IGM Financial (TSE:IGM) Hits New 1-Year High - Here's Why

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 share 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 trading hands. The stock had previously closed at C$49.87.

Wall Street Analysts Forecast Growth

Several brokerages have commented on IGM. 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 report on Friday, August 8th. Scotiabank upped their target price on IGM Financial from C$56.00 to C$57.00 and gave the stock a "sector perform" rating in a report on Thursday, August 7th. Royal Bank Of Canada increased their price target on IGM Financial from C$46.00 to C$49.00 and gave the company a "sector perform" rating in a research report on Friday, August 8th. Jefferies Financial Group boosted their price objective on shares of IGM Financial from C$42.00 to C$46.00 in a research note on Wednesday, July 30th. Finally, BMO Capital Markets upped their price objective on IGM Financial from C$47.00 to C$49.00 and gave the company a "market perform" rating in a report on Friday, August 8th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of C$52.29.

IGM Financial Stock Up 1.9%

The stock's 50-day simple moving average is C$46.61 and its 200 day simple moving average is C$44.64. 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 cap of C$11.99 billion, a P/E ratio of 12.40, a PEG ratio of 4.09 and a beta of 1.05.

IGM Financial Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, September 26th will be given a dividend of $0.562 per share. This represents a $2.25 dividend on an annualized basis and a dividend yield of 4.4%. IGM Financial's payout ratio is 54.88%.

Insiders Place Their Bets

In other news, Director Brent Jason Allen sold 1,451 shares of the stock in a transaction 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 2,840 shares of company stock valued at $137,909 in the last 90 days. 66.58% of the stock is owned by insiders.

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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