IGM Financial (TSE:IGM) Price Target Cut to C$48.00 by Analysts at TD Securities

IGM Financial (TSE:IGM – Get Rating) had its price target reduced by TD Securities from C$51.00 to C$48.00 in a note issued to investors on Monday, BayStreet.CA reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. TD Securities’ price target would suggest a potential upside of 31.00% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Barclays lowered their price target on shares of IGM Financial from C$48.00 to C$43.00 and set an “underweight” rating on the stock in a report on Wednesday, January 26th. Royal Bank of Canada reduced their price target on IGM Financial from C$53.00 to C$47.00 and set a “sector perform” rating for the company in a research report on Monday. Scotiabank reduced their price target on IGM Financial from C$51.00 to C$47.00 in a research report on Monday. National Bankshares cut their price objective on IGM Financial from C$57.00 to C$53.00 and set an “outperform” rating for the company in a report on Monday. Finally, National Bank Financial increased their price objective on IGM Financial to C$62.00 and gave the company an “outperform” rating in a report on Monday, January 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of C$52.90.

Shares of IGM stock traded down C$0.78 during trading on Monday, hitting C$36.64. 216,366 shares of the company were exchanged, compared to its average volume of 360,241. The company has a debt-to-equity ratio of 35.37, a quick ratio of 0.43 and a current ratio of 2.23. The firm has a market capitalization of C$8.78 billion and a price-to-earnings ratio of 8.98. The business’s 50-day simple moving average is C$43.41 and its 200 day simple moving average is C$45.69. IGM Financial has a twelve month low of C$36.30 and a twelve month high of C$51.68.

IGM Financial (TSE:IGM – Get Rating) last released its quarterly earnings results on Thursday, February 10th. The financial services provider reported C$1.08 EPS for the quarter, meeting analysts’ consensus estimates of C$1.08. The firm had revenue of C$902.10 million during the quarter, compared to the consensus estimate of C$894.00 million. On average, equities analysts forecast that IGM Financial will post 4.5700005 earnings per share for the current fiscal year.

In related news, Director James Patrick O’sullivan purchased 11,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 15th. The stock was acquired at an average cost of C$45.75 per share, for a total transaction of C$503,250.00. Following the completion of the purchase, the director now owns 26,763 shares in the company, valued at approximately C$1,224,407.25.

IGM Financial Company Profile (Get Rating)

IGM Financial Inc operates as a wealth and asset management company in Canada. It operates through Wealth Management, Asset Management, and Strategic Investments and Other segments. The company offers financial advisory services; IG Living Plan that provides financial planning services, such as investment vehicles, insurance products, mortgage and banking solutions, and charitable giving program; IG Wealth Management Advisor Portal, a customer relationship management platform; and IG Wealth Management's dealer platform, which provides increased automation and supports both MFDA and IIROC licensed advisors, as well as new products on its investment dealer platform.

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