IGM Financial (TSE:IGM) Shares Cross Above 200 Day Moving Average on 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) shares passed above its 200-day moving average during trading on Tuesday following insider buying activity. The stock has a 200-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.

Analysts Set New Price Targets

A number of analysts have recently commented on IGM shares. Scotiabank boosted their price objective on 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 lifted their target price on shares of 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. Jefferies Financial Group lifted their price objective on shares of IGM Financial from C$42.00 to C$46.00 in a research report on Wednesday, July 30th. TD Securities increased their price target 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, August 8th. Finally, BMO Capital Markets lifted 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 report on Friday, August 8th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, IGM Financial presently has a consensus rating of "Hold" and a consensus target price of C$52.29.

IGM Financial Stock Down 0.0%

The company has a current ratio of 3.61, a quick ratio of 0.31 and a debt-to-equity ratio of 97.24. The business's fifty day moving average price is C$46.48 and its 200 day moving average price is C$44.60. The company has a market capitalization of C$11.74 billion, a P/E ratio of 12.14, a P/E/G ratio of 4.09 and a beta of 1.05.

IGM Financial Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, September 26th will be given a $0.562 dividend. This represents a $2.25 dividend on an annualized basis and a yield of 4.5%. 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.

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