IGM Financial (TSE:IGM) Price Target Raised to C$76.00

IGM Financial (TSE:IGM) had its price objective increased by TD Securities from C$73.00 to C$76.00 in a research note issued to investors on Tuesday morning,BayStreet.CA reports. The firm currently has a buy rating on the financial services provider’s stock.

A number of other brokerages also recently weighed in on IGM. Royal Bank Of Canada boosted their price target on IGM Financial from C$51.00 to C$65.00 and gave the company a “sector perform” rating in a report on Monday, January 26th. National Bank Financial lifted their price objective on shares of IGM Financial from C$68.00 to C$82.00 and gave the stock an “outperform” rating in a report on Wednesday, February 4th. Jefferies Financial Group boosted their target price on shares of IGM Financial from C$50.00 to C$54.00 and gave the company a “hold” rating in a research note on Wednesday, October 29th. Canadian Imperial Bank of Commerce increased their target price on shares of IGM Financial from C$61.00 to C$68.00 in a report on Wednesday, January 21st. Finally, BMO Capital Markets raised their price target on shares of IGM Financial from C$57.00 to C$68.00 in a research report on Monday, January 26th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, IGM Financial currently has an average rating of “Hold” and an average target price of C$68.57.

IGM Financial Stock Down 2.0%

TSE:IGM opened at C$65.80 on Tuesday. The company has a market capitalization of C$15.41 billion, a price-to-earnings ratio of 14.18, a price-to-earnings-growth ratio of 4.09 and a beta of 1.10. IGM Financial has a one year low of C$38.89 and a one year high of C$68.55. The stock has a 50-day simple moving average of C$64.56 and a 200 day simple moving average of C$56.63. The company has a debt-to-equity ratio of 97.24, a quick ratio of 0.31 and a current ratio of 3.61.

IGM Financial (TSE:IGM) last announced its quarterly earnings data on Thursday, February 12th. The financial services provider reported C$1.27 earnings per share (EPS) for the quarter. IGM Financial had a return on equity of 12.76% and a net margin of 27.93%.The firm had revenue of C$1.05 billion for the quarter. Sell-side analysts predict that IGM Financial will post 4.006816 EPS for the current fiscal year.

IGM Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Friday, January 30th were paid a dividend of $0.5625 per share. This is a boost from IGM Financial’s previous quarterly dividend of $0.56. This represents a $2.25 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Tuesday, December 30th. IGM Financial’s dividend payout ratio (DPR) is 48.49%.

Insider Buying and Selling

In other IGM Financial news, Director Esther Findlay sold 800 shares of the stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of C$57.60, for a total transaction of C$46,080.00. Following the completion of the transaction, the director directly owned 10,276 shares of the company’s stock, valued at approximately C$591,897.60. This trade represents a 7.22% decrease in their position. Insiders sold a total of 6,980 shares of company stock worth $401,782 over the last quarter. 66.58% of the stock is owned by insiders.

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.