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

Shares of IGM Financial Inc. (TSE:IGM) have been assigned an average rating of “Hold” from the seven ratings firms that are presently covering the firm, Marketbeat Ratings reports. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is C$61.71.

IGM has been the subject of several recent research reports. BMO Capital Markets boosted their price target on IGM Financial from C$54.00 to C$57.00 in a research report on Monday, November 10th. Jefferies Financial Group boosted their target price on shares of IGM Financial from C$50.00 to C$54.00 and gave the stock a “hold” rating in a report on Wednesday, October 29th. CIBC set a C$61.00 price target on shares of IGM Financial and gave the company a “neutral” rating in a report on Wednesday, November 19th. Royal Bank Of Canada increased their target price on shares of IGM Financial from C$55.00 to C$61.00 in a research report on Monday, November 10th. Finally, Scotiabank lifted their price target on shares of IGM Financial from C$64.00 to C$67.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 28th.

IGM Financial Trading Down 0.0%

Shares of TSE IGM opened at C$63.68 on Monday. IGM Financial has a twelve month low of C$38.89 and a twelve month high of C$64.25. The firm has a market cap of C$15.01 billion, a PE ratio of 14.64, a price-to-earnings-growth ratio of 4.09 and a beta of 1.13. The business has a fifty day simple moving average of C$58.67 and a two-hundred day simple moving average of C$51.95. 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 data on Thursday, November 6th. The financial services provider reported C$1.27 earnings per share for the quarter. The firm had revenue of C$971.88 million during the quarter. IGM Financial had a return on equity of 12.76% and a net margin of 27.93%. Analysts expect that IGM Financial will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Shareholders 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 dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, December 30th. IGM Financial’s dividend payout ratio is 51.72%.

Insider Buying and Selling at IGM Financial

In other IGM Financial news, insider Rhonda Goldberg sold 8,636 shares of the firm’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$492,252.00. Also, Director Esther Findlay sold 3,280 shares of the firm’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of C$57.59, for a total transaction of C$188,895.20. Following the transaction, the director directly owned 6,996 shares of the company’s stock, valued at approximately C$402,899.64. This trade represents a 31.92% decrease in their position. Over the last three months, insiders sold 34,904 shares of company stock worth $1,982,131. 66.58% of the stock is owned by 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. 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.