IGM Financial (TSE:IGM) Sets New 52-Week High - Still a Buy?

Key Points

• IGM Financial reached a new 52-week high of C$51.86, last trading at C$51.77 with a volume of over 56,215 shares.
• Multiple analysts have raised their price targets for IGM Financial, with current average estimates suggesting a target of C$52.29, while the consensus rating remains at "Hold."
• The company announced a dividend of $0.562 per share, equating to an annual yield of 4.3%, while also reporting a dividend payout ratio of 54.88%.

IGM Financial Inc. (TSE:IGM - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as C$51.86 and last traded at C$51.77, with a volume of 56215 shares changing hands. The stock had previously closed at C$51.25.

Wall Street Analysts Forecast Growth

IGM has been the topic of several research analyst reports. BMO Capital Markets upped their price objective on IGM Financial from C$47.00 to C$49.00 and gave the company a "market perform" rating in a research note on Friday, August 8th. Scotiabank boosted their target price on shares of 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. Jefferies Financial Group boosted their target price on shares of IGM Financial from C$42.00 to C$46.00 in a report on Wednesday, July 30th. Royal Bank Of Canada boosted their target price on shares of IGM Financial from C$46.00 to C$49.00 and gave the company a "sector perform" rating in a report on Friday, August 8th. Finally, TD Securities boosted their target price on shares of IGM Financial from C$55.00 to C$57.00 and gave the company a "buy" 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 stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of C$52.29.

IGM Financial Trading Up 0.8%

The firm's 50-day simple moving average is C$49.28 and its 200-day simple moving average is C$45.51. The company has a quick ratio of 0.31, a current ratio of 3.61 and a debt-to-equity ratio of 97.24. The firm has a market capitalization of C$12.19 billion, a PE ratio of 12.60, a price-to-earnings-growth ratio of 4.09 and a beta of 1.07.

IGM Financial Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Friday, October 31st will be issued a dividend of $0.562 per share. This represents a $2.25 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Friday, September 26th. IGM Financial's dividend payout ratio is currently 54.88%.

Insider Buying and Selling at IGM Financial

In other news, Director Brent Jason Allen sold 1,451 shares of the stock in a transaction dated 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 in the last ninety days. Corporate insiders own 66.58% of the company's stock.

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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