IGM Financial (TSE:IGM) Price Target Raised to C$82.00

IGM Financial (TSE:IGM) had its price target increased by National Bankshares from C$68.00 to C$82.00 in a research report released on Wednesday,BayStreet.CA reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other brokerages have also issued reports on IGM. BMO Capital Markets increased their price objective on shares of IGM Financial from C$57.00 to C$68.00 in a report on Monday, January 26th. Jefferies Financial Group lifted their price target on shares of IGM Financial from C$50.00 to C$54.00 and gave the company a “hold” rating in a report on Wednesday, October 29th. TD Securities boosted their price target on shares of IGM Financial from C$57.00 to C$64.00 in a research note on Tuesday, November 4th. Royal Bank Of Canada raised their price objective on IGM Financial from C$51.00 to C$65.00 and gave the company a “sector perform” rating in a research report on Monday, January 26th. Finally, Canadian Imperial Bank of Commerce lifted their target price on IGM Financial from C$61.00 to C$68.00 in a report on Wednesday, January 21st. Two research 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 a consensus price target of C$68.14.

IGM Financial Trading Up 0.9%

Shares of IGM stock opened at C$67.08 on Wednesday. The company has a debt-to-equity ratio of 97.24, a quick ratio of 0.31 and a current ratio of 3.61. The stock has a fifty day simple moving average of C$63.27 and a two-hundred day simple moving average of C$55.41. The firm has a market capitalization of C$15.81 billion, a PE ratio of 15.42, a PEG ratio of 4.09 and a beta of 1.10. IGM Financial has a 52-week low of C$38.89 and a 52-week high of C$68.55.

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

IGM Financial Increases Dividend

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

Insider Transactions at IGM Financial

In other news, insider Rhonda Goldberg sold 7,353 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of C$57.00, for a total transaction of C$419,121.00. Also, Director Esther Findlay sold 800 shares of the company’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of C$57.60, for a total value of C$46,080.00. Following the completion of the transaction, the director directly owned 10,276 shares in the company, valued at C$591,897.60. This trade represents a 7.22% decrease in their position. Insiders sold a total of 34,904 shares of company stock worth $1,982,131 over the last three months. 66.58% of the stock is currently owned by corporate 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.