Brokerages Set IGM Financial Inc. (TSE:IGM) PT at C$61.71

IGM Financial Inc. (TSE:IGM) has been assigned an average recommendation of “Hold” from the seven brokerages that are presently covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is C$61.71.

IGM has been the topic of a number of analyst reports. Scotiabank raised 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 report on Tuesday, October 28th. Jefferies Financial Group increased their target price on IGM Financial from C$50.00 to C$54.00 and gave the company a “hold” rating in a report on Wednesday, October 29th. CIBC set a C$61.00 price target on IGM Financial and gave the stock a “neutral” rating in a report on Wednesday, November 19th. Royal Bank Of Canada upped their price objective on IGM Financial from C$55.00 to C$61.00 in a research report on Monday, November 10th. Finally, BMO Capital Markets raised their target price on IGM Financial from C$54.00 to C$57.00 in a research report on Monday, November 10th.

IGM Financial Trading Up 1.8%

TSE:IGM opened at C$61.78 on Thursday. IGM Financial has a 12-month low of C$38.89 and a 12-month high of C$62.12. The firm has a market cap of C$14.59 billion, a PE ratio of 14.20, a price-to-earnings-growth ratio of 4.09 and a beta of 1.06. The company has a current ratio of 3.61, a quick ratio of 0.31 and a debt-to-equity ratio of 97.24. The stock has a fifty day moving average price of C$55.48 and a 200 day moving average price of C$49.77.

IGM Financial (TSE:IGM) last posted its quarterly earnings results on Thursday, November 6th. The financial services provider reported C$1.26 earnings per share (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%. Sell-side analysts anticipate that IGM Financial will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Friday, January 30th will be issued a dividend of $0.5625 per share. The ex-dividend date of this dividend is Tuesday, December 30th. This is an increase from IGM Financial’s previous quarterly dividend of $0.56. This represents a $2.25 dividend on an annualized basis and a yield of 3.6%. IGM Financial’s dividend payout ratio is 51.72%.

Insider Activity

In other news, insider Rhonda Goldberg sold 8,636 shares of the company’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of C$57.00, for a total value of C$492,252.00. In the last ninety days, insiders have sold 27,924 shares of company stock valued at $1,580,349. 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.