Brokerages Set IGM Financial Inc. (IGM) Price Target at $46.38

IGM Financial Inc. (TSE:IGM) has earned an average recommendation of “Buy” from the eight brokerages that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold rating and two have given a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is C$46.38.

Several analysts recently weighed in on IGM shares. CIBC increased their target price on IGM Financial from C$45.00 to C$48.00 in a research note on Saturday, July 14th. Canaccord Genuity downgraded IGM Financial from a “buy” rating to a “hold” rating and decreased their target price for the company from C$45.00 to C$42.00 in a research note on Tuesday, July 31st. Finally, TD Securities decreased their target price on IGM Financial from C$48.00 to C$46.00 in a research note on Friday, August 3rd.

Shares of TSE:IGM opened at C$33.07 on Friday. IGM Financial has a twelve month low of C$32.12 and a twelve month high of C$45.82.

IGM Financial (TSE:IGM) last announced its earnings results on Thursday, August 2nd. The financial services provider reported C$0.84 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of C$815.96 million during the quarter.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 31st. Investors of record on Wednesday, October 31st will be paid a dividend of $0.5625 per share. The ex-dividend date is Thursday, September 27th. This represents a $2.25 annualized dividend and a yield of 6.80%.

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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Analyst Recommendations for IGM Financial (TSE:IGM)

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