IGM Financial Inc. (TSE:IGM) Receives C$52.29 Consensus Price Target from Analysts

Key Points

• IGM Financial Inc. (TSE:IGM) has received an average rating of "Hold" from six research firms, with four recommending a hold and two giving a buy rating.
• Recent price objective adjustments from analysts have raised IGM's target price, with new highs of C$58.00 from National Bankshares and C$57.00 from both TD Securities and Scotiabank.
• The company announced a quarterly dividend of $0.562, translating to an annualized dividend yield of 4.6%, despite a recent cut in dividends.

Shares of IGM Financial Inc. (TSE:IGM - Get Free Report) have received an average rating of "Hold" from the six brokerages that are presently covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is C$52.29.

A number of equities analysts have recently weighed in on IGM shares. Scotiabank increased their target price on IGM Financial from C$56.00 to C$57.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 7th. National Bankshares increased their target price on IGM Financial from C$56.00 to C$58.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Jefferies Financial Group increased their target price on IGM Financial from C$42.00 to C$46.00 in a research note on Wednesday, July 30th. TD Securities increased their target price on IGM Financial from C$55.00 to C$57.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Finally, Royal Bank Of Canada increased their price target on IGM Financial from C$46.00 to C$49.00 and gave the stock a "sector perform" rating in a research report on Friday, August 8th.

IGM Financial Stock Performance

Shares of TSE IGM traded down C$0.26 during trading hours on Tuesday, reaching C$49.97. 215,809 shares of the stock were exchanged, compared to its average volume of 301,098. The firm has a market capitalization of C$11.78 billion, a price-to-earnings ratio of 12.19, a P/E/G ratio of 4.09 and a beta of 1.05. The company has a debt-to-equity ratio of 97.24, a quick ratio of 0.31 and a current ratio of 3.61. IGM Financial has a 52 week low of C$37.97 and a 52 week high of C$50.65. The stock's fifty day simple moving average is C$46.21 and its 200 day simple moving average is C$44.54.

IGM Financial Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, September 26th will be issued a $0.562 dividend. This represents a $2.25 annualized dividend and a yield of 4.5%. IGM Financial's dividend payout ratio is presently 54.88%.

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.