IGM Financial (TSE:IGM) Price Target Raised to C$73.00

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

A number of other research analysts also recently issued reports on the company. BMO Capital Markets upped their price target on IGM Financial from C$57.00 to C$68.00 in a report on Monday, January 26th. Jefferies Financial Group lifted their price target on shares of 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. National Bankshares boosted 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 report on Wednesday. Royal Bank Of Canada raised their target price on shares of 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. Finally, Scotiabank boosted their target price 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. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, IGM Financial has a consensus rating of “Hold” and a consensus target price of C$68.14.

IGM Financial Stock Up 0.9%

IGM stock opened at C$67.08 on Thursday. The business has a 50 day moving average of C$63.27 and a 200 day moving average of C$55.49. The firm has a market cap of C$15.81 billion, a PE ratio of 15.42, a price-to-earnings-growth ratio of 4.09 and a beta of 1.10. IGM Financial has a twelve month low of C$38.89 and a twelve 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 (TSE:IGM) last released its earnings results on Thursday, November 6th. The financial services provider reported C$1.27 EPS for the quarter. The business had revenue of C$971.88 million for the quarter. IGM Financial had a return on equity of 12.76% and a net margin of 27.93%. On average, research analysts forecast that IGM Financial will post 4.006816 EPS for the current fiscal year.

IGM Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Friday, January 30th were given a dividend of $0.5625 per share. 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 payout ratio is presently 51.72%.

Insiders Place Their Bets

In related news, insider Rhonda Goldberg sold 8,636 shares of IGM Financial 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$492,252.00. Also, Director Esther Findlay sold 3,280 shares of the business’s stock in a transaction dated Wednesday, November 26th. The shares were 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 C$402,899.64. This represents a 31.92% decrease in their position. Over the last ninety days, insiders sold 34,904 shares of company stock worth $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.