IGM Financial (TSE:IGM) Reaches New 12-Month High – Should You Buy?

IGM Financial Inc. (TSE:IGM)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as C$63.16 and last traded at C$62.60, with a volume of 40354 shares traded. The stock had previously closed at C$61.75.

Wall Street Analysts Forecast Growth

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

IGM Financial Price Performance

The company has a quick ratio of 0.31, a current ratio of 3.61 and a debt-to-equity ratio of 97.24. The company has a market capitalization of C$14.69 billion, a P/E ratio of 14.32, a PEG ratio of 4.09 and a beta of 1.06. The business has a 50 day simple moving average of C$56.76 and a 200-day simple moving average of C$50.53.

IGM Financial (TSE:IGM) last released its quarterly earnings results on Thursday, November 6th. The financial services provider reported C$1.27 EPS for the quarter. The business had revenue of C$971.88 million during the quarter. IGM Financial had a net margin of 27.93% and a return on equity of 12.76%. Analysts predict that IGM Financial Inc. will post 4.006816 EPS for the current fiscal year.

IGM Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Friday, January 30th will be paid a $0.5625 dividend. The ex-dividend date is Tuesday, December 30th. This is an increase from IGM Financial’s previous quarterly dividend of $0.56. This represents a $2.25 annualized dividend and a dividend yield of 3.6%. IGM Financial’s dividend payout ratio (DPR) is 51.72%.

Insider Buying and Selling

In other news, insider Rhonda Goldberg sold 7,353 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of C$57.00, for a total transaction of C$419,121.00. Also, Director Esther Findlay sold 800 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of C$57.60, for a total value of C$46,080.00. Following the completion of the sale, the director owned 10,276 shares in the company, valued at approximately C$591,897.60. This represents a 7.22% decrease in their ownership of the stock. In the last ninety days, insiders have sold 34,904 shares of company stock worth $1,982,131. Corporate insiders own 66.58% of the company’s stock.

About IGM Financial

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. IGM Financial had CAD 225.6 billion in assets under management, or AUM, and CAD 30.1 billion in assets under advisement at the end of May 2022.