CIBC Projects Solid Growth for IGM Financial (TSE:IGM) Stock

Investment analysts at CIBC have raised their price target for shares of IGM Financial from C$47.00 to C$50.00. This update was shared in a research report released on Friday. The new price target indicates a potential increase of about 11.91% from the stock's closing price the previous day.

Several other financial analysts have also updated their opinions on IGM Financial. The National Bank recently elevated its price target from C$47.00 to C$50.00 while assigning an "outperform" rating in a report dated October 30. Meanwhile, Royal Bank of Canada increased its target from C$46.00 to C$47.00 on August 8. Additionally, BMO Capital Markets lowered their price estimate from C$40.00 to C$39.00 the following day. Scotiabank has also increased its target for IGM Financial, moving it from C$53.00 up to C$56.00 recently. On November 1, Jefferies Financial Group raised their price target from C$39.00 to C$45.00 and characterized the stock as a "hold". Currently, there are three analysts recommending to hold the stock while three suggest buying it. Data from MarketBeat.com shows a consensus rating of "Moderate Buy" among analysts, with an average price target of C$47.14.

IGM Financial's Recent Stock Performance

On Friday, IGM Financial's shares traded up by C$1.32, bringing the stock price to C$44.68. A total of 150,417 shares were traded, lower than the average trading volume of 241,390 shares. Over the past fifty days, the stock has averaged C$40.81, while its two-hundred-day moving average stands at C$38.56. IGM Financial has a market capitalization of C$10.57 billion and a price-to-earnings (P/E) ratio of 12.59. Additionally, it exhibits a P/E/G ratio of 4.09 and a beta of 1.53. Within the last year, the stock has experienced a low of C$31.92 and a high of C$44.68. Financially, the company showcases a debt-to-equity ratio of 35.99, a current ratio of 2.12, and a quick ratio of 0.31.

Quarterly Earnings Highlight

IGM Financial published its quarterly earnings data on August 7, where the financial services provider reported earnings of C$0.93 per share. This result fell short of the anticipated C$0.95 by C$0.02. The company's return on equity stood at 12.80%, while their net margin was 29.47%. Revenue for the quarter totaled C$816.31 million, which also did not meet the expected revenue of C$826.00 million. Analysts are forecasting that IGM Financial will achieve earnings of approximately 4.01 per share for the current fiscal year.

About IGM Financial

IGM Financial Inc. operates as a prominent wealth and asset management company in Canada. The firm is segmented into Wealth Management and Asset Management, where the Wealth Management division focuses on financial planning and related services along with mutual fund management and discretionary portfolio services.

CIBC, IGM, Stock