Royal Bank of Canada Raises IGM Financial (TSE:IGM) Price Target to C$45.00

IGM Financial (TSE:IGM) had its price objective raised by Royal Bank of Canada from C$44.00 to C$45.00 in a research note released on Friday morning, BayStreet.CA reports.

Other equities analysts have also issued reports about the stock. TD Securities lifted their price target on shares of IGM Financial from C$41.00 to C$42.00 in a report on Thursday, April 25th. National Bankshares boosted their target price on IGM Financial from C$44.00 to C$46.00 and gave the stock an outperform rating in a research note on Monday, February 5th. Finally, Scotiabank upped their target price on IGM Financial from C$44.00 to C$45.00 and gave the company a sector perform rating in a research report on Tuesday, April 30th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of C$43.17.

IGM Financial Price Performance

Shares of IGM stock opened at C$37.96 on Friday. The stock’s 50-day moving average is C$34.74 and its 200 day moving average is C$34.56. IGM Financial has a 1-year low of C$30.34 and a 1-year high of C$42.02. 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 company has a market cap of C$9.04 billion, a P/E ratio of 9.78, a PEG ratio of 4.24 and a beta of 1.58.

IGM Financial (TSE:IGM) last released its quarterly earnings results on Thursday, February 15th. The financial services provider reported C$0.84 EPS for the quarter, missing the consensus estimate 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 firm had revenue of C$768.80 million for the quarter, compared to analysts’ expectations of C$773.00 million. Research analysts predict that IGM Financial will post 3.711039 earnings per share for the current fiscal year.

IGM Financial Dividend Announcement

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