IGM Financial Inc. (TSE:IGM) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of IGM Financial Inc. (TSE:IGM) have been assigned an average recommendation of “Moderate Buy” from the six brokerages that are covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is C$43.71.

Several equities analysts recently issued reports on IGM shares. BMO Capital Markets cut their target price on IGM Financial from C$40.00 to C$39.00 in a research report on Friday, August 9th. Jefferies Financial Group increased their price objective on IGM Financial from C$38.00 to C$39.00 and gave the company a “buy” rating in a report on Monday, July 29th. Scotiabank upped their target price on IGM Financial from C$45.00 to C$46.00 in a research report on Wednesday, July 24th. National Bankshares raised their price target on shares of IGM Financial from C$46.00 to C$47.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada upped their price objective on shares of IGM Financial from C$46.00 to C$47.00 in a report on Thursday, August 8th.

IGM Financial Price Performance

Shares of IGM stock opened at C$41.43 on Thursday. IGM Financial has a fifty-two week low of C$30.34 and a fifty-two week high of C$41.44. 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 capitalization of C$9.80 billion, a price-to-earnings ratio of 11.67, a PEG ratio of 4.09 and a beta of 1.53. The stock’s 50-day simple moving average is C$39.05 and its 200-day simple moving average is C$37.38.

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

IGM Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Thursday, October 31st will be paid a $0.563 dividend. This represents a $2.25 annualized dividend and a dividend yield of 5.44%. The ex-dividend date of this dividend is Friday, September 27th. IGM Financial’s dividend payout ratio is currently 63.38%.

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.