Canaccord Genuity analyst Scott Chan CFA maintained a Buy rating on IGM Financial (IGIFF – Research Report) on April 30 and set a price target of C$46.00. The company’s shares closed last Monday at $36.39.
According to TipRanks.com, CFA is a 4-star analyst with an average return of 9.2% and a 59.6% success rate. CFA covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, National Bank of Canada, and Toronto Dominion Bank.
Currently, the analyst consensus on IGM Financial is a Moderate Buy with an average price target of $35.63, implying a -2.8% downside from current levels. In a report issued on April 30, National Bank also initiated coverage with a Buy rating on the stock with a C$51.00 price target.
Based on IGM Financial’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $844 million and net profit of $229 million. In comparison, last year the company earned revenue of $797 million and had a net profit of $192 million.
Based on the recent corporate insider activity of 21 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.
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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.