Brokerages Set IGM Financial Inc. (TSE:IGM) Target Price at C$61.83

IGM Financial Inc. (TSE:IGM) has earned a consensus rating of “Hold” from the six ratings firms that are presently covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is C$61.83.

A number of equities research analysts have recently issued reports on IGM shares. TD Securities boosted their price target on shares of IGM Financial from C$57.00 to C$64.00 in a report on Tuesday, November 4th. BMO Capital Markets boosted their target price on shares of IGM Financial from C$54.00 to C$57.00 in a research note on Monday, November 10th. Jefferies Financial Group increased their target price on 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 raised their target price on IGM Financial from C$55.00 to C$61.00 in a research report on Monday, November 10th. Finally, National Bankshares upped their price target on IGM Financial from C$60.00 to C$68.00 in a research report on Monday, November 10th.

IGM Financial Trading Down 0.1%

TSE:IGM opened at C$55.50 on Friday. The stock has a fifty day simple moving average of C$52.81 and a 200 day simple moving average of C$47.93. The firm has a market capitalization of C$13.16 billion, a price-to-earnings ratio of 12.76, a price-to-earnings-growth ratio of 4.09 and a beta of 1.06. IGM Financial has a 1-year low of C$38.89 and a 1-year high of C$57.54. 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 (TSE:IGM) last posted its quarterly earnings data on Thursday, November 6th. The financial services provider reported C$1.26 earnings per share (EPS) for the quarter. IGM Financial had a return on equity of 12.76% and a net margin of 27.93%.The firm had revenue of C$971.88 million for the quarter. Sell-side analysts forecast that IGM Financial will post 4.006816 earnings per share for the current year.

IGM Financial Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 31st. Stockholders of record on Friday, October 31st were issued a $0.562 dividend. The ex-dividend date was Friday, September 26th. This represents a $2.25 dividend on an annualized basis and a dividend yield of 4.1%. IGM Financial’s dividend payout ratio is currently 51.72%.

Insider Activity

In related news, insider Rhonda Goldberg sold 7,353 shares of the business’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 transaction of C$419,121.00. Insiders have sold 27,925 shares of company stock valued at $1,580,398 over the last ninety days. 66.58% of the stock is owned by corporate insiders.

About IGM Financial

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.