 Consensus Price Target from Brokerages

Shares of IGM Financial Inc. (TSE:IGM) have earned an average rating of “Hold” from the seven research firms that are covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is C$68.14.

Several research analysts have commented on the stock. Jefferies Financial Group increased their price objective on shares of IGM Financial from C$50.00 to C$54.00 and gave the company a “hold” rating in a report on Wednesday, October 29th. Royal Bank Of Canada increased their price target on IGM Financial from C$51.00 to C$65.00 and gave the company a “sector perform” rating in a report on Monday, January 26th. TD Securities increased their price objective on shares of IGM Financial from C$64.00 to C$73.00 and gave the stock a “buy” rating in a research report on Thursday. Scotiabank increased their price target on IGM Financial from C$64.00 to C$67.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 28th. Finally, CIBC upped their price target on shares of IGM Financial from C$61.00 to C$68.00 in a report on Wednesday, January 21st.

Insider Activity

In other news, insider Rhonda Goldberg sold 8,636 shares of IGM Financial stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of C$57.00, for a total value of C$492,252.00. Also, Director Esther Findlay sold 3,280 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of C$57.59, for a total value of C$188,895.20. Following the sale, the director directly owned 6,996 shares in the company, valued at approximately C$402,899.64. The trade was a 31.92% decrease in their position. Over the last quarter, insiders have sold 34,904 shares of company stock worth $1,982,131. 66.58% of the stock is owned by company insiders.

IGM Financial Stock Down 0.8%

Shares of IGM opened at C$66.47 on Friday. The business’s 50 day moving average is C$63.07 and its 200 day moving average is C$55.25. The company has a current ratio of 3.61, a quick ratio of 0.31 and a debt-to-equity ratio of 97.24. IGM Financial has a 12-month low of C$38.89 and a 12-month high of C$68.55. The company has a market capitalization of C$15.67 billion, a PE ratio of 15.28, a price-to-earnings-growth ratio of 4.09 and a beta of 1.10.

IGM Financial (TSE:IGM) last announced its quarterly earnings data on Thursday, November 6th. The financial services provider reported C$1.27 earnings per share (EPS) for the quarter. The business had revenue of C$971.88 million during the quarter. IGM Financial had a net margin of 27.93% and a return on equity of 12.76%. Research analysts expect that IGM Financial will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Friday, January 30th were given a dividend of $0.5625 per share. This represents a $2.25 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Tuesday, December 30th. This is a positive change from IGM Financial’s previous quarterly dividend of $0.56. IGM Financial’s dividend payout ratio is currently 51.72%.

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. IGM Financial had CAD 225.6 billion in assets under management, or AUM, and CAD 30.1 billion in assets under advisement at the end of May 2022.