IGM Financial Inc. (TSE:IGM) Receives C$61.71 Average Price Target from Brokerages

IGM Financial Inc. (TSE:IGM) has been assigned a consensus rating of “Hold” from the seven analysts that are currently covering the firm, MarketBeat 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 price target among analysts that have issued ratings on the stock in the last year is C$61.71.

A number of equities research analysts have commented on IGM shares. TD Securities raised their price objective on IGM Financial from C$57.00 to C$64.00 in a research report on Tuesday, November 4th. Scotiabank raised their price target on shares of IGM Financial from C$64.00 to C$67.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 28th. BMO Capital Markets upped their price objective on shares of IGM Financial from C$54.00 to C$57.00 in a research note on Monday, November 10th. Royal Bank Of Canada increased their target price on shares of IGM Financial from C$55.00 to C$61.00 in a research report on Monday, November 10th. Finally, National Bankshares boosted their price target on shares of IGM Financial from C$60.00 to C$68.00 in a report on Monday, November 10th.

Insiders Place Their Bets

In other news, insider Rhonda Goldberg sold 8,636 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of C$57.00, for a total transaction of C$492,252.00. Over the last quarter, insiders sold 27,924 shares of company stock valued at $1,580,349. Corporate insiders own 66.58% of the company’s stock.

IGM Financial Price Performance

Shares of TSE:IGM opened at C$60.70 on Thursday. The company’s fifty day moving average is C$55.27 and its two-hundred day moving average is C$49.61. The company has a market cap of C$14.34 billion, a P/E ratio of 13.95, a price-to-earnings-growth ratio of 4.09 and a beta of 1.06. IGM Financial has a 12-month low of C$38.89 and a 12-month high of C$60.87. The company has a quick ratio of 0.31, a current ratio of 3.61 and a debt-to-equity ratio of 97.24.

IGM Financial (TSE:IGM) last issued its quarterly earnings results on Thursday, November 6th. The financial services provider reported C$1.26 earnings per share for the quarter. The business had revenue of C$971.88 million for the quarter. IGM Financial had a return on equity of 12.76% and a net margin of 27.93%. Equities analysts expect that IGM Financial will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 31st. Shareholders of record on Friday, October 31st were paid a $0.562 dividend. The ex-dividend date was Friday, September 26th. This represents a $2.25 dividend on an annualized basis and a yield of 3.7%. IGM Financial’s payout ratio is 51.72%.

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.