IGM Financial (TSE:IGM) Price Target Raised to C$65.00

IGM Financial (TSE:IGM) had its price objective raised by Royal Bank Of Canada from C$51.00 to C$65.00 in a research note released on Monday,BayStreet.CA reports. They currently have a sector perform rating on the financial services provider’s stock.

IGM has been the subject of a number of other research reports. CIBC increased their target price on shares of IGM Financial from C$61.00 to C$68.00 in a research report on Wednesday, January 21st. TD Securities increased their price objective on IGM Financial from C$57.00 to C$64.00 in a report on Tuesday, November 4th. National Bankshares boosted their target price on IGM Financial from C$60.00 to C$68.00 in a research note on Monday, November 10th. 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. Finally, Jefferies Financial Group lifted their price target 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. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, IGM Financial presently has a consensus rating of “Hold” and an average price target of C$64.86.

IGM Financial Trading Up 0.6%

Shares of TSE IGM opened at C$67.40 on Monday. 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 one year low of C$38.89 and a one year high of C$68.55. The business has a 50-day moving average price of C$61.90 and a two-hundred day moving average price of C$54.36. The firm has a market capitalization of C$15.89 billion, a PE ratio of 15.49, a PEG ratio of 4.09 and a beta of 1.13.

IGM Financial (TSE:IGM) last issued its earnings results on Thursday, November 6th. The financial services provider reported C$1.27 earnings per share 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, analysts predict 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 will be paid on Friday, January 30th. Shareholders of record on Friday, January 30th will be issued a dividend of $0.5625 per share. This represents a $2.25 annualized dividend and a yield of 3.3%. This is an increase from IGM Financial’s previous quarterly dividend of $0.56. The ex-dividend date is Tuesday, December 30th. IGM Financial’s dividend payout ratio is 51.72%.

Insider Activity

In related news, insider Rhonda Goldberg sold 7,353 shares of the firm’s stock in a transaction that occurred 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. Also, Director Esther Findlay sold 800 shares of the company’s 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 value of C$46,080.00. Following the sale, the director directly owned 10,276 shares of the company’s stock, valued at C$591,897.60. The trade was a 7.22% decrease in their position. In the last quarter, insiders have sold 34,904 shares of company stock valued at $1,982,131. 66.58% of the stock is currently owned by corporate 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.