IGM Financial (IGM) Price Target Cut to C$38.00 by Analysts at BMO Capital Markets

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

Other equities analysts have also issued research reports about the stock. CIBC raised their price objective on shares of IGM Financial from C$45.00 to C$48.00 in a research report on Saturday, July 14th. Canaccord Genuity reduced their price objective on shares of IGM Financial from C$40.00 to C$35.00 in a research report on Monday. Barclays reduced their price objective on shares of IGM Financial from C$40.00 to C$34.00 in a research report on Friday. Finally, TD Securities reduced their price objective on shares of IGM Financial from C$48.00 to C$46.00 in a research report on Friday, August 3rd. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. IGM Financial presently has an average rating of Buy and a consensus price target of C$43.25.

TSE:IGM opened at C$32.00 on Monday. IGM Financial has a twelve month low of C$31.54 and a twelve month high of C$45.69.

IGM Financial (TSE:IGM) last posted its quarterly earnings data on Thursday, August 2nd. The financial services provider reported C$0.84 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of C$0.79 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$815.96 million during the quarter.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 31st. Shareholders of record on Wednesday, October 31st will be issued a $0.5625 dividend. This represents a $2.25 annualized dividend and a dividend yield of 7.03%. 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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