Desjardins Comments on IGM Financial Inc.’s FY2020 Earnings (TSE:IGM)

IGM Financial Inc. (TSE:IGM) – Desjardins lowered their FY2020 EPS estimates for IGM Financial in a research note issued on Monday, March 23rd. Desjardins analyst G. Ho now forecasts that the financial services provider will post earnings per share of $2.67 for the year, down from their previous estimate of $3.51. Desjardins also issued estimates for IGM Financial’s FY2021 earnings at $2.74 EPS.

Other equities analysts have also issued reports about the company. Royal Bank of Canada lowered IGM Financial from a “sector perform” rating to an “underperform” rating and lowered their target price for the company from C$44.00 to C$29.00 in a report on Thursday, March 19th. CIBC upped their target price on IGM Financial from C$45.00 to C$46.00 in a report on Tuesday, February 18th. TD Securities lowered IGM Financial from a “buy” rating to a “hold” rating and lowered their target price for the company from C$43.00 to C$42.00 in a report on Tuesday, February 18th. Finally, Scotiabank decreased their price objective on IGM Financial from C$42.00 to C$23.00 in a report on Tuesday.

TSE:IGM opened at C$23.35 on Thursday. The firm has a market capitalization of $5.66 billion and a PE ratio of 7.48. The stock has a 50 day moving average of C$34.23 and a 200-day moving average of C$37.12. IGM Financial has a 52 week low of C$20.96 and a 52 week high of C$40.38. The company has a current ratio of 3.48, a quick ratio of 0.56 and a debt-to-equity ratio of 48.73.

IGM Financial (TSE:IGM) last posted its earnings results on Friday, February 14th. The financial services provider reported C$0.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of C$0.83 by C$0.01. The company had revenue of C$823.55 million for the quarter.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Tuesday, March 31st will be issued a $0.563 dividend. This represents a $2.25 dividend on an annualized basis and a yield of 9.64%. This is a positive change from IGM Financial’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Monday, March 30th. IGM Financial’s dividend payout ratio is 72.12%.

IGM Financial Company Profile

IGM Financial Inc, a financial services company, manages and distributes investment funds and other managed asset products in Canada. The company operates through Investors Group, Mackenzie Investments, and Corporate and Other segments. The company also offers financial planning services, including investment, tax, retirement, education, risk management, and estate planning; strategic investment planning tools; mutual funds; iProfile, a portfolio management program; and separately managed accounts and fee-based brokerage accounts.

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