IGM Financial Inc. (TSE:IGM) Receives C$61.71 Consensus PT from Analysts

Shares of IGM Financial Inc. (TSE:IGM) have received a consensus rating of “Hold” from the seven research firms that are currently covering the company, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year target price among brokers that have covered the stock in the last year is C$61.71.

IGM has been the topic of a number of research reports. CIBC set a C$61.00 price target on IGM Financial and gave the stock a “neutral” rating in a research note on Wednesday, November 19th. BMO Capital Markets raised their target price on shares of IGM Financial from C$54.00 to C$57.00 in a research report on Monday, November 10th. Scotiabank lifted 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 report on Tuesday, October 28th. TD Securities upped their price target on shares of IGM Financial from C$57.00 to C$64.00 in a research report on Tuesday, November 4th. Finally, Jefferies Financial Group raised their price objective on shares of IGM Financial from C$50.00 to C$54.00 and gave the stock a “hold” rating in a research report on Wednesday, October 29th.

IGM Financial Price Performance

Shares of TSE:IGM opened at C$63.44 on Monday. IGM Financial has a 12 month low of C$38.89 and a 12 month high of C$64.29. The firm has a market capitalization of C$14.95 billion, a P/E ratio of 14.58, a P/E/G ratio of 4.09 and a beta of 1.13. The company has a debt-to-equity ratio of 97.24, a current ratio of 3.61 and a quick ratio of 0.31. The company’s fifty day moving average price is C$59.07 and its 200 day moving average price is C$52.18.

IGM Financial (TSE:IGM) last issued its quarterly earnings data on Thursday, November 6th. The financial services provider reported C$1.27 earnings per share (EPS) for the quarter. IGM Financial had a return on equity of 12.76% and a net margin of 27.93%.The company had revenue of C$971.88 million for the quarter. As a group, sell-side 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 declared a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Friday, January 30th will be given a $0.5625 dividend. This is a boost from IGM Financial’s previous quarterly dividend of $0.56. The ex-dividend date is Tuesday, December 30th. This represents a $2.25 annualized dividend and a yield of 3.5%. IGM Financial’s payout ratio is presently 51.72%.

Insider Activity at IGM Financial

In other news, Director Esther Findlay sold 800 shares of the business’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 transaction, the director owned 10,276 shares of the company’s stock, valued at approximately C$591,897.60. The trade was a 7.22% decrease in their ownership of the stock. Also, insider Rhonda Goldberg sold 7,353 shares of the company’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. Over the last ninety days, insiders have sold 34,904 shares of company stock valued at $1,982,131. 66.58% of the stock is owned by company 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.