Brokerages Set IGM Financial Inc. (IGM) PT at $46.38

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Shares of IGM Financial Inc. (TSE:IGM) have been given an average rating of “Buy” by the eight research firms that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is C$46.38.

IGM has been the topic of a number of recent analyst reports. TD Securities dropped their target price on shares of IGM Financial from C$48.00 to C$46.00 in a research report on Friday, August 3rd. CIBC increased their target price on shares of IGM Financial from C$45.00 to C$48.00 in a research report on Saturday, July 14th. Finally, Canaccord Genuity downgraded shares of IGM Financial from a “buy” rating to a “hold” rating and dropped their target price for the company from C$45.00 to C$42.00 in a research report on Tuesday, July 31st.

Shares of TSE IGM traded up C$0.30 during mid-day trading on Friday, reaching C$32.16. The company had a trading volume of 362,200 shares, compared to its average volume of 241,649. IGM Financial has a 52-week low of C$31.84 and a 52-week high of C$45.82.

IGM Financial (TSE:IGM) last posted its earnings results on Thursday, August 2nd. The financial services provider reported C$0.84 EPS for the quarter, beating the Zacks’ consensus estimate of C$0.79 by C$0.05. The firm had revenue of C$815.96 million for the quarter. IGM Financial had a net margin of 6.87% and a return on equity of 4.32%.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 31st. Investors of record on Wednesday, October 31st will be given a $0.5625 dividend. This represents a $2.25 dividend on an annualized basis and a dividend yield of 7.00%. The ex-dividend date is Thursday, September 27th.

About IGM Financial

IGM Financial Inc manages and distributes investment funds and other managed asset products in Canada. The company operates through Investors Group, Mackenzie Investments, and Corporate and Other segments. The company also offers financial planning services, including investment, tax, retirement, education, risk management, and estate planning; strategic investment planning programs; mutual funds; managed asset and multi-manager investment programs; iProfile, a portfolio management program; and separately managed accounts and fee-based brokerage accounts.

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Analyst Recommendations for IGM Financial (TSE:IGM)

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