IGM Financial (TSE:IGM) Hits New 12-Month High - Still a Buy?

Key Points

• IGM Financial shares reached a new 52-week high of C$51.34, reflecting a strong stock performance with recent trading volume of 81,968 shares.
• Multiple analysts have raised their price targets for IGM Financial, with National Bankshares increasing its target from C$56.00 to C$58.00 and maintaining an "outperform" rating.
• The company announced a quarterly dividend of $0.562 per share, with a dividend yield of 4.4% and a payout ratio of 54.88%.

IGM Financial Inc. (TSE:IGM - Get Free Report)'s share price reached a new 52-week high on Thursday . The stock traded as high as C$51.34 and last traded at C$51.30, with a volume of 81968 shares changing hands. The stock had previously closed at C$50.55.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on IGM shares. National Bankshares raised their price objective on shares of IGM Financial from C$56.00 to C$58.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. BMO Capital Markets lifted 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 report on Friday, August 8th. TD Securities lifted their target price 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. Royal Bank Of Canada lifted 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 report on Friday, August 8th. Finally, Scotiabank lifted 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 report on Thursday, August 7th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of C$52.29.

IGM Financial Stock Performance

The firm has a market cap of C$12.10 billion, a P/E ratio of 12.51, a price-to-earnings-growth ratio of 4.09 and a beta of 1.05. The company has a current ratio of 3.61, a quick ratio of 0.31 and a debt-to-equity ratio of 97.24. The business's fifty day simple moving average is C$47.77 and its 200-day simple moving average is C$44.94.

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, October 31st will be given a dividend of $0.562 per share. This represents a $2.25 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Friday, September 26th. IGM Financial's dividend payout ratio (DPR) is 54.88%.

Insider Transactions at IGM Financial

In other IGM Financial news, Director Brent Jason Allen sold 1,451 shares of IGM Financial stock in a transaction dated Monday, August 18th. The shares were sold at an average price of C$48.56, for a total value of C$70,460.56. Over the last three months, insiders have sold 2,840 shares of company stock worth $137,909. Company insiders own 66.58% of the company's stock.

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.