IGM Financial (TSE:IGM) Sets New 1-Year High - Time to 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 hit a new 52-week high on Wednesday . The company traded as high as C$48.77 and last traded at C$48.48, with a volume of 159497 shares traded. The stock had previously closed at C$48.59.

Analyst Ratings Changes

IGM has been the topic of a number of research reports. BMO Capital Markets lifted their price target on shares of 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. TD Securities lifted their target price on IGM Financial from C$55.00 to C$57.00 and gave the stock a "buy" rating in a report on Friday, August 8th. National Bankshares boosted their target price on 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. Scotiabank increased their price target on 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 lifted their price objective on IGM Financial from C$42.00 to C$46.00 in a research note on Wednesday, July 30th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, IGM Financial presently has an average rating of "Hold" and a consensus price target of C$52.29.

IGM Financial Price Performance

The stock's 50 day simple moving average is C$44.68 and its 200 day simple moving average is C$44.14. The firm has a market capitalization of C$11.56 billion, a P/E ratio of 12.42, a P/E/G ratio of 4.09 and a beta of 1.53. The company has a debt-to-equity ratio of 97.24, a quick ratio of 0.31 and a current ratio of 3.61.

IGM Financial Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders 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 yield of 4.6%. IGM Financial's dividend payout ratio (DPR) is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.