IGM Financial Inc. (TSE:IGM) Receives C$61.71 Consensus Price Target from Analysts

IGM Financial Inc. (TSE:IGM) has earned a consensus rating of “Hold” from the seven analysts that are presently covering the company, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is C$61.71.

IGM has been the topic of several analyst reports. National Bankshares raised their target price on IGM Financial from C$60.00 to C$68.00 in a report on Monday, November 10th. Scotiabank lifted their price objective on shares of IGM Financial from C$64.00 to C$67.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 28th. Jefferies Financial Group upped their target price on shares of 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. Royal Bank Of Canada raised their price target on shares of IGM Financial from C$55.00 to C$61.00 in a report on Monday, November 10th. Finally, TD Securities boosted their price objective on shares of IGM Financial from C$57.00 to C$64.00 in a report on Tuesday, November 4th.

IGM Financial Stock Performance

TSE:IGM opened at C$63.44 on Monday. The firm’s fifty day simple moving average is C$59.07 and its 200 day simple moving average is C$52.30. 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 twelve month low of C$38.89 and a twelve month high of C$64.29. The firm has a market capitalization of C$14.95 billion, a price-to-earnings ratio of 14.58, a PEG ratio of 4.09 and a beta of 1.13.

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

IGM Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Friday, January 30th will be issued a $0.5625 dividend. This is an increase from IGM Financial’s previous quarterly dividend of $0.56. This represents a $2.25 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, December 30th. IGM Financial’s dividend payout ratio (DPR) is currently 51.72%.

Insider Buying and Selling

In other IGM Financial news, Director Esther Findlay sold 800 shares of IGM Financial stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of C$57.60, for a total transaction of C$46,080.00. Following the sale, the director directly owned 10,276 shares in the company, valued at C$591,897.60. The trade was a 7.22% decrease in their position. Also, insider Rhonda Goldberg sold 7,353 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of C$57.00, for a total value of C$419,121.00. In the last 90 days, insiders have sold 34,904 shares of company stock valued at $1,982,131. 66.58% of the stock is owned by insiders.

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.