Updating IGM Financial Inc., Bank of Montreal and Loblaw Companies Ltd.

Article Excerpt

IGM FINANCIAL INC. $40 (Toronto symbol IGM; Conservative Growth Portfolio, Finance sector; Shares outstanding: 248.5 million; Market cap: $9.9 billion; Price-to-sales ratio: 3.4; Dividend yield: 5.6%; TSINetwork Rating: Above Average; www.igmfinancial.com) had $136.0 billion of assets under management as of June 30, 2015. That’s down 3.9% from $141.4 billion a year earlier. The drop resulted from the recent decline in major stock markets; IGM’s fee income rises and falls with the value of the mutual funds and other securities it manages. Even with the current volatility, IGM’s overall mutual fund sales, net of redemptions, rose by $66.5 million in June. Net gains at the company’s Investors Group (up $74.2 million) and Counsel (up $12.3 million) subsidiaries offset $20.0 million of net redemptions at its Mackenzie division. IGM Financial is a buy. BANK OF MONTREAL $75 (Toronto symbol BMO; Conservative Growth and Income Portfolios, Finance sector; Shares outstanding: 644.3 million; Market cap: $48.3 billion; Price-to-sales ratio: 2.9; Dividend yield: 4.4%; TSINetwork…

You are trying to access subscriber-only content.

To read this article, you may subscribe or sign in.
If you are already a subscriber, log in here.

If you wish to become a subscriber, click here. Or you may enjoy access to all our publications when you become a Member of Pat McKeough's Inner Circle Pro.