IGM Financial Inc. (TSE:IGM) Given Consensus Rating of “Hold” by Brokerages

IGM Financial Inc. (TSE:IGM) has been assigned a consensus rating of “Hold” from the seven ratings firms that are presently covering the stock, Marketbeat reports. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is C$64.86.

A number of equities analysts have commented on the stock. Royal Bank Of Canada upped their price objective on shares of IGM Financial from C$51.00 to C$65.00 and gave the stock a “sector perform” rating in a research report on Monday. BMO Capital Markets boosted their price target on shares of IGM Financial from C$57.00 to C$68.00 in a research note on Monday. National Bankshares increased their target price on IGM Financial from C$60.00 to C$68.00 in a research note on Monday, November 10th. Scotiabank raised their price target on IGM Financial from C$64.00 to C$67.00 and gave the company a “sector perform” rating in a report on Tuesday, October 28th. Finally, TD Securities upped their price objective on IGM Financial from C$57.00 to C$64.00 in a report on Tuesday, November 4th.

Insider Transactions at IGM Financial

In other IGM Financial news, insider Rhonda Goldberg sold 8,636 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of C$57.00, for a total transaction of C$492,252.00. Also, Director Esther Findlay sold 3,280 shares of the stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of C$57.59, for a total transaction 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 trade represents a 31.92% decrease in their ownership of the stock. Insiders sold a total of 34,904 shares of company stock valued at $1,982,131 in the last quarter. Insiders own 66.58% of the company’s stock.

IGM Financial Stock Performance

Shares of IGM stock opened at C$66.49 on Friday. The stock’s 50-day moving average price is C$62.12 and its 200 day moving average price is C$54.44. The company has a quick ratio of 0.31, a current ratio of 3.61 and a debt-to-equity ratio of 97.24. The stock has a market capitalization of C$15.67 billion, a PE ratio of 15.29, a price-to-earnings-growth ratio of 4.09 and a beta of 1.13. 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 earnings results on Thursday, November 6th. The financial services provider reported C$1.27 earnings per share (EPS) 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, equities research analysts forecast that IGM Financial will post 4.006816 EPS for the current year.

IGM Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Friday, January 30th will be paid a dividend of $0.5625 per share. This is a boost from IGM Financial’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Tuesday, December 30th. This represents a $2.25 dividend on an annualized basis and a dividend yield of 3.4%. IGM Financial’s dividend payout ratio is currently 51.72%.

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.