Scotiabank Reaffirms Their Hold Rating on IGM Financial (IGM)

By Austin Angelo

In a new note to investors yesterday, an analyst has provided a rating update for IGM Financial (IGMResearch Report). Analyst Phil Hardie from Scotiabank reiterated a Hold rating, with a C$39 price target.

According to TipRanks.com, Hardie is a 4-star analyst with an average return of 7.4% and a 75.5% success rate. Hardie covers the Financial sector, focusing on stocks such as Fairfax Financial Holdings, Alaris Royalty Corp, and Element Financial.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for IGM Financial with a C$38.40 average price target, a 4.0% upside from current levels. In a report issued on April 23, Desjardins also reiterated a Hold rating on the stock with a C$38 price target.

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IGM Financial’s market cap is currently C$8.89B and has a P/E ratio of 11.5. The company has a Price to Book ratio of 2.00.

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 company’s shares closed on Wednesday at C$36.91.