IGM Financial (TSE:IGM) Reaches New 1-Year High – What’s Next?

Shares of IGM Financial Inc. (TSE:IGM) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as C$59.20 and last traded at C$59.00, with a volume of 269547 shares trading hands. The stock had previously closed at C$58.31.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on IGM shares. BMO Capital Markets increased their target price on shares of IGM Financial from C$54.00 to C$57.00 in a report on Monday, November 10th. TD Securities boosted their price target on IGM Financial from C$57.00 to C$64.00 in a report on Tuesday, November 4th. Royal Bank Of Canada increased their price objective on IGM Financial from C$55.00 to C$61.00 in a report on Monday, November 10th. National Bankshares lifted their price objective on IGM Financial from C$60.00 to C$68.00 in a research report on Monday, November 10th. Finally, CIBC set a C$61.00 target price on IGM Financial and gave the company a “neutral” rating in a report on Wednesday, November 19th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of C$61.71.

IGM Financial Stock Performance

The company has a 50-day simple moving average of C$54.72 and a two-hundred day simple moving average of C$49.32. The company has a debt-to-equity ratio of 97.24, a quick ratio of 0.31 and a current ratio of 3.61. The firm has a market capitalization of C$13.94 billion, a P/E ratio of 13.56, a PEG ratio of 4.09 and a beta of 1.06.

IGM Financial (TSE:IGM) last announced its earnings results on Thursday, November 6th. The financial services provider reported C$1.26 earnings per share (EPS) for the quarter. IGM Financial had a return on equity of 12.76% and a net margin of 27.93%.The firm had revenue of C$971.88 million during the quarter. As a group, equities analysts forecast that IGM Financial Inc. will post 4.006816 EPS for the current year.

IGM Financial Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 31st. Shareholders of record on Friday, October 31st were given a dividend of $0.562 per share. The ex-dividend date of this dividend was Friday, September 26th. This represents a $2.25 annualized dividend and a yield of 3.8%. IGM Financial’s dividend payout ratio (DPR) is currently 51.72%.

Insider Activity at IGM Financial

In other news, insider Rhonda Goldberg sold 7,353 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of C$57.00, for a total value of C$419,121.00. In the last quarter, insiders have sold 27,924 shares of company stock worth $1,580,349. Insiders own 66.58% of the company’s stock.

IGM Financial Company Profile

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.