CIBC Issues Positive Forecast for IGM Financial (TSE:IGM) Stock Price

IGM Financial (TSE:IGM) had its target price upped by stock analysts at CIBC from C$61.00 to C$68.00 in a note issued to investors on Wednesday,BayStreet.CA reports. CIBC’s price target would suggest a potential upside of 0.50% from the stock’s previous close.

Several other research firms also recently weighed in on IGM. Royal Bank Of Canada lifted their price target on shares of IGM Financial from C$55.00 to C$61.00 in a research note on Monday, November 10th. Jefferies Financial Group raised 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. National Bankshares boosted their price objective on IGM Financial from C$60.00 to C$68.00 in a report on Monday, November 10th. BMO Capital Markets increased their price target on IGM Financial from C$54.00 to C$57.00 in a research report on Monday, November 10th. Finally, TD Securities increased their target price on IGM Financial from C$57.00 to C$64.00 in a report on Tuesday, November 4th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, IGM Financial has an average rating of “Hold” and an average price target of C$62.71.

IGM Financial Trading Up 2.5%

IGM traded up C$1.66 during trading hours on Wednesday, reaching C$67.66. 229,001 shares of the company’s stock traded hands, compared to its average volume of 380,277. The firm has a 50-day moving average price of C$60.60 and a 200 day moving average price of C$53.41. The firm has a market capitalization of C$15.95 billion, a PE ratio of 15.55, a PEG ratio of 4.09 and a beta of 1.13. 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 has a 52-week low of C$38.89 and a 52-week high of C$67.79.

IGM Financial (TSE:IGM) last released its earnings results on Thursday, November 6th. The financial services provider reported C$1.27 earnings per share for the quarter. The business had revenue of C$971.88 million during the quarter. IGM Financial had a return on equity of 12.76% and a net margin of 27.93%. As a group, sell-side analysts predict that IGM Financial will post 4.006816 EPS for the current fiscal year.

Insiders Place Their Bets

In other IGM Financial news, Director Esther Findlay sold 800 shares of the stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of C$57.60, for a total value of C$46,080.00. Following the transaction, the director directly owned 10,276 shares in the company, valued at C$591,897.60. This represents a 7.22% decrease in their ownership of the stock. Also, insider Rhonda Goldberg sold 7,353 shares of the business’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 transaction of C$419,121.00. Insiders sold a total of 34,904 shares of company stock worth $1,982,131 over the last 90 days. Company insiders own 66.58% of the company’s stock.

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.