Royal Bank Of Canada Forecasts Strong Price Appreciation for IGM Financial (TSE:IGM) Stock

IGM Financial (TSE:IGM) had its price objective upped by Royal Bank Of Canada from C$55.00 to C$61.00 in a report issued on Monday,BayStreet.CA reports. Royal Bank Of Canada’s price target would indicate a potential upside of 9.40% from the stock’s current price.

IGM has been the topic of a number of other reports. National Bankshares upped their price objective on IGM Financial from C$58.00 to C$60.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. Jefferies Financial Group boosted their target price on IGM Financial from C$50.00 to C$54.00 and gave the company a “hold” rating in a research report on Wednesday, October 29th. Scotiabank lifted their target price on 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. BMO Capital Markets boosted their price objective on shares of IGM Financial from C$47.00 to C$49.00 and gave the company a “market perform” rating in a research report on Friday, August 8th. Finally, TD Securities raised their target price on shares of IGM Financial from C$57.00 to C$64.00 in a research report on Tuesday, November 4th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of C$61.83.

IGM Financial Price Performance

Shares of IGM Financial stock traded up C$2.05 during trading on Monday, reaching C$55.76. 354,419 shares of the stock traded hands, compared to its average volume of 302,070. 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 company has a market capitalization of C$13.15 billion, a price-to-earnings ratio of 13.60, a P/E/G ratio of 4.09 and a beta of 1.06. IGM Financial has a 52-week low of C$38.89 and a 52-week high of C$56.01. The business has a fifty day simple moving average of C$51.91 and a two-hundred day simple moving average of C$47.30.

Insider Activity at IGM Financial

In related news, Director Brent Jason Allen sold 1,451 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of C$48.56, for a total transaction of C$70,460.56. In the last three months, insiders have sold 2,840 shares of company stock worth $137,909. Insiders own 66.58% of the company’s stock.

IGM Financial Company Profile

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.