IGM Financial (TSE:IGM) Insider Sells C$254,475.00 in Stock

IGM Financial Inc. (TSE:IGM) insider Rhonda Goldberg sold 4,500 shares of IGM Financial stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of C$56.55, for a total value of C$254,475.00.

Rhonda Goldberg also recently made the following trade(s):

• On Monday, November 10th, Rhonda Goldberg sold 7,435 shares of IGM Financial stock. The stock was sold at an average price of C$55.75, for a total transaction of C$414,501.25.
• On Wednesday, November 12th, Rhonda Goldberg sold 7,353 shares of IGM Financial stock. The stock was sold at an average price of C$57.00, for a total value of C$419,121.00.
• On Wednesday, November 12th, Rhonda Goldberg sold 8,636 shares of IGM Financial stock. The shares were sold at an average price of C$57.00, for a total transaction of C$492,252.00.

IGM Financial Stock Performance

IGM stock traded up C$0.90 during midday trading on Wednesday, hitting C$57.16. 209,962 shares of the stock traded hands, compared to its average volume of 303,344. IGM Financial Inc. has a 1-year low of C$38.89 and a 1-year high of C$57.31. The firm has a market cap of C$13.50 billion, a P/E ratio of 13.94, a PEG ratio of 4.09 and a beta of 1.06. The company has a debt-to-equity ratio of 97.24, a current ratio of 3.61 and a quick ratio of 0.31. The stock’s fifty day simple moving average is C$52.19 and its 200-day simple moving average is C$47.48.

IGM Financial (TSE:IGM) last posted its quarterly earnings results on Thursday, November 6th. The financial services provider reported C$1.26 earnings per share for the quarter. The firm had revenue of C$971.88 million for the quarter. IGM Financial had a net margin of 27.93% and a return on equity of 12.76%. On average, analysts expect that IGM Financial Inc. will post 4.006816 earnings per share for the current year.

IGM Financial Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 31st. Investors of record on Friday, October 31st were given a $0.562 dividend. This represents a $2.25 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Friday, September 26th. IGM Financial’s dividend payout ratio (DPR) is 54.88%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on IGM. Scotiabank boosted their target price on IGM Financial from C$64.00 to C$67.00 and gave the company a “sector perform” rating in a report on Tuesday, October 28th. Royal Bank Of Canada lifted their target price on IGM Financial from C$55.00 to C$61.00 in a report on Monday. BMO Capital Markets lifted their price target on shares of IGM Financial from C$54.00 to C$57.00 in a research note on Monday. TD Securities boosted their target price on shares of IGM Financial from C$57.00 to C$64.00 in a research note on Tuesday, November 4th. Finally, National Bankshares boosted their price target on IGM Financial from C$60.00 to C$68.00 in a research report on Monday. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of C$61.83.

About IGM Financial

IGM Financial is the largest non-bank-affiliated asset manager in Canada. The firm is part of the Power Financial group of companies, which includes Great-West Life, London Life, Canada Life, and Putnam Investments. IGM has two main operating divisionsasset management (operated through Mackenzie Investments) and wealth management (via its Investors Group Wealth Management and Investment Planning Counsel subsidiaries)that provide investment management products and services.