CIBC Raises Price Target for IGM Financial Stock

IGM Financial (TSE:IGM) has received a positive adjustment to its price target from CIBC, which increased its estimate from C$47.00 to C$50.00 in a research report released on Friday. This new target implies a potential upside of approximately 11.91% compared to the stock's previous closing price.

In addition to CIBC, several other equity analysts have recently expressed their views on IGM Financial. For instance, National Bankshares also elevated their price target to C$50.00, rating the stock as "outperform" in a report dated October 30. Meanwhile, the Royal Bank of Canada raised its price target from C$46.00 to C$47.00 as of August 8. BMO Capital Markets, however, lowered their price objective from C$40.00 to C$39.00 on August 9. On the other hand, Scotiabank increased their target for IGM Financial from C$53.00 to C$56.00. Finally, Jefferies Financial Group raised their price target from C$39.00 to C$45.00 while maintaining a "hold" rating in a report on November 1. Overall, among market analysts, three have given a hold rating while three have assigned a buy rating, leading to a consensus rating of "Moderate Buy" with an average price target of C$47.14.

Market Activity for IGM Financial

On Friday, shares of IGM Financial increased by C$1.32 during trading, reaching a price of C$44.68. A total of 150,417 shares exchanged hands, which is lower than the average trading volume of 241,390 shares. The stock’s fifty-day moving average stands at C$40.81, and the two-hundred-day moving average is C$38.56. The company holds a market capitalization of C$10.57 billion, with a price-to-earnings ratio of 12.59, reflecting a P/E/G ratio of 4.09, along with a beta of 1.53. IGM Financial's price has ranged between a fifty-two week low of C$31.92 and a high of C$44.68. Financially, the company has a debt-to-equity ratio of 35.99 and liquidity ratios showing a current ratio of 2.12 and a quick ratio of 0.31.

Recent Earnings Report

IGM Financial disclosed its latest quarterly earnings on August 7, reporting earnings per share of C$0.93. This figure fell short of the consensus estimate of C$0.95 by C($0.02). The company achieved a return on equity of 12.80% and recorded a net profit margin of 29.47%. Revenue for the quarter reached C$816.31 million, again shy of market expectations, which had anticipated revenue of C$826.00 million. Analysts are forecasting that IGM Financial will post earnings of approximately 4.007 per share for the current fiscal year.

About IGM Financial

IGM Financial Inc. operates as a wealth and asset management firm in Canada. The company is segmented into two operational areas: Wealth Management and Asset Management. Within its Wealth Management segment, IGM Financial provides various investment options with a focus on financial planning and related services, including mutual fund management and discretionary portfolio management solutions.

CIBC, IGM, Stocks