IGM Financial (TSE:IGM) Reaches New 1-Year High - Still a Buy?

Key Points

• IGM Financial Inc. shares reached a new 52-week high of C$51.81, with a recent trading price of C$51.53 and a volume of 156,240 shares.
• Analysts have raised their price targets for IGM Financial, with a consensus target of C$52.29, though the stock has an average rating of "Hold" from market analysts.
• The company announced a quarterly dividend of $0.562 per share, representing an annualized yield of 4.4%, but it has also seen recent insider selling activity amounting to over $137,000.

Shares of IGM Financial Inc. (TSE:IGM - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as C$51.81 and last traded at C$51.53, with a volume of 156240 shares. The stock had previously closed at C$51.31.

Wall Street Analysts Forecast Growth

IGM has been the subject of several recent analyst reports. BMO Capital Markets raised their price objective on shares of IGM Financial from C$47.00 to C$49.00 and gave the stock a "market perform" rating in a report on Friday, August 8th. Jefferies Financial Group lifted their price objective on shares of IGM Financial from C$42.00 to C$46.00 in a research report on Wednesday, July 30th. Scotiabank boosted their price target 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. National Bankshares boosted 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. Finally, Royal Bank Of Canada lifted their price objective 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. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of C$52.29.

IGM Financial Stock Performance

The firm's 50-day moving average price is C$48.11 and its two-hundred day moving average price is C$45.03. The firm has a market capitalization of C$12.16 billion, a PE ratio of 12.58, a P/E/G ratio of 4.09 and a beta of 1.05. The company has a quick ratio of 0.31, a current ratio of 3.61 and a debt-to-equity ratio of 97.24.

IGM Financial Cuts Dividend

The business also recently disclosed 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. 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 payout ratio is presently 54.88%.

Insider Buying and Selling

In related news, Director Brent Jason Allen sold 1,451 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were 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 worth $137,909 over the last quarter. 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.

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