Highlights:

  • IGM Financial has received outperform rating from National Bank Financial with a target price of CAD 68.
  • A sector perform rating was given by Scotiabank GBM with a target price of CAD 68.
  • A buy rating was received from TD Cowen with a target of CAD 64.

IGM Financial (TSX:IGM) has drawn attention from multiple analysts, with National Bank Financial issuing an outperform rating and TD Cowen assigning a buy rating, alongside Scotiabank GBM’s sector perform rating. Target prices range from CAD 64 to CAD 68, reflecting confidence in IGM’s ongoing performance.

Record Third-Quarter Earnings
For the third quarter of 2025, IGM reported all-time high adjusted net earnings of CAD 301.2 million, up 23.4% from CAD 244.1 million in the same period last year. Adjusted earnings per share reached a record CAD 1.27, compared with CAD 1.03 in Q3 2024. Statutory net earnings also hit a record CAD 298.1 million, up 24.6% from CAD 239.2 million, translating to earnings per share of CAD 1.26 versus CAD 1.01 in the prior year.

Growth in Assets Under Management
IGM’s assets under management and advisement continued to expand, reaching a record CAD 302.6 billion, an increase of 14.2% compared to Q3 2024 and up 6.6% from the previous quarter. Including strategic investments, the total reached an all-time high of CAD 562.4 billion, up from CAD 461.6 billion a year earlier and CAD 521.1 billion in the prior quarter. The company recorded net inflows of CAD 2.4 billion in the quarter, a notable turnaround from net outflows of CAD 272 million in Q3 2024.

Significant gains in IGM’s strategic investments contributed to growth, with the fair value of its stake in Wealthsimple Financial Corp. rising by CAD 680 million to CAD 2.2 billion, and its investment in Rockefeller Capital Management increasing by CAD 750 million to CAD 1.58 billion. IGM uses the equity method for its Rockefeller investment, which was recorded at CAD 872 million as of September 30, 2025.

Corporate Developments and Dividends
The company’s proportionate share of Great-West Lifeco Inc. earnings rose to CAD 26.4 million from CAD 20.4 million in Q3 2024, with base earnings increasing to CAD 29.5 million from CAD 25.3 million.

IGM’s Board of Directors declared a dividend of 56.25 cents per share, payable on January 30, 2026, to shareholders of record on December 30, 2025.

The multiple analyst ratings and target prices signal market confidence in the company’s continued growth trajectory and strategic investments. Investors are likely to monitor the company’s ongoing performance and dividend stability as key indicators of sustained value creation.