IGM Financial (TSE:IGM) Price Target Raised to C$68.00 at BMO Capital Markets

IGM Financial (TSE:IGM) had its price target hoisted by BMO Capital Markets from C$57.00 to C$68.00 in a research report released on Monday,BayStreet.CA reports.

A number of other research firms also recently commented on IGM. Royal Bank Of Canada raised their target price on shares of IGM Financial from C$55.00 to C$61.00 in a research report on Monday, November 10th. Jefferies Financial Group boosted their price objective on shares of IGM Financial from C$50.00 to C$54.00 and gave the stock a “hold” rating in a research note on Wednesday, October 29th. CIBC upped their target price on IGM Financial from C$61.00 to C$68.00 in a report on Wednesday, January 21st. Scotiabank lifted their price target on IGM Financial from C$64.00 to C$67.00 and gave the company a “sector perform” rating in a report on Tuesday, October 28th. Finally, TD Securities boosted their price target on IGM Financial from C$57.00 to C$64.00 in a research report on Tuesday, November 4th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, IGM Financial has an average rating of “Hold” and an average price target of C$64.86.

IGM Financial Trading Up 1.1%

Shares of TSE IGM opened at C$66.42 on Monday. IGM Financial has a twelve month low of C$38.89 and a twelve month high of C$68.55. The firm has a market cap of C$15.65 billion, a PE ratio of 15.27, a price-to-earnings-growth ratio of 4.09 and a beta of 1.13. The business has a fifty day simple moving average of C$61.44 and a two-hundred day simple moving average of C$54.09. 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 (TSE:IGM) last announced its quarterly earnings results on Thursday, November 6th. The financial services provider reported C$1.27 EPS for the quarter. The firm had revenue of C$971.88 million for the quarter. IGM Financial had a return on equity of 12.76% and a net margin of 27.93%. Analysts expect that IGM Financial will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Friday, January 30th will be issued a dividend of $0.5625 per share. This represents a $2.25 annualized dividend and a dividend yield of 3.4%. This is an increase from IGM Financial’s previous quarterly dividend of $0.56. The ex-dividend date is Tuesday, December 30th. IGM Financial’s dividend payout ratio is currently 51.72%.

Insider Activity at IGM Financial

In other IGM Financial news, Director Esther Findlay sold 3,280 shares of the business’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of C$57.59, for a total transaction of C$188,895.20. Following the sale, the director owned 6,996 shares of the company’s stock, valued at approximately C$402,899.64. The trade was a 31.92% decrease in their position. Also, 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 transaction of C$492,252.00. Insiders sold a total of 34,904 shares of company stock valued at $1,982,131 over the last ninety days. 66.58% of the stock is currently owned by insiders.

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. 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.