IGM Financial (TSE:IGM) Price Target Raised to C$64.00

IGM Financial (TSE:IGM) had its price objective boosted by TD Securities from C$57.00 to C$64.00 in a research report sent to investors on Tuesday morning,BayStreet.CA reports.

Other equities research analysts have also issued research reports about the company. BMO Capital Markets raised their price objective on IGM Financial from C$47.00 to C$49.00 and gave the company a “market perform” rating in a research note on Friday, August 8th. Royal Bank Of Canada raised their target price on IGM Financial from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 28th. Jefferies Financial Group raised their target price on IGM Financial from C$50.00 to C$54.00 and gave the company a “hold” rating in a research report on Wednesday, October 29th. National Bankshares raised their price objective on shares of IGM Financial from C$58.00 to C$60.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. Finally, Scotiabank raised their price objective on shares of IGM Financial from C$64.00 to C$67.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 28th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of C$57.00.

IGM Financial Price Performance

IGM opened at C$53.50 on Tuesday. IGM Financial has a twelve month low of C$38.89 and a twelve month high of C$56.01. The firm has a market cap of C$12.62 billion, a price-to-earnings ratio of 13.05, a PEG ratio of 4.09 and a beta of 1.06. The company has a current ratio of 3.61, a quick ratio of 0.31 and a debt-to-equity ratio of 97.24. The company has a fifty day simple moving average of C$51.82 and a 200 day simple moving average of C$47.14.

IGM Financial Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 31st. Shareholders of record on Friday, October 31st were given a dividend of $0.562 per share. The ex-dividend date of this dividend was Friday, September 26th. This represents a $2.25 dividend on an annualized basis and a yield of 4.2%. IGM Financial’s payout ratio is currently 54.88%.

Insider Transactions at IGM Financial

In related news, Director Brent Jason Allen sold 1,451 shares of IGM Financial stock in a transaction dated Monday, August 18th. The stock was sold at an average price of C$48.56, for a total transaction of C$70,460.56. Insiders have sold a total of 2,840 shares of company stock worth $137,909 over the last 90 days. 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.