Canaccord Genuity Believes IGM Financial (Other OTC: IGIFF) Still Has Room to Grow

In a report released today, Scott Chan CFA from Canaccord Genuity maintained a Buy rating on IGM Financial (IGIFFResearch Report), with a price target of C$50.00. The company’s shares closed last Friday at $36.85, close to its 52-week high of $36.90.

According to TipRanks.com, CFA is a 4-star analyst with an average return of 9.8% and a 59.7% success rate. CFA covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, National Bank of Canada, and Toronto Dominion Bank.

IGM Financial has an analyst consensus of Moderate Buy, with a price target consensus of $39.97, implying an 9.0% upside from current levels. In a report issued on May 3, CIBC also reiterated a Buy rating on the stock with a C$49.00 price target.

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IGM Financial’s market cap is currently $8.75B and has a P/E ratio of 14.80. The company has a Price to Book ratio of 12.33.

Based on the recent corporate insider activity of 22 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of IGIFF in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

IGM Financial, Inc. operates as a financial services company, which engages in the management and distribution of mutual funds and other managed asset products. It operates through the following segments: Investors Group, Mackenzie Investments, and Corporate & Other. The Investors Group segment provides financial advisory services for investments, retirement, mortgage, estate planning, tax planning, and insurance. The Mackenzi Investments segment offers funds products, private wealth solutions, managed assets, group plans, tax and estate planning, payout service, and dollar cost averaging. The Corporate and Other segment includes net investment income that are not allocated to other segments, proportionate share of earnings of Great-West Lifeco Inc., operating results for Investment Planning Counsel Inc., and consolidation elimination entries. The company was founded on August 3, 1978 and is headquartered in Winnipeg, Canada.