IGM Financial Inc. (TSE:IGM) Given Average Recommendation of “Hold” by Brokerages

Shares of IGM Financial Inc. (TSE:IGM) have been given an average rating of “Hold” by the seven ratings firms that are currently covering the company, Marketbeat Ratings reports. Five equities 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 analysts that have issued ratings on the stock in the last year is C$64.86.

Several equities analysts have recently weighed in on the company. BMO Capital Markets raised their target price on IGM Financial from C$57.00 to C$68.00 in a research report on Monday, January 26th. Scotiabank raised their price objective on IGM Financial from C$64.00 to C$67.00 and gave the company a “sector perform” rating in a report on Tuesday, October 28th. National Bankshares lifted their target price on shares of IGM Financial from C$60.00 to C$68.00 in a research note on Monday, November 10th. Royal Bank Of Canada increased their target price on shares of IGM Financial from C$51.00 to C$65.00 and gave the company a “sector perform” rating in a research report on Monday, January 26th. Finally, CIBC raised their price target on shares of IGM Financial from C$61.00 to C$68.00 in a research note on Wednesday, January 21st.

Insider Buying and Selling

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

IGM Financial Stock Performance

IGM opened at C$65.92 on Friday. The firm’s fifty day simple moving average is C$62.70 and its two-hundred day simple moving average is C$55.09. IGM Financial has a 52-week low of C$38.89 and a 52-week high of C$68.55. The company has a market cap of C$15.54 billion, a price-to-earnings ratio of 15.15, a PEG ratio of 4.09 and a beta of 1.10. 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 released its quarterly earnings results on Thursday, November 6th. The financial services provider reported C$1.27 earnings per share for the quarter. IGM Financial had a net margin of 27.93% and a return on equity of 12.76%. The firm had revenue of C$971.88 million during the quarter. Equities analysts anticipate that IGM Financial will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Friday, January 30th were issued a dividend of $0.5625 per share. The ex-dividend date was Tuesday, December 30th. This represents a $2.25 annualized dividend and a dividend yield of 3.4%. This is an increase from IGM Financial’s previous quarterly dividend of $0.56. IGM Financial’s payout ratio is presently 51.72%.

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. 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.