IGM Financial (TSE:IGM) Hits New 1-Year High - What's Next?

Key Points

• IGM Financial Inc. hit a new 52-week high at C$48.35, signaling positive market performance.
• Brokerages have raised their target prices for IGM Financial, with the consensus target now at C$52.29 and several firms rating it as "hold" or "buy."
• IGM Financial announced a quarterly dividend of $0.562, representing an annual yield of 4.7%, while the dividend payout ratio stands at 57.64%.

IGM Financial Inc. (TSE:IGM - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as C$48.35 and last traded at C$48.29, with a volume of 93954 shares changing hands. The stock had previously closed at C$48.15.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on IGM. BMO Capital Markets raised 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. National Bankshares raised their price objective on IGM Financial from C$56.00 to C$58.00 and gave the company an "outperform" rating in a report on Friday, August 8th. TD Securities raised their target price on shares of IGM Financial from C$55.00 to C$57.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Scotiabank raised their target price on shares of IGM Financial from C$56.00 to C$57.00 and gave the company a "sector perform" rating in a research note on Thursday, August 7th. Finally, Jefferies Financial Group raised their target price on shares of IGM Financial from C$42.00 to C$46.00 in a research note on Wednesday, July 30th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, IGM Financial currently has a consensus rating of "Hold" and a consensus target price of C$52.29.

IGM Financial Price Performance

The company's 50-day simple moving average is C$44.31 and its 200-day simple moving average is C$44.10. 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 has a market capitalization of C$11.50 billion, a price-to-earnings ratio of 12.36, a P/E/G ratio of 4.09 and a beta of 1.53.

IGM Financial Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, September 26th will be paid a $0.562 dividend. This represents a $2.25 annualized dividend and a dividend yield of 4.7%. IGM Financial's dividend payout ratio (DPR) is currently 57.64%.

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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