IGM Financial Inc. (TSE:IGM) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

IGM Financial Inc. (TSE:IGM) has been given an average rating of “Moderate Buy” by the six ratings firms that are covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is C$43.71.

Several equities analysts have weighed in on the company. Royal Bank of Canada lifted their target price on IGM Financial from C$46.00 to C$47.00 in a research note on Thursday, August 8th. Scotiabank lifted their target price on IGM Financial from C$45.00 to C$46.00 in a research note on Wednesday, July 24th. National Bankshares lifted their price target on IGM Financial from C$46.00 to C$47.00 and gave the company an “outperform” rating in a report on Monday, July 29th. BMO Capital Markets reduced their price target on IGM Financial from C$40.00 to C$39.00 in a report on Friday, August 9th. Finally, Jefferies Financial Group lifted their price target on IGM Financial from C$38.00 to C$39.00 and gave the company a “buy” rating in a report on Monday, July 29th.

IGM Financial Trading Up 0.8 %

TSE:IGM opened at C$41.99 on Thursday. The company has a debt-to-equity ratio of 35.99, a current ratio of 2.12 and a quick ratio of 0.31. IGM Financial has a fifty-two week low of C$30.34 and a fifty-two week high of C$42.20. The stock’s 50-day moving average is C$39.37 and its two-hundred day moving average is C$37.62. The stock has a market cap of C$9.94 billion, a PE ratio of 11.83, a price-to-earnings-growth ratio of 4.09 and a beta of 1.53.

IGM Financial (TSE:IGM) last released its earnings results on Wednesday, August 7th. The financial services provider reported C$0.93 earnings per share for the quarter, missing the consensus estimate of C$0.95 by C($0.02). IGM Financial had a net margin of 29.47% and a return on equity of 12.80%. The business had revenue of C$816.31 million for the quarter, compared to analysts’ expectations of C$826.00 million. As a group, equities research analysts forecast that IGM Financial will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Thursday, October 31st will be issued a $0.563 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.25 annualized dividend and a yield of 5.36%. IGM Financial’s dividend payout ratio (DPR) is currently 63.38%.

About IGM Financial

IGM Financial Inc operates as a wealth and asset management company in Canada. It operates through Wealth Management and Asset Management segments. The Wealth Management segment offers investments that are focused on providing financial planning and related services; and provides mutual fund management and discretionary portfolio management services.