IGM Financial (TSE:IGM) Price Target Raised to C$76.00

IGM Financial (TSE:IGM) had its price objective raised by equities research analysts at TD Securities from C$73.00 to C$76.00 in a report released on Tuesday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. TD Securities’ price objective would suggest a potential upside of 14.60% from the company’s previous close.

Several other brokerages also recently issued reports on IGM. Royal Bank Of Canada boosted their price objective on IGM Financial from C$51.00 to C$65.00 and gave the stock a “sector perform” rating in a research report on Monday, January 26th. National Bank Financial boosted their price objective on IGM Financial from C$68.00 to C$82.00 and gave the stock an “outperform” rating in a report on Wednesday, February 4th. Canadian Imperial Bank of Commerce raised their price objective on shares of IGM Financial from C$61.00 to C$68.00 in a research note on Wednesday, January 21st. Jefferies Financial Group increased their price objective on IGM Financial from C$50.00 to C$54.00 and gave the stock a “hold” rating in a research note on Wednesday, October 29th. Finally, BMO Capital Markets lifted their target price on shares of IGM Financial from C$57.00 to C$68.00 in a research note on Monday, January 26th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of C$68.57.

IGM Financial Trading Up 0.4%

IGM stock traded up C$0.24 on Tuesday, hitting C$66.32. 301,867 shares of the company were exchanged, compared to its average volume of 445,937. IGM Financial has a twelve month low of C$38.89 and a twelve month high of C$68.55. 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 business’s fifty day moving average is C$64.14 and its two-hundred day moving average is C$56.34. The stock has a market capitalization of C$15.54 billion, a price-to-earnings ratio of 14.29, a price-to-earnings-growth ratio of 4.09 and a beta of 1.10.

IGM Financial (TSE:IGM) last released its quarterly earnings data on Thursday, February 12th. The financial services provider reported C$1.27 earnings per share (EPS) for the quarter. The company had revenue of C$1.05 billion during the quarter. IGM Financial had a net margin of 27.93% and a return on equity of 12.76%. As a group, research analysts forecast that IGM Financial will post 4.006816 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Esther Findlay sold 800 shares of IGM Financial stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of C$57.60, for a total transaction of C$46,080.00. Following the sale, the director directly owned 10,276 shares in the company, valued at approximately C$591,897.60. The trade was a 7.22% decrease in their position. Insiders have sold a total of 6,980 shares of company stock worth $401,782 in the last 90 days. 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.