IGM Financial (TSE:IGM) Issues Quarterly Earnings Results

IGM Financial (TSE:IGM) announced its earnings results on Thursday. The financial services provider reported C$1.27 earnings per share for the quarter, FiscalAI reports. IGM Financial had a net margin of 27.93% and a return on equity of 12.76%. The company had revenue of C$1.05 billion during the quarter.

IGM Financial Price Performance

Shares of IGM stock opened at C$66.08 on Friday. 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 has a 12-month low of C$38.89 and a 12-month high of C$68.55. The firm has a fifty day moving average of C$63.99 and a 200-day moving average of C$56.06. The firm has a market capitalization of C$15.57 billion, a price-to-earnings ratio of 15.19, a price-to-earnings-growth ratio of 4.09 and a beta of 1.10.

IGM Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Friday, January 30th were issued a $0.5625 dividend. This is a positive change from IGM Financial’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend was Tuesday, December 30th. This represents a $2.25 annualized dividend and a dividend yield of 3.4%. IGM Financial’s dividend payout ratio (DPR) is presently 51.72%.

Analyst Ratings Changes

Several analysts have weighed in on the company. Scotiabank boosted their price objective on IGM Financial from C$64.00 to C$67.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 28th. National Bank Financial boosted their price target on shares of IGM Financial from C$68.00 to C$82.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 4th. BMO Capital Markets raised their price objective on shares of IGM Financial from C$57.00 to C$68.00 in a research note on Monday, January 26th. Jefferies Financial Group lifted their target price on shares of IGM Financial from C$50.00 to C$54.00 and gave the stock a “hold” rating in a report on Wednesday, October 29th. Finally, TD Securities increased their price target on IGM Financial from C$64.00 to C$73.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of C$68.14.

Insiders Place Their Bets

In other IGM Financial news, Director Esther Findlay sold 3,280 shares of IGM Financial stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of C$57.59, for a total transaction of C$188,895.20. Following the transaction, the director directly owned 6,996 shares in the company, valued at approximately C$402,899.64. The trade was a 31.92% decrease in their ownership of the stock. Insiders sold 6,980 shares of company stock worth $401,782 in 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. 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.