IGM Financial Inc. (TSE:IGM) Receives Consensus Rating of "Hold" from Brokerages

Key Points

• IGM Financial Inc. has received a consensus rating of "Hold" from six analysts, with four recommending hold and two recommending buy, reflecting general caution among brokerages.
• The company's recent dividend was announced at $0.562 per share, with a yield of 4.7%, despite having cut the dividend recently.
• IGM Financial's stock price increased by 0.6% to C$47.34 during trading, while the current market cap stands at C$11.29 billion.

Shares of IGM Financial Inc. (TSE:IGM - Get Free Report) have earned a consensus recommendation of "Hold" from the six analysts that are presently covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is C$52.29.

IGM has been the subject of several research reports. National Bankshares increased their price objective on shares of IGM Financial from C$56.00 to C$58.00 and gave the company an "outperform" rating in a research report on Friday. Scotiabank increased their price target on shares of IGM Financial from C$56.00 to C$57.00 and gave the company a "sector perform" rating in a research report on Thursday. BMO Capital Markets increased their price objective on shares of IGM Financial from C$47.00 to C$49.00 and gave the company a "market perform" rating in a research report on Friday. Jefferies Financial Group raised their price target on shares of IGM Financial from C$42.00 to C$46.00 in a research report on Wednesday, July 30th. Finally, Royal Bank Of Canada lifted their target price on shares of IGM Financial from C$46.00 to C$49.00 and gave the company a "sector perform" rating in a report on Friday.

IGM Financial Stock Up 0.6%

IGM stock traded up C$0.28 during trading on Friday, hitting C$47.34. 158,496 shares of the stock traded hands, compared to its average volume of 305,067. The firm's 50 day moving average is C$44.04 and its two-hundred day moving average is C$44.03. 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 stock has a market cap of C$11.29 billion, a price-to-earnings ratio of 12.13, a price-to-earnings-growth ratio of 4.09 and a beta of 1.53. IGM Financial has a 1 year low of C$35.72 and a 1 year high of C$48.24.

IGM Financial Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, September 26th will be paid a dividend of $0.562 per share. This represents a $2.25 annualized dividend and a yield of 4.7%. IGM Financial's dividend payout ratio is currently 57.64%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.