CIBC Raises IGM Financial (TSE:IGM) Price Target to C$45.00

IGM Financial (TSE:IGM) had its price objective boosted by CIBC from C$42.00 to C$45.00 in a research report sent to investors on Friday morning, BayStreet.CA reports. They currently have an outperform rating on the financial services provider’s stock.

Several other analysts have also recently issued reports on the stock. Scotiabank increased their price objective on shares of IGM Financial from C$44.00 to C$45.00 and gave the company a sector perform rating in a research note on Tuesday, April 30th. TD Securities increased their price target on shares of IGM Financial from C$41.00 to C$42.00 in a research report on Thursday, April 25th. National Bankshares boosted their price objective on IGM Financial from C$44.00 to C$46.00 and gave the company an outperform rating in a report on Monday, February 5th. Finally, Royal Bank of Canada increased their target price on IGM Financial from C$44.00 to C$45.00 in a report on Friday. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of C$43.17.

IGM Financial Stock Performance

IGM Financial stock opened at C$37.96 on Friday. The company has a debt-to-equity ratio of 38.26, a current ratio of 1.94 and a quick ratio of 0.31. The firm’s fifty day moving average price is C$34.74 and its 200 day moving average price is C$34.56. The company has a market capitalization of C$9.04 billion, a price-to-earnings ratio of 9.78, a price-to-earnings-growth ratio of 4.24 and a beta of 1.58. IGM Financial has a 12-month low of C$30.34 and a 12-month high of C$42.02.

IGM Financial (TSE:IGM) last issued its quarterly earnings results on Thursday, February 15th. The financial services provider reported C$0.84 EPS for the quarter, missing analysts’ consensus estimates of C$0.89 by C($0.05). IGM Financial had a net margin of 31.03% and a return on equity of 14.46%. The business had revenue of C$768.80 million during the quarter, compared to analysts’ expectations of C$773.00 million. On average, research analysts forecast that IGM Financial will post 3.711039 EPS for the current fiscal year.

IGM Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, June 28th will be given a dividend of $0.563 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.25 dividend on an annualized basis and a yield of 5.93%. IGM Financial’s dividend payout ratio is currently 57.99%.

About IGM Financial

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.