IGM Financial (TSE:IGM) Share Price Passes Above 200 Day Moving Average Following Insider Selling

Key Points

• IGM Financial shares surpassed their 200-day moving average of C$44.60, reaching as high as C$49.92 during trading on Tuesday, indicating positive market activity despite recent insider selling.
• Several analysts raised their price targets for IGM Financial, with National Bankshares setting a target of C$58.00, while Scotiabank increased theirs to C$57.00, suggesting a generally optimistic outlook from the financial community.
• IGM Financial declared a quarterly dividend of $0.562, representing a 4.5% yield, although the firm also has a substantial debt-to-equity ratio of 97.24, raising concerns about financial stability.

IGM Financial Inc. (TSE:IGM - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Tuesday following insider buying activity. The stock has a two hundred day moving average of C$44.60 and traded as high as C$49.92. IGM Financial shares last traded at C$49.78, with a volume of 189,181 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on IGM. TD Securities boosted their price objective on shares of IGM Financial from C$55.00 to C$57.00 and gave the company a "buy" rating in a research report on Friday, August 8th. BMO Capital Markets boosted their price target 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, August 8th. Scotiabank boosted their price target on shares of IGM Financial from C$56.00 to C$57.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 7th. National Bankshares boosted their price target on shares of IGM Financial from C$56.00 to C$58.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Finally, Jefferies Financial Group boosted their price target on shares of 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 given a Hold 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 Trading Up 0.5%

The company has a market cap of C$12.04 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 4.09 and a beta of 1.05. 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 company's 50-day moving average is C$46.92 and its 200 day moving average is C$44.72.

IGM Financial Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Friday, September 26th will be given a $0.562 dividend. This represents a $2.25 annualized dividend and a dividend yield of 4.4%. IGM Financial's dividend payout ratio (DPR) is 54.88%.

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.