Scotiabank Forecasts Strong Price Appreciation for IGM Financial (TSE:IGM) Stock

IGM Financial (TSE:IGM) had its price target upped by research analysts at Scotiabank from C$57.00 to C$64.00 in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. The brokerage currently has a “sector perform” rating on the financial services provider’s stock. Scotiabank’s price objective would suggest a potential upside of 20.41% from the stock’s previous close.

Several other analysts have also recently weighed in on the company. Royal Bank Of Canada boosted their price objective on IGM Financial from C$49.00 to C$52.00 in a report on Wednesday. TD Securities boosted their price target on shares of IGM Financial from C$55.00 to C$57.00 and gave the stock a “buy” rating in a research note on Friday, August 8th. National Bankshares increased their price objective on shares of IGM Financial from C$56.00 to C$58.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Jefferies Financial Group lifted their target price on shares of IGM Financial from C$42.00 to C$46.00 in a report on Wednesday, July 30th. Finally, BMO Capital Markets upped their target price on shares of IGM Financial from C$47.00 to C$49.00 and gave the company a “market perform” rating in a research report on Friday, August 8th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, IGM Financial has a consensus rating of “Hold” and a consensus target price of C$53.71.

IGM Financial Trading Down 2.0%

IGM stock opened at C$53.15 on Wednesday. The company has a quick ratio of 0.31, a current ratio of 3.61 and a debt-to-equity ratio of 97.24. IGM Financial has a twelve month low of C$38.89 and a twelve month high of C$54.99. The company has a market cap of C$12.53 billion, a P/E ratio of 12.96, a PEG ratio of 4.09 and a beta of 1.07. The business has a fifty day moving average of C$50.18 and a 200-day moving average of C$45.86.

Insiders Place Their Bets

In other news, Director Brent Jason Allen sold 1,451 shares of IGM Financial stock in a transaction on Monday, August 18th. The shares were sold at an average price of C$48.56, for a total transaction of C$70,460.56. Insiders have sold 2,840 shares of company stock valued at $137,909 in the last quarter. Company insiders own 66.58% of the company’s stock.

About IGM Financial

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.