IGM Financial (TSE:IGM) PT Raised to C$45.00 at CIBC

IGM Financial (TSE:IGM) had its price objective boosted by CIBC from C$42.00 to C$45.00 in a research note released on Friday morning, BayStreet.CA reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

A number of other equities research analysts also recently weighed in on IGM. Scotiabank raised their price objective on IGM Financial from C$44.00 to C$45.00 and gave the company a sector perform rating in a research report on Tuesday. National Bankshares raised their price objective on IGM Financial from C$44.00 to C$46.00 and gave the company an outperform rating in a research report on Monday, February 5th. TD Securities raised their price objective on IGM Financial from C$41.00 to C$42.00 in a research report on Thursday, April 25th. Finally, Royal Bank of Canada raised their price target on IGM Financial from C$44.00 to C$45.00 in a report on Friday. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, IGM Financial presently has an average rating of Moderate Buy and an average price target of C$43.17.

IGM Financial Price Performance

IGM opened at C$37.96 on Friday. IGM Financial has a 12-month low of C$30.34 and a 12-month high of C$42.02. The business’s fifty day simple moving average is C$34.74 and its 200-day simple moving average is C$34.54. The company has a market capitalization of C$9.04 billion, a price-to-earnings ratio of 9.78, a PEG ratio of 4.24 and a beta of 1.58. The company has a current ratio of 1.94, a quick ratio of 0.31 and a debt-to-equity ratio of 38.26.

IGM Financial (TSE:IGM) last issued its quarterly earnings data on Thursday, February 15th. The financial services provider reported C$0.84 earnings per share for the quarter, missing analysts’ consensus estimates of C$0.89 by C($0.05). IGM Financial had a net margin of 31.03% and a return on equity of 14.46%. The company had revenue of C$768.80 million for the quarter, compared to the consensus estimate of C$773.00 million. On average, equities research analysts anticipate that IGM Financial will post 3.711039 earnings per share for the current fiscal year.

IGM Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th will be issued a $0.563 dividend. This represents a $2.25 annualized dividend and a yield of 5.93%. The ex-dividend date of this dividend is Friday, June 28th. IGM Financial’s payout ratio is currently 57.99%.

About IGM Financial

IGM Financial Inc operates as a wealth and asset management company in Canada. It operates through Wealth Management and Asset Management segments. The Wealth Management segment offers investments that are focused on providing financial planning and related services; and provides mutual fund management and discretionary portfolio management services.