IGM Financial (TSE:IGM) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

IGM Financial Inc. (TSE:IGM)’s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$53.25 and traded as high as C$67.64. IGM Financial shares last traded at C$67.60, with a volume of 197,686 shares changing hands.

Analyst Ratings Changes

IGM has been the subject of a number of analyst reports. Royal Bank Of Canada increased their price target on IGM Financial from C$55.00 to C$61.00 in a research report on Monday, November 10th. Jefferies Financial Group increased their target price on shares of IGM Financial from C$50.00 to C$54.00 and gave the company a “hold” rating in a report on Wednesday, October 29th. Scotiabank raised their price target on shares of IGM Financial from C$64.00 to C$67.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 28th. TD Securities upped their price objective on shares of IGM Financial from C$57.00 to C$64.00 in a research report on Tuesday, November 4th. Finally, BMO Capital Markets increased their price objective on shares of IGM Financial from C$54.00 to C$57.00 in a research note on Monday, November 10th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, IGM Financial presently has a consensus rating of “Hold” and an average target price of C$61.71.

IGM Financial Stock Up 0.8%

The stock has a 50 day moving average price of C$60.40 and a 200 day moving average price of C$53.25. 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 company has a market capitalization of C$15.93 billion, a P/E ratio of 15.54, a PEG ratio of 4.09 and a beta of 1.13.

IGM Financial (TSE:IGM) last posted its quarterly earnings results on Thursday, November 6th. The financial services provider reported C$1.27 earnings per share for the quarter. The company 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%. Equities research analysts forecast that IGM Financial Inc. will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Friday, January 30th will be paid a dividend of $0.5625 per share. This represents a $2.25 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Tuesday, December 30th. This is an increase from IGM Financial’s previous quarterly dividend of $0.56. IGM Financial’s dividend payout ratio (DPR) is 51.72%.

Insider Buying and Selling

In other IGM Financial news, insider Rhonda Goldberg sold 7,353 shares of the stock in a transaction 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 on Wednesday, November 26th. The stock was 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 directly owned 10,276 shares of the company’s stock, valued at C$591,897.60. This represents a 7.22% decrease in their ownership of the stock. Insiders sold a total of 34,904 shares of company stock worth $1,982,131 in the last ninety days. 66.58% of the stock is currently owned by insiders.

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.