IGM Financial (TSE:IGM) Price Target Raised to C$76.00 at TD Securities

IGM Financial (TSE:IGM) had its price target raised by TD Securities from C$73.00 to C$76.00 in a research report sent to investors on Tuesday,BayStreet.CA reports. TD Securities currently has a buy rating on the financial services provider’s stock.

A number of other brokerages have also recently weighed in on IGM. Scotiabank raised their price target on IGM Financial from C$64.00 to C$67.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 28th. National Bank Financial increased their price objective on shares of IGM Financial from C$68.00 to C$82.00 and gave the company an “outperform” rating in a research note on Wednesday, February 4th. Royal Bank Of Canada raised their target price on shares of IGM Financial from C$51.00 to C$65.00 and gave the company a “sector perform” rating in a report on Monday, January 26th. Jefferies Financial Group lifted 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 research report on Wednesday, October 29th. Finally, BMO Capital Markets upped their price target on shares of IGM Financial from C$57.00 to C$68.00 in a report on Monday, January 26th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, IGM Financial presently has an average rating of “Hold” and a consensus price target of C$68.57.

IGM Financial Price Performance

Shares of TSE:IGM opened at C$66.94 on Tuesday. The firm has a market capitalization of C$15.68 billion, a price-to-earnings ratio of 14.43, a price-to-earnings-growth ratio of 4.09 and a beta of 1.10. 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 business’s 50 day simple moving average is C$64.30 and its 200-day simple moving average is C$56.50. IGM Financial has a 12 month low of C$38.89 and a 12 month high of C$68.55.

IGM Financial (TSE:IGM) last released its quarterly earnings data on Thursday, February 12th. The financial services provider reported C$1.27 earnings per share for the quarter. The firm had revenue of C$1.05 billion during the quarter. IGM Financial had a return on equity of 12.76% and a net margin of 27.93%. As a group, 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 was paid on Friday, January 30th. Investors of record on Friday, January 30th were paid a $0.5625 dividend. The ex-dividend date was Tuesday, December 30th. This is an increase from IGM Financial’s previous quarterly dividend of $0.56. This represents a $2.25 annualized dividend and a yield of 3.4%. IGM Financial’s payout ratio is currently 48.49%.

Insiders Place Their Bets

In other IGM Financial news, Director Esther Findlay sold 3,280 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of C$57.59, for a total value of C$188,895.20. Following the sale, the director directly owned 6,996 shares of the company’s stock, valued at approximately C$402,899.64. This trade represents a 31.92% decrease in their position. Insiders sold 6,980 shares of company stock worth $401,782 in the last quarter. Corporate insiders own 66.58% of the company’s stock.

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.