IGM Financial (IGIFF) Receives a Sell from RBC Capital

By Carrie Williams

In a report issued on May 9, Geoffrey Kwan from RBC Capital maintained a Sell rating on IGM Financial (IGIFFResearch Report), with a price target of C$29.00. The company’s shares closed last Thursday at $19.80.

According to TipRanks.com, Kwan is a 1-star analyst with an average return of -1.2% and a 39.7% success rate. Kwan covers the Financial sector, focusing on stocks such as Element Financial, Equitable Group, and CI Financial.

The word on The Street in general, suggests a Hold analyst consensus rating for IGM Financial with a $21.44 average price target, representing a 6.1% upside. In a report issued on April 28, Barclays also maintained a Sell rating on the stock with a C$25.00 price target.

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Based on IGM Financial’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $824 million and net profit of $192 million. In comparison, last year the company earned revenue of $791 million and had a net profit of $182 million.

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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.