Desjardins Comments on IGM Financial Inc.’s FY2020 Earnings (TSE:IGM)

IGM Financial Inc. (TSE:IGM) – Equities research analysts at Desjardins lowered their FY2020 earnings per share estimates for IGM Financial in a research note issued to investors on Monday, March 23rd. Desjardins analyst G. Ho now anticipates that the financial services provider will earn $2.67 per share for the year, down from their prior forecast of $3.51. Desjardins also issued estimates for IGM Financial’s FY2021 earnings at $2.74 EPS.

Several other equities analysts have also issued reports on the stock. TD Securities lowered shares of IGM Financial from a “buy” rating to a “hold” rating and decreased their price target for the company from C$43.00 to C$42.00 in a report on Tuesday, February 18th. Scotiabank decreased their price target on shares of IGM Financial from C$42.00 to C$23.00 in a report on Tuesday. Royal Bank of Canada lowered shares of IGM Financial from a “sector perform” rating to an “underperform” rating and decreased their price target for the company from C$44.00 to C$29.00 in a report on Thursday, March 19th. Finally, CIBC boosted their price target on shares of IGM Financial from C$45.00 to C$46.00 in a report on Tuesday, February 18th.

Shares of IGM stock opened at C$23.35 on Thursday. IGM Financial has a 12-month low of C$20.96 and a 12-month high of C$40.38. The firm has a market capitalization of $5.66 billion and a price-to-earnings ratio of 7.48. The company has a quick ratio of 0.56, a current ratio of 3.48 and a debt-to-equity ratio of 48.73. The firm has a fifty day moving average of C$34.23 and a 200-day moving average of C$37.12.

IGM Financial (TSE:IGM) last released its earnings results on Friday, February 14th. The financial services provider reported C$0.84 EPS for the quarter, topping analysts’ consensus estimates of C$0.83 by C$0.01. The business had revenue of C$823.55 million for the quarter.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Tuesday, March 31st will be given a $0.563 dividend. This is a boost from IGM Financial’s previous quarterly dividend of $0.56. This represents a $2.25 annualized dividend and a yield of 9.64%. The ex-dividend date of this dividend is Monday, March 30th. IGM Financial’s payout ratio is currently 72.12%.

IGM Financial Company Profile

IGM Financial Inc, a financial services company, manages and distributes investment funds and other managed asset products in Canada. The company operates through Investors Group, Mackenzie Investments, and Corporate and Other segments. The company also offers financial planning services, including investment, tax, retirement, education, risk management, and estate planning; strategic investment planning tools; mutual funds; iProfile, a portfolio management program; and separately managed accounts and fee-based brokerage accounts.

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