IGM Financial Inc. (TSE:IGM) Given Consensus Recommendation of "Hold" by Brokerages

Key Points

• IGM Financial Inc. has received a consensus recommendation of "Hold" from six brokerages, with the average 1-year price target set at C$53.71.
• The company recently announced a quarterly dividend of $0.562, yielding about 4.1%, despite a reduction in its dividend payout ratio to 54.88%.
• Insider trading activity reveals that corporate directors have sold a total of 2,840 shares valued at approximately $137,909 over the last three months.

Shares of IGM Financial Inc. (TSE:IGM - Get Free Report) have received an average recommendation of "Hold" from the six ratings firms that are currently covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is C$53.71.

Several equities research analysts have weighed in on the stock. Royal Bank Of Canada increased their target price on shares of IGM Financial from C$49.00 to C$52.00 in a report on Wednesday, October 15th. National Bankshares increased their target price on shares of IGM Financial from C$56.00 to C$58.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Scotiabank increased their target price on shares of IGM Financial from C$57.00 to C$64.00 and gave the stock a "sector perform" rating in a report on Wednesday, October 15th. BMO Capital Markets increased their target price on shares of IGM Financial from C$47.00 to C$49.00 and gave the stock a "market perform" rating in a report on Friday, August 8th. Finally, TD Securities increased their target price on shares of IGM Financial from C$55.00 to C$57.00 and gave the stock a "buy" rating in a report on Friday, August 8th.

IGM Financial Trading Up 0.8%

IGM opened at C$54.29 on Wednesday. The firm's fifty day moving average is C$50.54 and its two-hundred day moving average is C$46.10. The company has a debt-to-equity ratio of 97.24, a quick ratio of 0.31 and a current ratio of 3.61. The firm has a market cap of C$12.80 billion, a PE ratio of 13.24, a price-to-earnings-growth ratio of 4.09 and a beta of 1.07. IGM Financial has a twelve month low of C$38.89 and a twelve month high of C$54.99.

IGM Financial Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, October 31st will be given a $0.562 dividend. This represents a $2.25 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Friday, September 26th. IGM Financial's payout ratio is currently 54.88%.

Insiders Place Their Bets

In other IGM Financial news, Director Brent Jason Allen sold 1,451 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of C$48.56, for a total transaction of C$70,460.56. Over the last three months, insiders have sold 2,840 shares of company stock valued at $137,909. 66.58% of the stock is currently owned by corporate insiders.

About IGM Financial

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.

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