IGM Financial (TSE:IGM) Sets New 12-Month High After Dividend Announcement

Key Points

• IGM Financial reached a new 52-week high of C$48.05 following a dividend announcement, with the last trading price recorded at C$47.90.
• The upcoming dividend of $0.562 per share, to be paid on October 31st, represents a 4.7% dividend yield and an annualized dividend of $2.25.
• Brokerage upgrades have raised the price targets for IGM Financial, with the consensus price target currently set at C$50.14 and an average rating of "Hold."

IGM Financial Inc. (TSE:IGM - Get Free Report) reached a new 52-week high during trading on Thursday following a dividend announcement from the company. The stock traded as high as C$48.05 and last traded at C$47.90, with a volume of 59236 shares traded. The stock had previously closed at C$46.36.The newly announced 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 payout ratio is presently 57.64%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on IGM. 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. Scotiabank boosted their price target on shares of IGM Financial from C$49.00 to C$51.00 in a research report on Friday, May 9th. National Bankshares raised their price objective on shares of IGM Financial from C$54.00 to C$56.00 and gave the stock an "outperform" rating in a report on Tuesday, July 29th. BMO Capital Markets reduced their target price on IGM Financial from C$47.00 to C$46.00 in a report on Monday, May 12th. Finally, Royal Bank Of Canada upgraded IGM Financial to a "hold" rating and set a C$46.00 price objective for the company in a research report on Wednesday, June 18th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of C$50.14.

IGM Financial Price Performance

The company's 50-day moving average is C$43.99 and its 200-day moving average is C$44.02. The firm has a market cap of C$11.42 billion, a price-to-earnings ratio of 12.27, a price-to-earnings-growth ratio of 4.09 and a beta of 1.53. The company has a current ratio of 3.61, a quick ratio of 0.31 and a debt-to-equity ratio of 97.24.

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.

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