BMO Capital Markets Boosts IGM Financial (TSE:IGM) Price Target to C$49.00

Key Points

• BMO Capital Markets has raised the price target for IGM Financial from C$47.00 to C$49.00, indicating a potential upside of 3.75% from its previous closing price.
• Multiple analysts have recently increased their price targets for IGM Financial, with Royal Bank of Canada and TD Securities setting targets at C$49.00 and C$57.00 respectively.
• The current consensus rating for IGM Financial stock is "Hold" with a mean target price of C$52.29 across six analysts.

IGM Financial (TSE:IGM - Free Report) had its price objective boosted by BMO Capital Markets from C$47.00 to C$49.00 in a research note published on Friday morning,BayStreet.CA reports. They currently have a market perform rating on the financial services provider's stock.

Several other equities analysts have also issued reports on the company. 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. Scotiabank upped their price target on IGM Financial from C$56.00 to C$57.00 and gave the stock a "sector perform" rating in a report on Thursday, August 7th. National Bankshares upped their price target on IGM Financial from C$56.00 to C$58.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Royal Bank Of Canada upped their price target on IGM Financial from C$46.00 to C$49.00 and gave the stock a "sector perform" rating in a report on Friday, August 8th. Finally, TD Securities upped their price target on IGM Financial from C$55.00 to C$57.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, IGM Financial presently has an average rating of "Hold" and an average price target of C$52.29.

IGM Financial Price Performance

Shares of IGM traded down C$0.13 during trading hours on Friday, hitting C$48.08. 71,821 shares of the stock were exchanged, compared to its average volume of 302,769. 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 12-month low of C$37.51 and a 12-month high of C$48.33. The company has a market cap of C$11.46 billion, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 4.09 and a beta of 1.53. The stock's 50-day moving average price is C$44.24 and its two-hundred day moving average price is C$44.07.

IGM Financial Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, September 26th will be given a dividend of $0.562 per share. This represents a $2.25 dividend on an annualized basis and a yield of 4.7%. IGM Financial's dividend payout ratio (DPR) is presently 57.64%.

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.