IGM Financial Inc. (TSE:IGM) Receives Consensus Recommendation of “Hold” from Brokerages

IGM Financial Inc. (TSE:IGM) has been assigned a consensus rating of “Hold” from the six brokerages that are covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is C$61.83.

A number of analysts have recently commented on IGM shares. National Bankshares boosted their price target on IGM Financial from C$60.00 to C$68.00 in a research report on Monday, November 10th. Royal Bank Of Canada lifted their price objective on IGM Financial from C$55.00 to C$61.00 in a research note on Monday, November 10th. Jefferies Financial Group boosted their target price on IGM Financial from C$50.00 to C$54.00 and gave the stock a “hold” rating in a report on Wednesday, October 29th. TD Securities raised their price target on IGM Financial from C$57.00 to C$64.00 in a report on Tuesday, November 4th. Finally, Scotiabank lifted their price target on IGM Financial from C$64.00 to C$67.00 and gave the stock a “sector perform” rating in a research report on Tuesday, October 28th.

IGM Financial Stock Down 1.4%

Shares of IGM Financial stock opened at C$55.61 on Friday. The company has a debt-to-equity ratio of 97.24, a current ratio of 3.61 and a quick ratio of 0.31. The company has a 50-day moving average of C$52.58 and a 200 day moving average of C$47.73. The firm has a market cap of C$13.19 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 4.09 and a beta of 1.06. IGM Financial has a 1 year low of C$38.89 and a 1 year high of C$57.54.

IGM Financial (TSE:IGM) last posted its quarterly earnings data on Thursday, November 6th. The financial services provider reported C$1.26 EPS for the quarter. The business had revenue of C$971.88 million for the quarter. IGM Financial had a net margin of 27.93% and a return on equity of 12.76%. As a group, sell-side analysts anticipate that IGM Financial will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 31st. Shareholders of record on Friday, October 31st were paid a dividend of $0.562 per share. This represents a $2.25 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date was Friday, September 26th. IGM Financial’s dividend payout ratio (DPR) is currently 51.72%.

Insider Activity at IGM Financial

In other news, insider Rhonda Goldberg sold 8,636 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of C$57.00, for a total value of C$492,252.00. Also, Director Brent Jason Allen sold 1,451 shares of the stock in a transaction that occurred 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. In the last quarter, insiders sold 30,764 shares of company stock worth $1,718,258. Insiders own 66.58% of the company’s stock.

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.