Royal Bank Of Canada Forecasts Strong Price Appreciation for IGM Financial (TSE:IGM) Stock

Key Points

• Royal Bank of Canada increased its target price for IGM Financial from C$49.00 to C$52.00, indicating a potential downside of 4.08% from the stock's previous close.
• Other analysts also raised their target prices, with Jefferies Financial Group setting it at C$46.00 and TD Securities at C$57.00, reflecting an optimistic outlook for the stock.
• IGM Financial's stock reached C$54.21 during trading, while insiders have sold a total of 2,840 shares worth $137,909 in recent transactions.

IGM Financial (TSE:IGM - Get Free Report) had its target price hoisted by research analysts at Royal Bank Of Canada from C$49.00 to C$52.00 in a research note issued on Wednesday,BayStreet.CA reports. Royal Bank Of Canada's price target points to a potential downside of 4.08% from the company's previous close.

A number of other equities research analysts have also recently commented on the company. Jefferies Financial Group raised their target price on IGM Financial from C$42.00 to C$46.00 in a research report on Wednesday, July 30th. TD Securities raised their target price on IGM Financial from C$55.00 to C$57.00 and gave the company a "buy" rating in a research report on Friday, August 8th. National Bankshares raised their target price on IGM Financial from C$56.00 to C$58.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. BMO Capital Markets lifted their price objective on IGM Financial from C$47.00 to C$49.00 and gave the stock a "market perform" rating in a report on Friday, August 8th. Finally, Scotiabank lifted their price objective 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. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, IGM Financial has a consensus rating of "Hold" and an average target price of C$53.71.

IGM Financial Stock Performance

Shares of TSE IGM traded up C$1.06 during trading on Wednesday, reaching C$54.21. 150,519 shares of the company traded hands, compared to its average volume of 302,478. IGM Financial has a 12-month low of C$38.89 and a 12-month high of C$54.99. 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 cap of C$12.78 billion, a P/E ratio of 13.22, a PEG ratio of 4.09 and a beta of 1.07. The firm's fifty day simple moving average is C$49.90 and its 200 day simple moving average is C$45.74.

Insider Buying and Selling at IGM Financial

In other news, Director Brent Jason Allen sold 1,451 shares of the business's 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 transaction of C$70,460.56. In the last 90 days, insiders sold 2,840 shares of company stock worth $137,909. Insiders own 66.58% of the company's stock.

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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