IGM Financial reported adjusted earnings per share of C$1.51 for the third quarter of 2026, beating the C$1.45 estimate. Record client assets and strong net flows helped drive the results.
IGM Financial (TSX: IGM, IGM.TO) reported results for the quarter ended September 30. Adjusted EPS rose 19% from a year earlier. The company also reported EPS of C$2.10. Revenue was C$1.317 billion and net income was C$487.5 million. For Canadian investors, the key question is whether asset growth and client inflows can continue to offset fee pressure and rising costs.
Recent earnings trend
IGM Financial Inc.
IGM.TO
IGM.TO
IGM Financial Inc.
WealthAwesomeMarket cap
$18.60B
P/E
14.1x
Div. yield
2.83%
Div. / share
$2.25
52W high
$91.34
52W low
$53.28
1W change
-0.93%
Beta
1.08
Analyst Price Targets
Based on analyst covering IGM · as of Nov 9, 2026
Wall Street analysts forecast IGM stock price to rise 10.3% over the next 12 months.
Consensus
Moderately BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$89.78
+10.3% Upside
Previously C$89.67 on Oct 28, 2026
Current Price
C$81.39
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on IGM's historical volatility
30-Day Vol
31.1%
Annualized
90-Day Vol
28.2%
Annualized
Trend (90d)
-36.3%
Annualized drift
90d Mean
C$71.50
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$77.95 | C$70.02 – C$86.78 |
| 60 trading days | C$74.66 | C$64.15 – C$86.88 |
| 90 trading days | C$71.50 | C$59.38 – C$86.10 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 4 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 4 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-02-11 | — | 1.4500 | — |
| 2026-09-30 | 2026-11-05 | 1.5100 | 1.4500 | +4.1% |
| 2026-06-30 | 2026-07-29 | 1.4100 | 1.2900 | +9.3% |
| 2026-03-31 | 2026-05-07 | 1.2100 | 1.1900 | +1.7% |
| 2025-12-31 | 2026-02-12 | 1.2700 | 1.2000 | +5.8% |
| 2025-09-30 | 2025-11-06 | 1.2700 | 1.1700 | +8.5% |
Investor takeaway: IGM’s wealth and asset-management businesses brought in C$2.7 billion in combined net flows, and IG Wealth’s client assets reached a record C$178 billion. But lower fee rates, weaker ChinaAMC earnings and expected expense growth remain risks. The supplied analyst targets suggest 10.3% upside from the C$81.39 reference close. Wealth Awesome’s separate statistical model gives a lower 90-day average price. Neither figure is a guarantee or investment advice.
C$1.51 adjusted EPS, 4.1% above estimate
IGM’s adjusted EPS beat the C$1.45 estimate by C$0.06 and rose 19% year over year. The company also reported EPS of C$2.10. These figures use different earnings measures: the estimate comparison is based on adjusted EPS, while reported EPS uses a different basis.
Bull case
IGM’s adjusted EPS has beaten estimates in each of the past four comparable quarters. This quarter, EPS grew 19% year over year as assets under management and advisement rose 15%.
IG Wealth reached a record in client assets and brought in C$666 million in net inflows. Mackenzie recorded C$2 billion in net sales. Northleaf, Rockefeller and Wealthsimple offer additional sources of growth. IGM also returned C$343 million to shareholders through dividends and buybacks, and reported C$830 million in unallocated capital.
Bear case
Asset growth doesn’t remove pressure on the fees IGM earns. IG Wealth’s advisory fee rate fell 0.7 basis points, and Mackenzie expects its third-party fee rate to drop by about one basis point next quarter.
ChinaAMC earnings weakened, and IG Wealth’s mortgage fundings fell 13% from a year earlier. Management also expects expenses to grow about 4% for the full year. These pressures could limit how much asset growth adds to earnings.
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Wealth Awesome
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