IGM Financial (TSE:IGM) Sets New 1-Year High Following 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)'s share price reached a new 52-week high on Thursday after the company announced a dividend. The stock traded as high as C$48.05 and last traded at C$47.90, with a volume of 59236 shares trading hands. The stock had previously closed at C$46.36.

The newly announced 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 annualized dividend and a yield of 4.7%. IGM Financial's dividend payout ratio (DPR) is currently 57.64%.

Wall Street Analyst Weigh In

IGM has been the subject of several 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 research note on Friday. National Bankshares boosted their price target on shares of IGM Financial from C$56.00 to C$58.00 and gave the company an "outperform" rating in a report on Friday. Royal Bank Of Canada boosted 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. Scotiabank boosted 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. Finally, TD Securities boosted 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. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of C$52.29.

IGM Financial Stock Up 0.4%

The stock has a market capitalization of C$11.33 billion, a price-to-earnings ratio of 12.18, a price-to-earnings-growth ratio of 4.09 and a beta of 1.53. The business's 50-day moving average is C$44.10 and its two-hundred day moving average is C$44.03. The company has a quick ratio of 0.31, a current ratio of 3.61 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.