Insider Selling: IGM Financial (TSE:IGM) Director Sells 25,000 Shares of Stock

by · The Markets Daily

IGM Financial Inc. (TSE:IGM – Get Free Report) Director James Patrick O’sullivan sold 25,000 shares of the stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of C$68.73, for a total transaction of C$1,718,250.00. Following the sale, the director directly owned 38,229 shares of the company’s stock, valued at approximately C$2,627,479.17. The trade was a 39.54% decrease in their ownership of the stock.

James Patrick O’sullivan also recently made the following trade(s):

  • On Tuesday, February 24th, James Patrick O’sullivan sold 500 shares of IGM Financial stock. The stock was sold at an average price of C$67.37, for a total transaction of C$33,685.00.
  • On Tuesday, February 24th, James Patrick O’sullivan sold 1,900 shares of IGM Financial stock. The stock was sold at an average price of C$67.28, for a total transaction of C$127,832.00.
  • On Tuesday, February 24th, James Patrick O’sullivan sold 14,100 shares of IGM Financial stock. The shares were sold at an average price of C$67.30, for a total transaction of C$948,930.00.
  • On Tuesday, February 24th, James Patrick O’sullivan sold 1,100 shares of IGM Financial stock. The stock was sold at an average price of C$67.32, for a total value of C$74,052.00.
  • On Tuesday, February 24th, James Patrick O’sullivan sold 900 shares of IGM Financial stock. The shares were sold at an average price of C$67.36, for a total value of C$60,624.00.
  • On Tuesday, February 24th, James Patrick O’sullivan sold 800 shares of IGM Financial stock. The stock was sold at an average price of C$68.36, for a total value of C$54,688.00.
  • On Tuesday, February 24th, James Patrick O’sullivan sold 2,800 shares of IGM Financial stock. The stock was sold at an average price of C$68.35, for a total value of C$191,380.00.
  • On Tuesday, February 24th, James Patrick O’sullivan sold 700 shares of IGM Financial stock. The shares were sold at an average price of C$68.26, for a total value of C$47,782.00.
  • On Tuesday, February 24th, James Patrick O’sullivan sold 100 shares of IGM Financial stock. The shares were sold at an average price of C$68.20, for a total value of C$6,820.00.
  • On Tuesday, February 24th, James Patrick O’sullivan sold 400 shares of IGM Financial stock. The stock was sold at an average price of C$68.21, for a total value of C$27,284.00.

IGM Financial Stock Down 2.1%

Shares of IGM traded down C$1.45 during mid-day trading on Friday, hitting C$67.86. 760,567 shares of the company traded hands, compared to its average volume of 467,539. The company has a market capitalization of C$15.90 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 4.09 and a beta of 1.10. The company has a quick ratio of 0.31, a current ratio of 3.61 and a debt-to-equity ratio of 97.24. The business has a 50 day moving average of C$65.31 and a 200 day moving average of C$57.53. IGM Financial Inc. has a 1-year low of C$38.89 and a 1-year high of C$69.48.

IGM Financial (TSE:IGM – Get Free Report) last released its earnings results on Thursday, February 12th. The financial services provider reported C$1.27 earnings per share for the quarter. IGM Financial had a net margin of 27.93% and a return on equity of 12.76%. The company had revenue of C$1.05 billion for the quarter. Equities research analysts anticipate that IGM Financial Inc. will post 4.006816 EPS for the current year.

IGM Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Friday, January 30th were given a $0.5625 dividend. This represents a $2.25 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Tuesday, December 30th. This is a positive change from IGM Financial’s previous quarterly dividend of $0.56. IGM Financial’s payout ratio is currently 48.49%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on IGM shares. Royal Bank Of Canada increased their price objective on IGM Financial from C$51.00 to C$65.00 and gave the company a “sector perform” rating in a report on Monday, January 26th. TD Securities increased their price target on shares of IGM Financial from C$73.00 to C$76.00 and gave the stock a “buy” rating in a report on Tuesday, February 17th. BMO Capital Markets lifted their price objective on shares of IGM Financial from C$57.00 to C$68.00 in a research note on Monday, January 26th. Canadian Imperial Bank of Commerce upped their price objective on shares of IGM Financial from C$61.00 to C$68.00 in a report on Wednesday, January 21st. Finally, National Bank Financial raised their target price on shares of IGM Financial from C$68.00 to C$82.00 and gave the stock an “outperform” rating in a report on Wednesday, February 4th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, IGM Financial currently has a consensus rating of “Hold” and an average price target of C$68.57.

Check Out Our Latest Stock Report on IGM

About IGM Financial

(Get Free Report)

IGM Financial is the largest non-bank-affiliated asset manager in Canada. The firm is part of the Power Financial group of companies, which includes Great-West Life, London Life, Canada Life, and Putnam Investments. IGM has two main operating divisionsasset management (operated through Mackenzie Investments) and wealth management (via its Investors Group Wealth Management and Investment Planning Counsel subsidiaries)that provide investment management products and services. IGM Financial had CAD 225.6 billion in assets under management, or AUM, and CAD 30.1 billion in assets under advisement at the end of May 2022.

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