IGM Financial (TSE:IGM) Given New C$23.00 Price Target at Scotiabank

IGM Financial (TSE:IGM) had its target price trimmed by Scotiabank from C$42.00 to C$23.00 in a research report sent to investors on Tuesday morning, BayStreet.CA reports.

A number of other analysts also recently weighed in on the stock. TD Securities downgraded shares of IGM Financial from a buy rating to a hold rating and reduced their target price for the stock from C$43.00 to C$42.00 in a research report on Tuesday, February 18th. CIBC upped their target price on shares of IGM Financial from C$45.00 to C$46.00 in a research report on Tuesday, February 18th. Finally, Royal Bank of Canada downgraded shares of IGM Financial from a sector perform rating to an underperform rating and reduced their target price for the stock from C$44.00 to C$29.00 in a research report on Thursday, March 19th.

TSE:IGM opened at C$23.35 on Tuesday. The firm’s 50-day moving average price is C$34.23 and its 200-day moving average price is C$37.12. The company has a market capitalization of $5.66 billion and a PE ratio of 7.48. The company has a debt-to-equity ratio of 48.73, a current ratio of 3.48 and a quick ratio of 0.56. IGM Financial has a 1-year low of C$20.96 and a 1-year high of C$40.38.

IGM Financial (TSE:IGM) last released its earnings results on Friday, February 14th. The financial services provider reported C$0.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of C$0.83 by C$0.01. The business had revenue of C$823.55 million during the quarter. Equities analysts anticipate that IGM Financial will post 3.5299999 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st will be given a $0.563 dividend. The ex-dividend date of this dividend is Monday, March 30th. This is an increase from IGM Financial’s previous quarterly dividend of $0.56. This represents a $2.25 dividend on an annualized basis and a dividend yield of 9.64%. IGM Financial’s dividend payout ratio is currently 72.12%.

IGM Financial Company Profile

IGM Financial Inc, a financial services company, manages and distributes investment funds and other managed asset products in Canada. The company operates through Investors Group, Mackenzie Investments, and Corporate and Other segments. The company also offers financial planning services, including investment, tax, retirement, education, risk management, and estate planning; strategic investment planning tools; mutual funds; iProfile, a portfolio management program; and separately managed accounts and fee-based brokerage accounts.

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