CIBC Forecasts Strong Price Appreciation for IGM Financial (TSE:IGM) Stock

IGM Financial (TSE:IGM) had its price objective lifted by equities research analysts at CIBC from C$61.00 to C$68.00 in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. CIBC’s price target would suggest a potential upside of 0.50% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the stock. Scotiabank raised their target price on shares of IGM Financial from C$64.00 to C$67.00 and gave the stock a “sector perform” rating in a research report on Tuesday, October 28th. National Bankshares lifted their price target on shares of IGM Financial from C$60.00 to C$68.00 in a report on Monday, November 10th. TD Securities upped their price objective on IGM Financial from C$57.00 to C$64.00 in a report on Tuesday, November 4th. Royal Bank Of Canada upped their price target on IGM Financial from C$55.00 to C$61.00 in a research note on Monday, November 10th. Finally, Jefferies Financial Group lifted their price objective on IGM Financial from C$50.00 to C$54.00 and gave the company a “hold” rating in a research note on Wednesday, October 29th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of C$62.71.

IGM Financial Trading Up 2.5%

Shares of IGM Financial stock traded up C$1.66 during mid-day trading on Wednesday, hitting C$67.66. 229,001 shares of the stock were exchanged, compared to its average volume of 380,277. The stock has a market capitalization of C$15.95 billion, a price-to-earnings ratio of 15.55, a price-to-earnings-growth ratio of 4.09 and a beta of 1.13. IGM Financial has a twelve month low of C$38.89 and a twelve month high of C$67.79. The company has a current ratio of 3.61, a quick ratio of 0.31 and a debt-to-equity ratio of 97.24. The company has a 50-day simple moving average of C$60.60 and a 200 day simple moving average of C$53.41.

IGM Financial (TSE:IGM) last announced its quarterly earnings data on Thursday, November 6th. The financial services provider reported C$1.27 earnings per share (EPS) for the quarter. IGM Financial had a net margin of 27.93% and a return on equity of 12.76%. The business had revenue of C$971.88 million for the quarter. Research analysts forecast that IGM Financial will post 4.006816 EPS for the current year.

Insider Buying and Selling

In other news, Director Esther Findlay sold 800 shares of the business’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of C$57.60, for a total transaction of C$46,080.00. Following the transaction, the director directly owned 10,276 shares of the company’s stock, valued at approximately C$591,897.60. The trade was a 7.22% decrease in their ownership of the stock. Also, insider Rhonda Goldberg sold 7,353 shares of the company’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of C$57.00, for a total transaction of C$419,121.00. Insiders have sold 34,904 shares of company stock worth $1,982,131 in the last quarter. Insiders own 66.58% of the company’s stock.

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. IGM Financial had CAD 225.6 billion in assets under management, or AUM, and CAD 30.1 billion in assets under advisement at the end of May 2022.