IGM Financial (TSE:IGM) Stock Price Expected to Rise, TD Securities Analyst Says

IGM Financial (TSE:IGM) had its price objective increased by equities research analysts at TD Securities from C$64.00 to C$73.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. TD Securities’ price objective suggests a potential upside of 8.83% from the company’s current price.

Several other analysts have also recently issued reports on IGM. Scotiabank raised their target price on IGM Financial from C$64.00 to C$67.00 and gave the stock a “sector perform” rating in a research note on Tuesday, October 28th. Jefferies Financial Group upped their price objective 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. BMO Capital Markets lifted their target price on shares of IGM Financial from C$57.00 to C$68.00 in a research note on Monday, January 26th. Canadian Imperial Bank of Commerce increased their price target on shares of IGM Financial from C$61.00 to C$68.00 in a research note on Wednesday, January 21st. Finally, Royal Bank Of Canada raised their price target on shares of IGM Financial from C$51.00 to C$65.00 and gave the stock a “sector perform” rating in a report on Monday, January 26th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, IGM Financial currently has an average rating of “Hold” and an average price target of C$68.14.

IGM Financial Stock Up 0.9%

IGM stock opened at C$67.08 on Thursday. The company has a current ratio of 3.61, a quick ratio of 0.31 and a debt-to-equity ratio of 97.24. The firm has a 50-day moving average of C$63.27 and a two-hundred day moving average of C$55.41. IGM Financial has a 12 month low of C$38.89 and a 12 month high of C$68.55. The company has a market cap of C$15.81 billion, a price-to-earnings ratio of 15.42, a PEG ratio of 4.09 and a beta of 1.10.

IGM Financial (TSE:IGM) last issued its earnings results 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 business had revenue of C$971.88 million for the quarter. As a group, analysts forecast that IGM Financial will post 4.006816 earnings per share for the current fiscal year.

Insider Buying and Selling at IGM Financial

In other news, insider Rhonda Goldberg sold 8,636 shares of IGM Financial stock in a transaction 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. Also, Director Esther Findlay sold 3,280 shares of IGM Financial stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of C$57.59, for a total value of C$188,895.20. Following the completion of the transaction, the director directly owned 6,996 shares of the company’s stock, valued at approximately C$402,899.64. This represents a 31.92% decrease in their ownership of the stock. Over the last 90 days, insiders have sold 34,904 shares of company stock valued at $1,982,131. Company insiders own 66.58% of the company’s stock.

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.