BMO Capital Markets Trims IGM Financial (IGM) Target Price to C$38.00

IGM Financial (TSE:IGM) had its price target lowered by BMO Capital Markets from C$44.00 to C$38.00 in a report issued on Monday.

A number of other equities analysts have also commented on IGM. CIBC increased their price target on IGM Financial from C$45.00 to C$48.00 in a research note on Saturday, July 14th. Canaccord Genuity lowered IGM Financial from a buy rating to a hold rating and dropped their price target for the company from C$45.00 to C$42.00 in a research note on Tuesday, July 31st. TD Securities dropped their price target on IGM Financial from C$48.00 to C$46.00 in a research note on Friday, August 3rd. Finally, Barclays dropped their price target on IGM Financial from C$40.00 to C$34.00 in a research note on Friday, October 26th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. IGM Financial currently has a consensus rating of Buy and an average target price of C$42.13.

Shares of IGM Financial stock opened at C$32.85 on Monday. IGM Financial has a 12 month low of C$31.54 and a 12 month high of C$45.69.

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

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 31st. Stockholders of record on Wednesday, October 31st were paid a $0.5625 dividend. This represents a $2.25 annualized dividend and a dividend yield of 6.85%. The ex-dividend date of this dividend was Thursday, September 27th.

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.

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