IGM Financial Inc. Forecasted to Earn FY2024 Earnings of $3.88 Per Share (TSE:IGM)

IGM Financial Inc. (TSE:IGM) – Analysts at National Bank Financial boosted their FY2024 earnings per share estimates for IGM Financial in a research report issued on Monday, April 29th. National Bank Financial analyst J. Gloyn now expects that the financial services provider will post earnings of $3.88 per share for the year, up from their previous forecast of $3.86. The consensus estimate for IGM Financial’s current full-year earnings is $3.71 per share.

IGM Financial (TSE:IGM) last posted its earnings results on Thursday, February 15th. The financial services provider reported C$0.84 EPS for the quarter, missing analysts’ consensus estimates of C$0.89 by C($0.05). The firm had revenue of C$768.80 million during the quarter, compared to analysts’ expectations of C$773.00 million. IGM Financial had a return on equity of 14.46% and a net margin of 31.03%.

Several other brokerages have also recently weighed in on IGM. CIBC boosted their price objective on IGM Financial from C$42.00 to C$45.00 and gave the stock an “outperform” rating in a research note on Friday. Scotiabank boosted their price objective on IGM Financial from C$44.00 to C$45.00 and gave the stock a “sector perform” rating in a research note on Tuesday. TD Securities boosted their price objective on IGM Financial from C$41.00 to C$42.00 in a research note on Thursday, April 25th. National Bankshares upped their target price on IGM Financial from C$44.00 to C$46.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. Finally, Royal Bank of Canada upped their target price on IGM Financial from C$44.00 to C$45.00 in a research note on Friday. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of C$43.17.

IGM Financial Trading Up 6.2 %

Shares of TSE IGM opened at C$37.96 on Thursday. The business’s 50 day moving average is C$34.70 and its two-hundred day moving average is C$34.51. The company has a debt-to-equity ratio of 38.26, a current ratio of 1.94 and a quick ratio of 0.31. IGM Financial has a 1-year low of C$30.34 and a 1-year high of C$42.02. The stock has a market capitalization of C$9.04 billion, a P/E ratio of 9.78, a PEG ratio of 4.24 and a beta of 1.58.

IGM Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th were paid a dividend of $0.563 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $2.25 dividend on an annualized basis and a dividend yield of 5.93%. IGM Financial’s dividend payout ratio is 57.99%.

IGM Financial Company Profile

IGM Financial Inc operates as a wealth and asset management company in Canada. It operates through Wealth Management and Asset Management segments. The Wealth Management segment offers investments that are focused on providing financial planning and related services; and provides mutual fund management and discretionary portfolio management services.