IGM Financial Inc. Expected to Earn FY2024 Earnings of $3.88 Per Share (TSE:IGM)

IGM Financial Inc. (TSE:IGM) – Analysts at National Bank Financial raised their FY2024 earnings per share (EPS) estimates for shares of IGM Financial in a report released on Monday, April 29th. National Bank Financial analyst J. Gloyn now anticipates that the financial services provider will post earnings per share of $3.88 for the year, up from their previous forecast of $3.86. The consensus estimate for IGM Financial’s current full-year earnings is $3.71 per share.

IGM has been the topic of several other research reports. Scotiabank raised their price target on IGM Financial from C$44.00 to C$45.00 and gave the company a “sector perform” rating in a report on Tuesday. Royal Bank of Canada raised their price objective on IGM Financial from C$43.00 to C$44.00 and gave the company a “sector perform” rating in a report on Friday, February 16th. National Bankshares raised their price objective on IGM Financial from C$44.00 to C$46.00 and gave the company an “outperform” rating in a report on Monday, February 5th. Finally, TD Securities raised their price objective on IGM Financial from C$41.00 to C$42.00 in a report on Thursday, April 25th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of C$42.50.

IGM Financial Stock Performance

TSE:IGM opened at C$34.83 on Thursday. The business’s 50-day moving average price is C$34.72 and its two-hundred day moving average price is C$34.50. IGM Financial has a twelve month low of C$30.34 and a twelve month high of C$42.02. The stock has a market cap of C$8.29 billion, a P/E ratio of 8.98, a PEG ratio of 4.24 and a beta of 1.58. The company has a quick ratio of 0.31, a current ratio of 1.94 and a debt-to-equity ratio of 38.26.

IGM Financial (TSE:IGM) last released its quarterly earnings results on Thursday, February 15th. The financial services provider reported C$0.84 earnings per share for the quarter, missing the consensus estimate of C$0.89 by C($0.05). IGM Financial had a net margin of 31.03% and a return on equity of 14.46%. The business had revenue of C$768.80 million during the quarter, compared to analysts’ expectations of C$773.00 million.

IGM Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th were given a $0.563 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $2.25 dividend on an annualized basis and a dividend yield of 6.47%. IGM Financial’s dividend payout ratio is currently 57.99%.

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.