IGM Financial (TSE:IGM) Price Target Raised to C$50.00 at CIBC

IGM Financial (TSE:IGM) had its price target increased by CIBC from C$47.00 to C$50.00 in a research note issued to investors on Friday morning,BayStreet.CA reports.

Several other equities analysts have also recently commented on the stock. Jefferies Financial Group boosted their price target on shares of IGM Financial from C$39.00 to C$45.00 and gave the company a “hold” rating in a report on Friday, November 1st. National Bankshares boosted their price target on shares of IGM Financial from C$47.00 to C$50.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Royal Bank of Canada boosted their price target on shares of IGM Financial from C$46.00 to C$47.00 in a report on Thursday, August 8th. BMO Capital Markets decreased their price objective on shares of IGM Financial from C$40.00 to C$39.00 in a report on Friday, August 9th. Finally, Scotiabank upped their price objective on shares of IGM Financial from C$53.00 to C$56.00 in a report on Friday. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, IGM Financial has a consensus rating of “Moderate Buy” and an average price target of C$47.14.

IGM Financial Stock Up 2.4 %

TSE:IGM traded up C$1.02 during trading hours on Friday, hitting C$44.38. 356,700 shares of the stock traded hands, compared to its average volume of 242,341. The firm has a 50 day moving average price of C$40.92 and a 200 day moving average price of C$38.60. The company has a current ratio of 2.12, a quick ratio of 0.31 and a debt-to-equity ratio of 35.99. IGM Financial has a fifty-two week low of C$31.92 and a fifty-two week high of C$44.85. The firm has a market cap of C$10.50 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 4.09 and a beta of 1.53.

IGM Financial (TSE:IGM) last posted its quarterly earnings results on Wednesday, August 7th. The financial services provider reported C$0.93 EPS for the quarter, missing the consensus estimate of C$0.95 by C($0.02). IGM Financial had a net margin of 29.47% and a return on equity of 12.80%. The company had revenue of C$816.31 million for the quarter, compared to analysts’ expectations of C$826.00 million. Equities research analysts anticipate that IGM Financial will post 4.006816 earnings per share for the current year.

IGM Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be issued a $0.563 dividend. This represents a $2.25 dividend on an annualized basis and a yield of 5.07%. The ex-dividend date of this dividend is Tuesday, December 31st. IGM Financial’s dividend payout ratio is presently 63.38%.

IGM Financial Company Profile

IGM Financial Inc operates as a wealth and asset management company in Canada. It operates through Wealth Management and Asset Management segments. The Wealth Management segment offers investments that are focused on providing financial planning and related services; and provides mutual fund management and discretionary portfolio management services.