CIBC Issues Positive Forecast for IGM Financial (TSE:IGM) Stock Price

IGM Financial (TSE:IGM) had its price target upped by CIBC from C$61.00 to C$68.00 in a research report report published on Wednesday,BayStreet.CA reports.

Several other brokerages also recently commented on IGM. TD Securities boosted their price objective on IGM Financial from C$57.00 to C$64.00 in a research report on Tuesday, November 4th. Scotiabank lifted their target price on IGM Financial from C$64.00 to C$67.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 28th. BMO Capital Markets upped their price target on IGM Financial from C$54.00 to C$57.00 in a research note on Monday, November 10th. Jefferies Financial Group increased their price objective on shares of IGM Financial from C$50.00 to C$54.00 and gave the company a “hold” rating in a report on Wednesday, October 29th. Finally, Royal Bank Of Canada lifted their price objective on shares of IGM Financial from C$55.00 to C$61.00 in a research report on Monday, November 10th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, IGM Financial has an average rating of “Hold” and an average price target of C$62.71.

IGM Financial Stock Performance

IGM opened at C$67.75 on Wednesday. The company has a 50 day simple moving average of C$60.80 and a two-hundred day simple moving average of C$53.51. 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 firm has a market cap of C$15.97 billion, a P/E ratio of 15.57, a PEG ratio of 4.09 and a beta of 1.13. IGM Financial has a 1-year low of C$38.89 and a 1-year high of C$68.16.

IGM Financial (TSE:IGM) last announced its quarterly earnings data on Thursday, November 6th. The financial services provider reported C$1.27 EPS for the quarter. IGM Financial had a net margin of 27.93% and a return on equity of 12.76%. The firm had revenue of C$971.88 million for the quarter. Equities analysts forecast that IGM Financial will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Friday, January 30th will be issued a $0.5625 dividend. This represents a $2.25 dividend on an annualized basis and a dividend yield of 3.3%. This is a boost from IGM Financial’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Tuesday, December 30th. IGM Financial’s payout ratio is 51.72%.

Insider Buying and Selling at IGM Financial

In other IGM Financial news, insider Rhonda Goldberg sold 7,353 shares of IGM Financial stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of C$57.00, for a total value of C$419,121.00. Also, Director Esther Findlay sold 800 shares of the business’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of C$57.60, for a total transaction of C$46,080.00. Following the completion of the sale, the director owned 10,276 shares in the company, valued at approximately C$591,897.60. This trade represents a 7.22% decrease in their ownership of the stock. Insiders sold 34,904 shares of company stock worth $1,982,131 in the last 90 days. 66.58% of the stock is currently 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. IGM Financial had CAD 225.6 billion in assets under management, or AUM, and CAD 30.1 billion in assets under advisement at the end of May 2022.