IGM Financial (TSE:IGM) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

IGM Financial (TSE:IGM) had its target price lifted by Royal Bank Of Canada from C$51.00 to C$65.00 in a note issued to investors on Monday,BayStreet.CA reports. The brokerage presently has a “sector perform” rating on the financial services provider’s stock. Royal Bank Of Canada’s price target points to a potential downside of 3.00% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the stock. BMO Capital Markets boosted their price objective on shares of IGM Financial from C$57.00 to C$68.00 in a research report on Monday. TD Securities lifted their price objective on IGM Financial from C$57.00 to C$64.00 in a research report on Tuesday, November 4th. National Bankshares raised their price target on IGM Financial from C$60.00 to C$68.00 in a research note on Monday, November 10th. Scotiabank upped their price objective on shares of 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. Finally, Jefferies Financial Group boosted 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 research report on Wednesday, October 29th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of C$64.86.

IGM Financial Price Performance

IGM opened at C$67.01 on Monday. 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 50 day simple moving average is C$61.67 and its 200 day simple moving average is C$54.27. The firm has a market cap of C$15.79 billion, a price-to-earnings ratio of 15.40, a PEG ratio of 4.09 and a beta of 1.13. IGM Financial has a 1 year low of C$38.89 and a 1 year 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. As a group, analysts predict that IGM Financial will post 4.006816 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Esther Findlay sold 800 shares of the firm’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 of the company’s stock, valued at approximately C$591,897.60. This trade represents a 7.22% decrease in their ownership of the stock. Also, insider Rhonda Goldberg sold 7,353 shares of the business’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of C$57.00, for a total transaction of C$419,121.00. Over the last quarter, insiders sold 34,904 shares of company stock worth $1,982,131. 66.58% of the stock is currently owned by insiders.

IGM Financial Company Profile

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.