IGM Financial (TSE:IGM) Sets New 52-Week High - Should You Buy?

Key Points

• IGM Financial's stock reached a new 52-week high of C$48.77, closing at C$48.48, with a trading volume of 159,497 shares.
• Analyst ratings have been positive, with BMO Capital Markets, TD Securities, and others raising their price targets, indicating a mixed sentiment with two "Buy" and four "Hold" ratings.
• The company announced a quarterly dividend of $0.562 per share, yielding 4.6%, with a dividend payout ratio of 57.64%.

IGM Financial Inc. (TSE:IGM - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The stock traded as high as C$48.77 and last traded at C$48.48, with a volume of 159497 shares trading hands. The stock had previously closed at C$48.59.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on IGM shares. National Bankshares lifted 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. Scotiabank lifted their price objective on IGM Financial from C$56.00 to C$57.00 and gave the company a "sector perform" rating in a report on Thursday, August 7th. TD Securities lifted their price objective on IGM Financial from C$55.00 to C$57.00 and gave the company a "buy" rating in a report on Friday, August 8th. Jefferies Financial Group lifted their price objective on IGM Financial from C$42.00 to C$46.00 in a report on Wednesday, July 30th. Finally, BMO Capital Markets lifted 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 research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of C$52.29.

IGM Financial Price Performance

The stock has a market cap of C$11.57 billion, a P/E ratio of 12.43, a PEG ratio of 4.09 and a beta of 1.53. The company has a 50 day simple moving average of C$44.99 and a 200 day simple moving average of C$44.22. The company has a current ratio of 3.61, a quick ratio of 0.31 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. Stockholders of record on Friday, September 26th will be paid a dividend of $0.562 per share. This represents a $2.25 dividend on an annualized basis and a dividend yield of 4.6%. IGM Financial's dividend payout ratio is currently 57.64%.

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.