IGM Financial (TSE:IGM) Sets New 52-Week High - Still a Buy?

Key Points

• IGM Financial Inc.'s share price reached a new 52-week high of C$50.73, closing at C$50.68 with a trading volume of 135,949 shares.
• Brokerages have raised their price targets for IGM Financial, with TD Securities increasing their target from C$55.00 to C$57.00, maintaining a "buy" rating.
• The company announced a quarterly dividend of $0.562 per share, reflecting an annualized dividend of $2.25 and a yield of 4.4%.

IGM Financial Inc. (TSE:IGM - Get Free Report)'s stock price reached a new 52-week high on Thursday . The company traded as high as C$50.73 and last traded at C$50.68, with a volume of 135949 shares changing hands. The stock had previously closed at C$49.87.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Jefferies Financial Group upped their price objective on shares of IGM Financial from C$42.00 to C$46.00 in a research report on Wednesday, July 30th. National Bankshares increased their price target on shares of IGM Financial from C$56.00 to C$58.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. BMO Capital Markets increased their price target on shares of IGM Financial from C$47.00 to C$49.00 and gave the stock a "market perform" rating in a research report on Friday, August 8th. Royal Bank Of Canada increased their price target on shares of IGM Financial from C$46.00 to C$49.00 and gave the stock a "sector perform" rating in a research report on Friday, August 8th. Finally, TD Securities increased 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 report on Friday, August 8th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, IGM Financial currently has a consensus rating of "Hold" and a consensus target price of C$52.29.

IGM Financial Stock Down 0.4%

The company has a debt-to-equity ratio of 97.24, a current ratio of 3.61 and a quick ratio of 0.31. The stock's fifty day simple moving average is C$47.26 and its 200-day simple moving average is C$44.81. The stock has a market cap of C$11.98 billion, a P/E ratio of 12.39, a PEG ratio of 4.09 and a beta of 1.05.

IGM Financial Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 31st will be issued a $0.562 dividend. The ex-dividend date of this dividend is Friday, September 26th. This represents a $2.25 dividend on an annualized basis and a yield of 4.4%. IGM Financial's dividend payout ratio (DPR) is currently 54.88%.

Insider Transactions at IGM Financial

In other news, Director Brent Jason Allen sold 1,451 shares of IGM Financial stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of C$48.56, for a total transaction of C$70,460.56. Insiders have sold a total of 2,840 shares of company stock valued at $137,909 over the last quarter. Company 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.