IGM Financial (TSE:IGM) Given New C$45.00 Price Target at CIBC

IGM Financial (TSE:IGM) had its price objective increased by CIBC from C$42.00 to C$45.00 in a report issued on Friday, BayStreet.CA reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Several other research firms also recently commented on IGM. TD Securities increased their price objective on IGM Financial from C$41.00 to C$42.00 in a report on Thursday, April 25th. Scotiabank raised their target price on shares of IGM Financial from C$44.00 to C$45.00 and gave the stock a sector perform rating in a research note on Tuesday, April 30th. Royal Bank of Canada raised their price objective on shares of IGM Financial from C$44.00 to C$45.00 in a research report on Friday. Finally, National Bankshares increased their price objective on IGM Financial from C$44.00 to C$46.00 and gave the stock an outperform rating in a research report on Monday, February 5th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, IGM Financial has a consensus rating of Moderate Buy and an average price target of C$44.00.

IGM Financial Trading Up 0.4 %

IGM opened at C$38.12 on Friday. The firm has a 50 day simple moving average of C$34.79 and a 200 day simple moving average of C$34.61. The company has a market cap of C$9.08 billion, a price-to-earnings ratio of 9.82, a price-to-earnings-growth ratio of 4.24 and a beta of 1.58. IGM Financial has a fifty-two week low of C$30.34 and a fifty-two week high of C$42.02. The company has a debt-to-equity ratio of 38.26, a current ratio of 1.94 and a quick ratio of 0.31.

IGM Financial (TSE:IGM) last posted its earnings results on Thursday, February 15th. The financial services provider reported C$0.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$0.89 by C($0.05). IGM Financial had a net margin of 31.03% and a return on equity of 14.46%. The business had revenue of C$768.80 million during the quarter, compared to analyst estimates of C$773.00 million. On average, sell-side analysts anticipate that IGM Financial will post 3.711039 earnings per share for the current year.

IGM Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th will be paid a $0.563 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.25 dividend on an annualized basis and a yield of 5.91%. IGM Financial’s dividend payout ratio (DPR) is presently 57.99%.

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.