IGM Financial Inc. (TSE:IGM) Given Average Rating of “Hold” by Brokerages

IGM Financial Inc. (TSE:IGM) has been given an average recommendation of “Hold” by the seven brokerages that are currently covering the firm, MarketBeat reports. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is C$64.86.

IGM has been the topic of several research analyst reports. BMO Capital Markets raised their target price on IGM Financial from C$57.00 to C$68.00 in a research report on Monday. CIBC raised their price objective on shares of IGM Financial from C$61.00 to C$68.00 in a report on Wednesday, January 21st. Jefferies Financial Group upped their target price 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. Scotiabank lifted their price target on shares of IGM Financial from C$64.00 to C$67.00 and gave the stock a “sector perform” rating in a research note on Tuesday, October 28th. Finally, Royal Bank Of Canada boosted their price target on shares of IGM Financial from C$51.00 to C$65.00 and gave the company a “sector perform” rating in a research report on Monday.

Insider Buying and Selling

In other news, insider Rhonda Goldberg sold 8,636 shares of the stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of C$57.00, for a total value of C$492,252.00. Also, Director Esther Findlay sold 3,280 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of C$57.59, for a total transaction of C$188,895.20. Following the transaction, the director owned 6,996 shares in the company, valued at approximately C$402,899.64. This trade represents a 31.92% decrease in their ownership of the stock. Insiders have sold a total of 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 Stock Down 1.4%

Shares of IGM Financial stock opened at C$66.49 on Friday. 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 52-week low of C$38.89 and a 52-week high of C$68.55. The company has a market capitalization of C$15.67 billion, a P/E ratio of 15.29, a P/E/G ratio of 4.09 and a beta of 1.13. The company has a 50 day moving average of C$62.12 and a 200 day moving average of C$54.44.

IGM Financial (TSE:IGM) last announced its quarterly earnings data on Thursday, November 6th. The financial services provider reported C$1.27 earnings per share 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, research analysts forecast that IGM Financial will post 4.006816 EPS for the current fiscal year.

IGM Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Friday, January 30th will be given a $0.5625 dividend. 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. This represents a $2.25 dividend on an annualized basis and a dividend yield of 3.4%. IGM Financial’s payout ratio is currently 51.72%.

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.