CIBC Analysts Give IGM Financial (TSE:IGM) a C$61.00 Price Target

CIBC set a C$61.00 price target on IGM Financial (TSE:IGM) in a report issued on Wednesday morning,BayStreet.CA reports. The firm currently has a neutral rating on the financial services provider’s stock.

A number of other equities research analysts have also recently commented on IGM. Scotiabank increased their price objective on shares of IGM Financial from C$64.00 to C$67.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 28th. TD Securities upped their price target on shares of IGM Financial from C$57.00 to C$64.00 in a report on Tuesday, November 4th. National Bankshares raised their price objective on shares of IGM Financial from C$60.00 to C$68.00 in a research note on Monday, November 10th. Jefferies Financial Group lifted their price objective on IGM Financial from C$50.00 to C$54.00 and gave the stock a “hold” rating in a research report on Wednesday, October 29th. Finally, Royal Bank Of Canada increased their target price on IGM Financial from C$55.00 to C$61.00 in a report on Monday, November 10th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of C$61.71.

IGM Financial Stock Performance

IGM opened at C$56.07 on Wednesday. IGM Financial has a 1-year low of C$38.89 and a 1-year high of C$57.54. The stock has a market cap of C$13.30 billion, a P/E ratio of 12.89, a P/E/G ratio of 4.09 and a beta of 1.06. The stock’s 50 day simple moving average is C$53.13 and its 200 day simple moving average is C$48.12. The company has a debt-to-equity ratio of 97.24, a current ratio of 3.61 and a quick ratio of 0.31.

IGM Financial (TSE:IGM) last posted its earnings results on Thursday, November 6th. The financial services provider reported C$1.26 EPS for the quarter. The company 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%. As a group, equities analysts anticipate that IGM Financial will post 4.006816 EPS for the current fiscal year.

IGM Financial Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 31st. Stockholders of record on Friday, October 31st were given a $0.562 dividend. The ex-dividend date of this dividend was Friday, September 26th. This represents a $2.25 dividend on an annualized basis and a dividend yield of 4.0%. IGM Financial’s payout ratio is currently 51.72%.

Insider Buying and Selling

In related news, insider Rhonda Goldberg sold 8,636 shares of the 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. Insiders sold 27,925 shares of company stock valued at $1,580,398 in the last ninety days. Corporate 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.