IGM Financial (TSE:IGM) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

IGM Financial (TSE:IGM) had its target price increased by equities research analysts at BMO Capital Markets from C$57.00 to C$68.00 in a research note issued on Monday,BayStreet.CA reports. BMO Capital Markets’ target price would suggest a potential upside of 1.48% from the stock’s current price.

Several other equities analysts have also commented on IGM. Royal Bank Of Canada raised their target price on shares of IGM Financial from C$55.00 to C$61.00 in a report on Monday, November 10th. Scotiabank lifted 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 note on Tuesday, October 28th. Jefferies Financial Group upped their target price on IGM Financial from C$50.00 to C$54.00 and gave the stock a “hold” rating in a research note on Wednesday, October 29th. National Bankshares lifted their price target on IGM Financial from C$60.00 to C$68.00 in a research note on Monday, November 10th. Finally, CIBC boosted their price target on IGM Financial from C$61.00 to C$68.00 in a report on Wednesday, January 21st. Two 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, the stock currently has an average rating of “Hold” and an average target price of C$64.86.

IGM Financial Price Performance

IGM Financial stock opened at C$67.01 on Monday. The firm has a market cap of C$15.79 billion, a PE ratio of 15.40, a price-to-earnings-growth ratio of 4.09 and a beta of 1.13. The company has a debt-to-equity ratio of 97.24, a current ratio of 3.61 and a quick ratio of 0.31. The stock’s fifty day moving average price is C$61.67 and its two-hundred day moving average price is C$54.27. IGM Financial has a one year low of C$38.89 and a one year high of C$68.55.

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

Insider Buying and Selling

In related news, Director Esther Findlay sold 3,280 shares of the company’s 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 sale, the director owned 6,996 shares in the company, valued at C$402,899.64. This represents a 31.92% decrease in their position. Also, insider Rhonda Goldberg sold 8,636 shares of the 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 value of C$492,252.00. Insiders sold a total of 34,904 shares of company stock worth $1,982,131 in the last 90 days. Corporate 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.