IGM Financial (TSE:IGM) Price Target Raised to C$57.00 at Scotiabank

Key Points

• Scotiabank has raised the target price for IGM Financial from C$56.00 to C$57.00, indicating a potential upside of 20.97% from its previous close.
• A consensus rating of "Hold" has been established for IGM Financial, with analysts setting price targets ranging from C$46.00 to C$57.00.
• IGM Financial is Canada’s largest non-bank-affiliated asset manager, operating through divisions that provide investment management and wealth management services.

IGM Financial (TSE:IGM - Free Report) had its price objective boosted by Scotiabank from C$56.00 to C$57.00 in a research report released on Thursday,BayStreet.CA reports. Scotiabank currently has a sector perform rating on the financial services provider's stock.

Other equities research analysts also recently issued research reports about the stock. Royal Bank Of Canada raised shares of IGM Financial to a "hold" rating and set a C$46.00 target price on the stock in a research note on Wednesday, June 18th. National Bankshares raised their price target on shares of IGM Financial from C$54.00 to C$56.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 29th. BMO Capital Markets reduced their price target on shares of IGM Financial from C$47.00 to C$46.00 in a research note on Monday, May 12th. Finally, Jefferies Financial Group raised their price target on shares of IGM Financial from C$42.00 to C$46.00 in a research note on Wednesday, July 30th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of C$52.29.

IGM Financial Price Performance

IGM stock traded up C$0.27 during trading on Thursday, hitting C$47.61. 133,867 shares of the company's stock traded hands, compared to its average volume of 304,393. IGM Financial has a 52 week low of C$36.58 and a 52 week high of C$48.24. 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 business has a fifty day simple moving average of C$44.16 and a 200 day simple moving average of C$44.04. The stock has a market capitalization of C$11.35 billion, a price-to-earnings ratio of 12.20, a P/E/G ratio of 4.09 and a beta of 1.53.

IGM Financial Cuts Dividend

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