IGM Financial (TSE:IGM) Given New C$45.00 Price Target at Jefferies Financial Group

IGM Financial (TSE:IGM) had its price objective raised by Jefferies Financial Group from C$39.00 to C$45.00 in a research report sent to investors on Friday morning, BayStreet.CA reports. They currently have a hold rating on the financial services provider’s stock.

Several other brokerages have also recently commented on IGM. National Bankshares raised their price objective on shares of IGM Financial from C$47.00 to C$50.00 and gave the company an “outperform” rating in a research note on Wednesday. Royal Bank of Canada raised their price objective on shares of IGM Financial from C$46.00 to C$47.00 in a research note on Thursday, August 8th. Scotiabank raised their price objective on shares of IGM Financial from C$45.00 to C$46.00 in a research note on Wednesday, July 24th. Finally, BMO Capital Markets reduced their price objective on shares of IGM Financial from C$40.00 to C$39.00 in a research note on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, IGM Financial currently has an average rating of “Moderate Buy” and a consensus price target of C$45.00.

IGM Financial Stock Performance

Shares of TSE:IGM traded up C$0.42 during midday trading on Friday, hitting C$42.25. The stock had a trading volume of 233,559 shares, compared to its average volume of 241,538. The company has a market capitalization of C$10.00 billion, a PE ratio of 11.90, a P/E/G ratio of 4.09 and a beta of 1.53. The stock has a 50 day moving average price of C$40.48 and a two-hundred day moving average price of C$38.26. The company has a current ratio of 2.12, a quick ratio of 0.31 and a debt-to-equity ratio of 35.99. IGM Financial has a 1 year low of C$31.89 and a 1 year high of C$43.07.

IGM Financial (TSE:IGM) last issued 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). IGM Financial had a net margin of 29.47% and a return on equity of 12.80%. The firm had revenue of C$816.31 million during the quarter, compared to analysts’ expectations of C$826.00 million. As a group, equities analysts predict that IGM Financial will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 31st were given a dividend of $0.563 per share. This represents a $2.25 dividend on an annualized basis and a yield of 5.33%. The ex-dividend date of this dividend was Friday, September 27th. IGM Financial’s 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.