IGM Financial Inc. (TSE:IGM) Receives C$43.71 Average Target Price from Analysts

IGM Financial Inc. (TSE:IGM) has received a consensus recommendation of “Moderate Buy” from the six ratings firms that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is C$43.71.

Several brokerages have recently weighed in on IGM. Scotiabank raised their price target on shares of IGM Financial from C$45.00 to C$46.00 in a research note on Wednesday, July 24th. National Bankshares lifted their price objective on shares of IGM Financial from C$46.00 to C$47.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Jefferies Financial Group lifted their price objective on shares of IGM Financial from C$38.00 to C$39.00 and gave the company a “buy” rating in a report on Monday, July 29th. BMO Capital Markets lowered their price objective on shares of IGM Financial from C$40.00 to C$39.00 in a report on Friday, August 9th. Finally, Royal Bank of Canada lifted their price objective on shares of IGM Financial from C$46.00 to C$47.00 in a report on Thursday, August 8th.

IGM Financial Price Performance

TSE IGM opened at C$41.73 on Thursday. The business has a 50 day simple moving average of C$39.15 and a 200 day simple moving average of C$37.46. IGM Financial has a 52-week low of C$30.34 and a 52-week high of C$41.99. The company has a debt-to-equity ratio of 35.99, a quick ratio of 0.31 and a current ratio of 2.12. The stock has a market cap of C$9.88 billion, a price-to-earnings ratio of 11.75, a PEG ratio of 4.09 and a beta of 1.53.

IGM Financial (TSE:IGM) last posted its earnings results on Wednesday, August 7th. The financial services provider reported C$0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$0.95 by C($0.02). IGM Financial had a return on equity of 12.80% and a net margin of 29.47%. The business had revenue of C$816.31 million for the quarter, compared to the consensus estimate of C$826.00 million. Analysts anticipate that IGM Financial will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Thursday, October 31st will be paid a $0.563 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.25 annualized dividend and a dividend yield of 5.40%. IGM Financial’s dividend payout ratio is presently 63.38%.

About IGM Financial

IGM Financial Inc operates as a wealth and asset management company in Canada. It operates through Wealth Management and Asset Management segments. The Wealth Management segment offers investments that are focused on providing financial planning and related services; and provides mutual fund management and discretionary portfolio management services.