IGM Financial Inc. to Post Q1 2020 Earnings of $0.71 Per Share, Desjardins Forecasts (TSE:IGM)

IGM Financial Inc. (TSE:IGM) – Investment analysts at Desjardins cut their Q1 2020 earnings estimates for shares of IGM Financial in a research report issued on Monday, March 23rd. Desjardins analyst G. Ho now anticipates that the financial services provider will post earnings of $0.71 per share for the quarter, down from their prior forecast of $0.83.

IGM Financial (TSE:IGM) last issued its quarterly earnings data on Friday, February 14th. The financial services provider reported C$0.84 earnings per share for the quarter, beating the consensus estimate of C$0.83 by C$0.01. The company had revenue of C$823.55 million for the quarter.

Several other equities analysts have also recently weighed in on IGM. CIBC raised their price objective on IGM Financial from C$45.00 to C$46.00 in a research note on Tuesday, February 18th. Scotiabank dropped their price objective on IGM Financial from C$42.00 to C$23.00 in a research note on Tuesday. TD Securities cut IGM Financial from a “buy” rating to a “hold” rating and dropped their price objective for the company from C$43.00 to C$42.00 in a research note on Tuesday, February 18th. Finally, Royal Bank of Canada cut IGM Financial from a “sector perform” rating to an “underperform” rating and dropped their price objective for the company from C$44.00 to C$29.00 in a research note on Thursday, March 19th.

Shares of TSE:IGM opened at C$23.35 on Wednesday. The company has a current ratio of 3.48, a quick ratio of 0.56 and a debt-to-equity ratio of 48.73. The stock’s fifty day simple moving average is C$34.23 and its two-hundred day simple moving average is C$37.12. IGM Financial has a 1-year low of C$20.96 and a 1-year high of C$40.38. The stock has a market cap of $5.66 billion and a PE ratio of 7.48.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $0.563 per share. This represents a $2.25 dividend on an annualized basis and a dividend yield of 9.64%. This is a boost from IGM Financial’s previous quarterly dividend of $0.56. The ex-dividend date is Monday, March 30th. IGM Financial’s payout ratio is presently 72.12%.

About IGM Financial

IGM Financial Inc, a financial services company, manages and distributes investment funds and other managed asset products in Canada. The company operates through Investors Group, Mackenzie Investments, and Corporate and Other segments. The company also offers financial planning services, including investment, tax, retirement, education, risk management, and estate planning; strategic investment planning tools; mutual funds; iProfile, a portfolio management program; and separately managed accounts and fee-based brokerage accounts.

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