IGM Financial (TSE:IGM) Price Target Raised to C$64.00 at Scotiabank

Key Points

• Scotiabank has raised the price target for IGM Financial from C$57.00 to C$64.00, indicating an 18.06% potential upside from the current stock price.
• Several other analysts have also increased their target prices for IGM Financial, with a consensus rating of "Hold" and an average target price of C$53.71.
• IGM Financial's stock has recently traded up by 2.0% to reach C$54.21, with a market capitalization of C$12.78 billion.

IGM Financial (TSE:IGM - Get Free Report) had its price target increased by research analysts at Scotiabank from C$57.00 to C$64.00 in a report released on Wednesday,BayStreet.CA reports. The firm currently has a "sector perform" rating on the financial services provider's stock. Scotiabank's target price points to a potential upside of 18.06% from the stock's current price.

Several other equities research analysts also recently commented on IGM. TD Securities upped their target price on shares of IGM Financial from C$55.00 to C$57.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Jefferies Financial Group upped their target price on shares of IGM Financial from C$42.00 to C$46.00 in a research note on Wednesday, July 30th. National Bankshares upped their target price on shares of IGM Financial from C$56.00 to C$58.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. BMO Capital Markets upped their target price on shares of IGM Financial from C$47.00 to C$49.00 and gave the company a "market perform" rating in a research note on Friday, August 8th. Finally, Royal Bank Of Canada upped their target price on shares of IGM Financial from C$49.00 to C$52.00 in a research note on Wednesday. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of C$53.71.

IGM Financial Trading Up 2.0%

Shares of IGM traded up C$1.06 on Wednesday, reaching C$54.21. 150,519 shares of the company's stock were exchanged, compared to its average volume of 302,478. The company has a current ratio of 3.61, a quick ratio of 0.31 and a debt-to-equity ratio of 97.24. The stock has a market capitalization of C$12.78 billion, a P/E ratio of 13.22, a price-to-earnings-growth ratio of 4.09 and a beta of 1.07. The business has a 50 day moving average price of C$49.90 and a two-hundred day moving average price of C$45.74. IGM Financial has a 12 month low of C$38.89 and a 12 month high of C$54.99.

Insider Buying and Selling at IGM Financial

In other news, Director Brent Jason Allen sold 1,451 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of C$48.56, for a total value of C$70,460.56. Insiders have sold 2,840 shares of company stock valued at $137,909 over the last 90 days. 66.58% of the stock is owned by corporate insiders.

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.

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