IGM Financial (TSE:IGM) Releases Quarterly Earnings Results

IGM Financial (TSE:IGM) posted its quarterly earnings results on Thursday. The financial services provider reported C$1.27 EPS for the quarter, FiscalAI reports. The business had revenue of C$1.05 billion for the quarter. IGM Financial had a net margin of 27.93% and a return on equity of 12.76%.

IGM Financial Trading Down 1.7%

TSE:IGM opened at C$60.95 on Friday. The company’s 50 day moving average is C$63.83 and its 200-day moving average is C$55.92. The company has a quick ratio of 0.31, a current ratio of 3.61 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 firm has a market cap of C$14.37 billion, a price-to-earnings ratio of 14.01, a P/E/G ratio of 4.09 and a beta of 1.10.

IGM Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Friday, January 30th were issued a dividend of $0.5625 per share. This represents a $2.25 annualized dividend and a yield of 3.7%. This is a boost from IGM Financial’s previous quarterly dividend of $0.56. The ex-dividend date was Tuesday, December 30th. IGM Financial’s dividend payout ratio is 51.72%.

Insider Activity

In related news, Director Esther Findlay sold 800 shares of the firm’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of C$57.60, for a total value of C$46,080.00. Following the transaction, the director directly owned 10,276 shares in the company, valued at approximately C$591,897.60. This trade represents a 7.22% decrease in their position. Over the last ninety days, insiders have sold 6,980 shares of company stock worth $401,782. 66.58% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on IGM. Scotiabank upped their target price on IGM Financial from C$64.00 to C$67.00 and gave the stock a “sector perform” rating in a research report on Tuesday, October 28th. Jefferies Financial Group boosted their price target on IGM Financial from C$50.00 to C$54.00 and gave the company a “hold” rating in a research note on Wednesday, October 29th. Canadian Imperial Bank of Commerce raised their price objective on shares of IGM Financial from C$61.00 to C$68.00 in a research report on Wednesday, January 21st. TD Securities lifted their target price on shares of IGM Financial from C$64.00 to C$73.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Finally, National Bank Financial increased their price target on shares of IGM Financial from C$68.00 to C$82.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 4th. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of C$68.14.

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.