IGM Financial (TSE:IGM) Director Sells C$70,460.56 in Stock

Key Points

• Brent Jason Allen, a director at IGM Financial, sold a total of C$70,460.56 in stock on August 18, with multiple transactions reflecting an average price of approximately C$48.56 per share.
• IGM Financial announced a quarterly dividend of $0.562 per share, equating to an annualized yield of 4.5%, with a payout ratio of 54.88%.
• Several analysts have recently increased their price targets for IGM Financial shares, with an average target price of C$52.29, reflecting a mix of Buy and Hold ratings from market analysts.

IGM Financial Inc. (TSE:IGM - Get Free Report) Director Brent Jason Allen sold 1,451 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of C$48.56, for a total transaction of C$70,460.56.

Brent Jason Allen also recently made the following trade(s):

• On Monday, August 18th, Brent Jason Allen sold 1,349 shares of IGM Financial stock. The shares were sold at an average price of C$48.56, for a total transaction of C$65,507.44.
• On Monday, August 18th, Brent Jason Allen sold 39 shares of IGM Financial stock. The stock was sold at an average price of C$48.53, for a total transaction of C$1,892.67.

IGM Financial Trading Down 0.1%

TSE:IGM traded down C$0.07 on Tuesday, reaching C$49.72. 130,399 shares of the company's stock were exchanged, compared to its average volume of 300,340. 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 firm has a market capitalization of C$11.73 billion, a price-to-earnings ratio of 12.13, a price-to-earnings-growth ratio of 4.09 and a beta of 1.05. The business has a fifty day moving average of C$46.34 and a 200-day moving average of C$44.57. IGM Financial Inc. has a 52-week low of C$37.97 and a 52-week high of C$50.65.

IGM Financial Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, September 26th will be paid a dividend of $0.562 per share. This represents a $2.25 dividend on an annualized basis and a yield of 4.5%. IGM Financial's dividend payout ratio (DPR) is presently 54.88%.

Wall Street Analysts Forecast Growth

IGM has been the topic of a number of recent research reports. TD Securities boosted their price target on shares of IGM Financial from C$55.00 to C$57.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Jefferies Financial Group boosted their price target on shares of IGM Financial from C$42.00 to C$46.00 in a research note on Wednesday, July 30th. Royal Bank Of Canada upped their target price on shares of IGM Financial from C$46.00 to C$49.00 and gave the stock a "sector perform" rating in a research note on Friday, August 8th. BMO Capital Markets upped their target price on shares of IGM Financial from C$47.00 to C$49.00 and gave the stock a "market perform" rating in a research note on Friday, August 8th. Finally, Scotiabank upped their target price on shares of IGM Financial from C$56.00 to C$57.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, IGM Financial currently has an average rating of "Hold" and a consensus target price of C$52.29.

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.

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