IGM Financial (TSE:IGM) Price Target Raised to C$68.00

IGM Financial (TSE:IGM) had its price target lifted by BMO Capital Markets from C$57.00 to C$68.00 in a research report report published on Monday morning,BayStreet.CA reports.

Other equities analysts have also issued research reports about the stock. Jefferies Financial Group boosted 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 report on Wednesday, October 29th. National Bankshares raised their price objective on IGM Financial from C$60.00 to C$68.00 in a research note on Monday, November 10th. Royal Bank Of Canada upped their target price on IGM Financial from C$55.00 to C$61.00 in a research report on Monday, November 10th. CIBC raised their price target on shares of IGM Financial from C$61.00 to C$68.00 in a research report on Wednesday, January 21st. Finally, Scotiabank upped their price target 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. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of C$64.86.

IGM Financial Stock Performance

Shares of TSE:IGM opened at C$67.40 on Monday. The business’s 50-day simple moving average is C$61.90 and its 200 day simple moving average is C$54.36. The company has a market cap of C$15.89 billion, a P/E ratio of 15.49, a PEG ratio of 4.09 and a beta of 1.13. The company has a debt-to-equity ratio of 97.24, a quick ratio of 0.31 and a current ratio of 3.61. IGM Financial has a one year low of C$38.89 and a one year high of C$68.55.

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. The company had revenue of C$971.88 million during the quarter. IGM Financial had a net margin of 27.93% and a return on equity of 12.76%. On average, sell-side analysts forecast that IGM Financial will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Increases Dividend

The firm also recently disclosed 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 a boost from IGM Financial’s previous quarterly dividend of $0.56. This represents a $2.25 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, December 30th. IGM Financial’s dividend payout ratio is presently 51.72%.

Insiders Place Their Bets

In related news, insider Rhonda Goldberg sold 7,353 shares of the business’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of C$57.00, for a total transaction of C$419,121.00. Also, Director Esther Findlay sold 800 shares of the stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of C$57.60, for a total transaction of C$46,080.00. Following the sale, the director owned 10,276 shares in the company, valued at approximately C$591,897.60. This trade represents a 7.22% decrease in their position. Insiders have sold 34,904 shares of company stock worth $1,982,131 over the last three months. 66.58% of the stock is 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.