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    IGM   CA4495861060

IGM FINANCIAL INC.

(IGM)
  Report
Delayed Toronto Stock Exchange  -  05/27 04:00:00 pm EDT
38.28 CAD   +1.65%
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IGM Financial : first-quarter profit misses estimate as expenses rise

05/09/2014 | 11:58am EDT

TORONTO (Reuters) - IGM Financial Inc (>> IGM Financial Inc.), one of Canada's top mutual fund companies, said on Friday that first-quarter net earnings and assets under management both rose, but their quarterly profit missed expectations as expenses jumped.

TORONTO (Reuters) - IGM Financial Inc (>> IGM Financial Inc.), one of Canada's top mutual fund companies, said on Friday that first-quarter net earnings and assets under management both rose, but their quarterly profit missed expectations as expenses jumped.

Shares of the Winnipeg, Manitoba-based company slipped after it reported net earnings of C$194.4 million ($178.3 million), or 77 Canadian cents a share, in the quarter, down from a year-earlier profit of C$180.5 million, or 72 Canadian cents.

Analysts were expecting a profit of 80 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Assets under management reached a record high during the quarter, rising 9.1 percent to C$137.3 billion at the end of March 31, compared with C$125.8 billion a year earlier.

But expenses were up more sharply, rising 10.3 percent to C$461.7 million in the quarter from the same period a year ago.

Shares of IGM were down 30 Canadian cents at C$54.12. IGM Financial is a division of the Desmarais family's Montreal-based Power Corp (>> Power Corporation of Canada).

Barclays Capital analyst John Aiken said the slight miss against expectations and the stagnant dividend at IGM may drag on the share price, but mutual fund sales should improve in 2014 as investments perform well.

"While we would expect some relative softness in IGM's share price, the positive net sales trend that is emerging likely means that earnings growth should resume going forward. Further, IBMs current 4 percent dividend yield remains compelling and should provide downside support," Aiken said in a research note.

(Reporting by Andrea Hopkins, editing by G Crosse)

By Andrea Hopkins

Stocks treated in this article : IGM Financial Inc., Power Corporation of Canada

© Reuters 2014
Stocks mentioned in the article
ChangeLast1st jan.
IGM FINANCIAL INC. 1.65% 38.28 Delayed Quote.-16.09%
POWER CORPORATION OF CANADA 1.60% 36.73 Delayed Quote.-12.13%
All news about IGM FINANCIAL INC.
05/26Mackenzie Investments Announces May 2022 Distributions for its Exchange Traded Funds
AQ
05/18IG Wealth Management Announces Securityholder Approval of Fund and Class Changes
AQ
05/10Mackenzie Investments Enhances Canadians' Access to Private Equity with New Alternative..
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05/10Counsel Announces Results of Unitholder Meeting
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05/10Mackenzie Investments Announces Results of Special Meetings on Fund Mergers
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05/09Scotiabank Cuts IGM Financial Target to $47, Keeps Sector Perform After Q1
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05/06TRANSCRIPT : IGM Financial Inc., Q1 2022 Earnings Call, May 06, 2022
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05/06IGM Financial Inc. Announces Election of Beth Wilson as Director
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05/06Igm financial inc. announces election of directors
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05/06IGM Financial Declines 6.5%, CIBC Lowers Price Target
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Analyst Recommendations on IGM FINANCIAL INC.
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Financials
Sales 2022 3 531 M 2 770 M 2 770 M
Net income 2022 967 M 759 M 759 M
Net Debt 2022 - - -
P/E ratio 2022 9,40x
Yield 2022 5,97%
Capitalization 9 015 M 7 052 M 7 073 M
Capi. / Sales 2022 2,55x
Capi. / Sales 2023 2,44x
Nbr of Employees 3 300
Free-Float 34,3%
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Mean consensus OUTPERFORM
Number of Analysts 8
Last Close Price 37,66 CAD
Average target price 47,75 CAD
Spread / Average Target 26,8%
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Managers and Directors
James O'Sullivan President, Chief Executive Officer & Director
J. Luke Gould Chief Financial Officer & Executive Vice President
Robert Jeffrey Orr Chairman
Nancy McCuaig Chief Technology & Data Officer, Senior VP
Michael Dibden Chief Operating Officer
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