IGM Financial Inc. (TSE:IGM) Given Average Rating of “Hold” by Analysts

IGM Financial Inc. (TSE:IGM) has been assigned an average rating of “Hold” from the six research firms that are presently covering the stock, MarketBeat reports. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is C$52.29.

A number of equities research analysts have commented on the company. TD Securities raised their price objective on IGM Financial from C$55.00 to C$57.00 and gave the company a “buy” rating in a research note on Friday, August 8th. Scotiabank raised their price objective on IGM Financial from C$56.00 to C$57.00 and gave the company a “sector perform” rating in a research note on Thursday, August 7th. BMO Capital Markets raised their price objective on IGM Financial from C$47.00 to C$49.00 and gave the company a “market perform” rating in a research note on Friday, August 8th. National Bankshares raised their price objective on IGM Financial from C$56.00 to C$58.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. Finally, Jefferies Financial Group raised their price objective on IGM Financial from C$42.00 to C$46.00 in a research note on Wednesday, July 30th.

IGM Financial Price Performance

Shares of IGM opened at C$49.24 on Tuesday. The company has a market capitalization of C$11.61 billion, a price-to-earnings ratio of 12.01, a price-to-earnings-growth ratio of 4.09 and a beta of 1.05. The business has a 50-day moving average of C$45.70 and a 200-day moving average of C$44.42. 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 has a 1 year low of C$37.97 and a 1 year high of C$49.60.

IGM Financial Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, September 26th will be given a $0.562 dividend. This represents a $2.25 annualized dividend and a yield of 4.6%. IGM Financial’s dividend payout ratio is currently 54.88%.

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.