IGM Financial Inc. (TSE:IGM) Receives Average Rating of "Hold" from Analysts

Key Points

• IGM Financial Inc. (TSE:IGM) has received an average rating of "Hold" from six research firms, with four analysts rating it as such and two assigning a buy rating.
• The average twelve-month price target for IGM Financial shares is C$52.29, with recent reports from various analysts suggesting targets up to C$58.00.
• IGM Financial has declared a quarterly dividend of $0.562 per share, marking an annualized dividend yield of 4.5%, with the ex-dividend date set for September 26th.

Shares of IGM Financial Inc. (TSE:IGM - Get Free Report) have been given an average rating of "Hold" by the six research firms that are currently covering the firm, MarketBeat.com 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 twelve-month price target among brokerages that have covered the stock in the last year is C$52.29.

IGM has been the topic of a number of recent research reports. National Bankshares lifted their price target 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 raised their target price on shares of IGM Financial from C$56.00 to C$57.00 and gave the stock a "sector perform" rating in a research report on Thursday, August 7th. TD Securities lifted 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. BMO Capital Markets upped their price target on shares of IGM Financial from C$47.00 to C$49.00 and gave the stock a "market perform" rating in a research report on Friday, August 8th. Finally, Jefferies Financial Group upped their price target on shares of IGM Financial from C$42.00 to C$46.00 in a report on Wednesday, July 30th.

Insider Transactions at IGM Financial

In other news, Director Brent Jason Allen sold 1,451 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of C$48.56, for a total value of C$70,460.56. Insiders sold 2,840 shares of company stock valued at $137,909 over the last three months. Corporate insiders own 66.58% of the company's stock.

IGM Financial Stock Performance

Shares of IGM Financial stock opened at C$50.16 on Friday. IGM Financial has a fifty-two week low of C$38.89 and a fifty-two week high of C$51.81. The firm has a market cap of C$11.83 billion, a P/E ratio of 12.23, 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 current ratio of 3.61 and a quick ratio of 0.31. The firm has a 50 day simple moving average of C$48.54 and a 200 day simple moving average of C$45.17.

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 issued a $0.562 dividend. This represents a $2.25 annualized dividend and a yield of 4.5%. The ex-dividend date is Friday, September 26th. IGM Financial's payout ratio is 54.88%.

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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