IGM Financial (IGM) Receives C$46.88 Average PT from Brokerages

IGM Financial (TSE:IGM) has earned a consensus recommendation of “Buy” from the eight brokerages that are presently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a buy recommendation. The average 12-month target price among brokerages that have covered the stock in the last year is C$46.88.

A number of brokerages recently commented on IGM. CIBC lowered their price objective on shares of IGM Financial from C$45.00 to C$43.00 in a research report on Monday, February 12th. Barclays lowered their price objective on shares of IGM Financial from C$42.00 to C$40.00 in a research report on Thursday, April 12th. Canaccord Genuity lowered their price objective on shares of IGM Financial from C$49.00 to C$46.00 in a research report on Monday, February 12th. Royal Bank of Canada lowered their price objective on shares of IGM Financial from C$54.00 to C$50.00 and set an “outperform” rating on the stock in a research report on Monday, February 12th. Finally, Desjardins lowered their price objective on shares of IGM Financial from C$50.00 to C$48.00 in a research report on Monday, February 12th.

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IGM traded up C$0.16 on Thursday, reaching C$37.43. 205,000 shares of the company traded hands, compared to its average volume of 271,182. IGM Financial has a 52-week low of C$36.53 and a 52-week high of C$45.82.

IGM Financial (TSE:IGM) last announced its quarterly earnings data on Friday, February 9th. The financial services provider reported C$0.79 EPS for the quarter, missing the Zacks’ consensus estimate of C$0.84 by C($0.05). IGM Financial had a net margin of 6.87% and a return on equity of 4.32%. The company had revenue of C$792.74 million for the quarter.

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 30th. Shareholders of record on Thursday, March 29th will be given a $0.563 dividend. This represents a $2.25 annualized dividend and a yield of 6.02%. The ex-dividend date of this dividend is Wednesday, March 28th.

In other IGM Financial news, Director Susan J. Mcarthur bought 1,000 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was bought at an average cost of C$39.27 per share, with a total value of C$39,270.00.

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IGM Financial Company Profile

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.

Analyst Recommendations for IGM Financial (TSE:IGM)

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