BMO Capital Markets Issues Positive Forecast for IGM Financial (TSE:IGM) Stock Price

IGM Financial (TSE:IGM) had its target price upped by BMO Capital Markets from C$57.00 to C$68.00 in a research note issued to investors on Monday,BayStreet.CA reports. BMO Capital Markets’ price target suggests a potential upside of 2.06% from the stock’s previous close.

A number of other research analysts have also issued reports on IGM. Scotiabank upped their price target on shares of IGM Financial from C$64.00 to C$67.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 28th. National Bankshares upped their target price on shares of IGM Financial from C$60.00 to C$68.00 in a report on Monday, November 10th. TD Securities boosted their target price on shares of IGM Financial from C$57.00 to C$64.00 in a report on Tuesday, November 4th. Royal Bank Of Canada boosted their price objective on shares of IGM Financial from C$55.00 to C$61.00 in a report on Monday, November 10th. Finally, CIBC boosted their price target on shares of IGM Financial from C$61.00 to C$68.00 in a research note on Wednesday, January 21st. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, IGM Financial has a consensus rating of “Hold” and a consensus price target of C$64.86.

IGM Financial Trading Up 1.4%

Shares of IGM stock traded up C$0.95 on Monday, reaching C$66.63. 177,813 shares of the company’s stock were exchanged, compared to its average volume of 379,326. The stock has a market capitalization of C$15.70 billion, a PE ratio of 15.32, a P/E/G ratio of 4.09 and a beta of 1.13. The company has a current ratio of 3.61, a quick ratio of 0.31 and a debt-to-equity ratio of 97.24. IGM Financial has a 52 week low of C$38.89 and a 52 week high of C$68.55. The company’s fifty day simple moving average is C$61.22 and its 200 day simple moving average is C$53.93.

IGM Financial (TSE:IGM) last released its quarterly earnings data on Thursday, November 6th. The financial services provider reported C$1.27 EPS for the quarter. IGM Financial had a return on equity of 12.76% and a net margin of 27.93%.The company had revenue of C$971.88 million for the quarter. As a group, analysts forecast that IGM Financial will post 4.006816 EPS for the current year.

Insider Buying and Selling at IGM Financial

In related news, insider Rhonda Goldberg sold 8,636 shares of the business’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of C$57.00, for a total value of C$492,252.00. Also, Director Esther Findlay sold 3,280 shares of the firm’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of C$57.59, for a total value of C$188,895.20. Following the transaction, the director directly owned 6,996 shares of the company’s stock, valued at C$402,899.64. The trade was a 31.92% decrease in their position. Insiders sold 34,904 shares of company stock valued at $1,982,131 in the last quarter. 66.58% of the stock is currently owned by company insiders.

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.