IGM Financial (TSE:IGM) Price Target Raised to C$67.00 at Scotiabank

IGM Financial (TSE:IGM) had its price target upped by Scotiabank from C$64.00 to C$67.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. Scotiabank currently has a sector perform rating on the financial services provider’s stock.

A number of other research firms have also recently issued reports on IGM. BMO Capital Markets raised their target price on shares of IGM Financial from C$47.00 to C$49.00 and gave the stock a “market perform” rating in a research note on Friday, August 8th. Royal Bank Of Canada raised their target price on shares of IGM Financial from C$49.00 to C$52.00 in a research note on Wednesday, October 15th. TD Securities lifted their price objective 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 lifted their price objective on shares of IGM Financial from C$58.00 to C$60.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, Jefferies Financial Group lifted their price objective on shares of IGM Financial from C$42.00 to C$46.00 in a research note on Wednesday, July 30th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, IGM Financial presently has a consensus rating of “Hold” and a consensus price target of C$54.86.

IGM Financial Stock Performance

TSE IGM opened at C$54.53 on Tuesday. The firm has a 50-day moving average of C$51.09 and a 200-day moving average of C$46.59. The company has a debt-to-equity ratio of 97.24, a quick ratio of 0.31 and a current ratio of 3.61. The stock has a market cap of C$12.86 billion, a PE ratio of 13.30, a P/E/G ratio of 4.09 and a beta of 1.07. IGM Financial has a 52-week low of C$38.89 and a 52-week high of C$56.01.

IGM Financial Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 31st will be issued a $0.562 dividend. This represents a $2.25 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Friday, September 26th. IGM Financial’s dividend payout ratio (DPR) is currently 54.88%.

Insider Buying and Selling

In other IGM Financial news, Director Brent Jason Allen sold 1,451 shares of the firm’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of C$48.56, for a total value of C$70,460.56. Over the last 90 days, insiders have sold 2,840 shares of company stock valued at $137,909. 66.58% of the stock is owned by company 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.