IGM Financial (TSE:IGM) Given New C$56.00 Price Target at Scotiabank

IGM Financial (TSE:IGM) had its target price raised by Scotiabank from C$53.00 to C$56.00 in a research note released on Friday,BayStreet.CA reports.

A number of other research analysts have also weighed in on the stock. Royal Bank of Canada raised their target price on shares of IGM Financial from C$46.00 to C$47.00 in a research note on Thursday, August 8th. National Bankshares raised their price target on shares of IGM Financial from C$47.00 to C$50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. BMO Capital Markets cut their price target on shares of IGM Financial from C$40.00 to C$39.00 in a report on Friday, August 9th. Finally, Jefferies Financial Group lifted their target price 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. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of C$47.14.

IGM Financial Stock Up 2.4 %

IGM Financial stock traded up C$1.02 during mid-day trading on Friday, reaching C$44.38. 356,700 shares of the company were exchanged, compared to its average volume of 242,341. The business has a fifty day moving average of C$40.92 and a 200 day moving average of C$38.60. The company has a debt-to-equity ratio of 35.99, a quick ratio of 0.31 and a current ratio of 2.12. The firm has a market cap of C$10.50 billion, a P/E ratio of 12.50, a PEG ratio of 4.09 and a beta of 1.53. IGM Financial has a 12-month low of C$31.92 and a 12-month high of C$44.85.

IGM Financial (TSE:IGM) last issued its quarterly earnings data 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 business had revenue of C$816.31 million for the quarter, compared to analysts’ expectations of C$826.00 million. Research analysts anticipate that IGM Financial will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid a $0.563 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $2.25 dividend on an annualized basis and a yield of 5.07%. 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.