IGM Financial Inc. (TSE:IGM) Given Consensus Rating of “Hold” by Analysts

IGM Financial Inc. (TSE:IGM) has earned an average rating of “Hold” from the seven research firms that are covering the stock, Marketbeat.com reports. Five research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is C$68.57.

IGM has been the topic of a number of research reports. Jefferies Financial Group boosted their target price on shares of 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 boosted their price objective on IGM Financial from C$73.00 to C$76.00 and gave the stock a “buy” rating in a research note on Tuesday, February 17th. Canadian Imperial Bank of Commerce raised their price objective on IGM Financial from C$61.00 to C$68.00 in a research note on Wednesday, January 21st. BMO Capital Markets lifted their target price on IGM Financial from C$57.00 to C$68.00 in a report on Monday, January 26th. Finally, National Bank Financial increased their price target on IGM Financial from C$68.00 to C$82.00 and gave the company an “outperform” rating in a report on Wednesday, February 4th.

IGM Financial Stock Performance

TSE:IGM opened at C$67.32 on Tuesday. The company has a market cap of C$15.77 billion, a price-to-earnings ratio of 14.51, a PEG ratio of 4.09 and a beta of 1.10. IGM Financial has a 1 year low of C$38.89 and a 1 year high of C$68.55. The stock’s 50 day simple moving average is C$64.80 and its two-hundred day simple moving average is C$57.08. The company has a debt-to-equity ratio of 97.24, a current ratio of 3.61 and a quick ratio of 0.31.

IGM Financial (TSE:IGM) last announced its quarterly earnings results on Thursday, February 12th. The financial services provider reported C$1.27 earnings per share for the quarter. The company had revenue of C$1.05 billion for the quarter. IGM Financial had a net margin of 27.93% and a return on equity of 12.76%. As a group, equities analysts anticipate that IGM Financial will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Friday, January 30th were issued a dividend of $0.5625 per share. This represents a $2.25 annualized dividend and a yield of 3.3%. The ex-dividend date was Tuesday, December 30th. This is a positive change from IGM Financial’s previous quarterly dividend of $0.56. IGM Financial’s payout ratio is currently 48.49%.

Insiders Place Their Bets

In other IGM Financial news, Director Esther Findlay sold 800 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of C$57.60, for a total value of C$46,080.00. Following the completion of the sale, the director owned 10,276 shares of the company’s stock, valued at C$591,897.60. This trade represents a 7.22% decrease in their ownership of the stock. Over the last 90 days, insiders have sold 6,980 shares of company stock valued at $401,782. Corporate insiders own 66.58% of the company’s stock.

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.