IGM Financial (TSE:IGM) Releases Quarterly Earnings Results

IGM Financial (TSE:IGM) issued its quarterly earnings results on Thursday. The financial services provider reported C$1.27 earnings per share for the quarter, FiscalAI reports. The company had revenue of C$1.05 billion for the quarter. IGM Financial had a return on equity of 12.76% and a net margin of 27.93%.

IGM Financial Stock Down 1.7%

Shares of IGM traded down C$1.06 during mid-day trading on Thursday, reaching C$60.95. 881,792 shares of the stock traded hands, compared to its average volume of 440,500. The stock has a fifty day simple moving average of C$63.77 and a 200 day simple moving average of C$55.89. The firm has a market cap of C$14.37 billion, a price-to-earnings ratio of 14.01, a P/E/G ratio of 4.09 and a beta of 1.10. IGM Financial has a 12-month low of C$38.89 and a 12-month high of C$68.55. 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 Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Friday, January 30th were issued a $0.5625 dividend. The ex-dividend date was Tuesday, December 30th. This is a positive change from IGM Financial’s previous quarterly dividend of $0.56. This represents a $2.25 annualized dividend and a yield of 3.7%. IGM Financial’s payout ratio is 51.72%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on IGM shares. TD Securities lifted their price target on IGM Financial from C$64.00 to C$73.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. BMO Capital Markets raised their price objective on shares of IGM Financial from C$57.00 to C$68.00 in a research note on Monday, January 26th. Royal Bank Of Canada lifted 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, January 26th. Canadian Imperial Bank of Commerce boosted their target price on IGM Financial from C$61.00 to C$68.00 in a research report on Wednesday, January 21st. Finally, Scotiabank lifted their price target on 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. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of C$68.14.

Insider Activity at IGM Financial

In related news, Director Esther Findlay sold 3,280 shares of IGM Financial 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 completion of the transaction, the director directly 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. In the last three months, insiders sold 6,980 shares of company stock worth $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.