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

IGM Financial (TSE:IGM) had its price objective lifted by TD Securities from C$64.00 to C$73.00 in a research report released on Thursday morning,BayStreet.CA reports. They currently have a buy rating on the financial services provider’s stock.

Other analysts also recently issued reports about the company. Royal Bank Of Canada lifted their price target on IGM Financial from C$51.00 to C$65.00 and gave the stock a “sector perform” rating in a report on Monday, January 26th. 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 research note on Wednesday, October 29th. Scotiabank increased their price target on shares of 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. National Bankshares raised their price objective on shares of IGM Financial from C$68.00 to C$82.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, CIBC upped their target price on shares of IGM Financial from C$61.00 to C$68.00 in a report on Wednesday, January 21st. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of C$68.14.

IGM Financial Stock Down 0.8%

Shares of IGM Financial stock opened at C$66.47 on Thursday. 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 15.28, a P/E/G ratio of 4.09 and a beta of 1.10. The company has a 50 day moving average of C$63.07 and a 200 day moving average of C$55.25.

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 firm also recently announced a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Friday, January 30th were issued a $0.5625 dividend. This represents a $2.25 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Tuesday, December 30th. This is a positive change from IGM Financial’s previous quarterly dividend of $0.56. IGM Financial’s dividend payout ratio is presently 51.72%.

Insider Buying and Selling at IGM Financial

In related news, Director Esther Findlay sold 800 shares of the stock in a transaction on Wednesday, November 26th. The shares were 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 C$591,897.60. This represents a 7.22% decrease in their position. Also, insider Rhonda Goldberg sold 7,353 shares of the firm’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of C$57.00, for a total transaction of C$419,121.00. In the last quarter, insiders sold 34,904 shares of company stock valued at $1,982,131. 66.58% of the stock is 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.