Analysts Set IGM Financial Inc. (TSE:IGM) Target Price at C$64.86

IGM Financial Inc. (TSE:IGM) has been assigned a consensus recommendation of “Hold” from the seven ratings firms that are presently covering the stock, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is C$64.86.

Several analysts have recently issued reports on IGM shares. Jefferies Financial Group increased their target price on IGM Financial from C$50.00 to C$54.00 and gave the stock a “hold” rating in a report on Wednesday, October 29th. TD Securities upped their price objective on shares of IGM Financial from C$57.00 to C$64.00 in a research report on Tuesday, November 4th. CIBC raised their target price on shares of IGM Financial from C$61.00 to C$68.00 in a report on Wednesday, January 21st. Scotiabank boosted their target price on shares of IGM Financial from C$64.00 to C$67.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 28th. Finally, National Bankshares increased their price target on shares of IGM Financial from C$60.00 to C$68.00 in a research report on Monday, November 10th.

Insider Transactions at IGM Financial

In other news, Director Esther Findlay sold 800 shares of the company’s stock in a transaction on Wednesday, November 26th. The shares were 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 approximately C$591,897.60. This represents a 7.22% decrease in their position. Also, insider Rhonda Goldberg sold 7,353 shares of IGM Financial stock in a transaction dated 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 a total of 34,904 shares of company stock worth $1,982,131 in the last quarter. Corporate insiders own 66.58% of the company’s stock.

IGM Financial Trading Down 0.9%

IGM stock opened at C$65.86 on Friday. IGM Financial has a one year low of C$38.89 and a one year high of C$68.55. The stock has a market cap of C$15.52 billion, a price-to-earnings ratio of 15.14, a price-to-earnings-growth ratio of 4.09 and a beta of 1.13. The company has a fifty day moving average price of C$62.31 and a two-hundred day moving average price of C$54.77. The company has a debt-to-equity ratio of 97.24, a current ratio of 3.61 and a quick ratio of 0.31.

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 return on equity of 12.76% and a net margin of 27.93%.The business had revenue of C$971.88 million during the quarter. Equities analysts anticipate that IGM Financial will post 4.006816 EPS for the current year.

IGM Financial Increases Dividend

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

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.