IGM Financial (TSE:IGM) Shares Cross Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• IGM Financial Inc. shares crossed above their 200-day moving average, trading at C$50.93, up from a moving average of C$45.12.
• Multiple analysts have raised their target prices for IGM Financial, with the consensus target currently at C$52.29 and ratings ranging from "Buy" to "Hold."
• The company has announced a quarterly dividend of $0.562 per share, yielding 4.4%, with the ex-dividend date set for September 26th.

IGM Financial Inc. (TSE:IGM - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$45.12 and traded as high as C$51.52. IGM Financial shares last traded at C$50.93, with a volume of 235,814 shares traded.

Wall Street Analysts Forecast Growth

IGM has been the subject of a number of research analyst reports. National Bankshares boosted 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. TD Securities upped 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. Royal Bank Of Canada upped their price objective on shares of IGM Financial from C$46.00 to C$49.00 and gave the company a "sector perform" rating in a research report on Friday, August 8th. Scotiabank upped their price objective on shares of IGM Financial from C$56.00 to C$57.00 and gave the company a "sector perform" rating in a research report on Thursday, August 7th. Finally, BMO Capital Markets upped their price objective on shares of 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 equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of C$52.29.

IGM Financial Price Performance

The company has a debt-to-equity ratio of 97.24, a current ratio of 3.61 and a quick ratio of 0.31. The stock has a market capitalization of C$12.01 billion, a P/E ratio of 12.42, a PEG ratio of 4.09 and a beta of 1.05. The company's 50 day simple moving average is C$48.42 and its two-hundred day simple moving average is C$45.12.

IGM Financial Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 31st will be paid a dividend of $0.562 per share. This represents a $2.25 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Friday, September 26th. IGM Financial's dividend payout ratio is currently 54.88%.

Insiders Place Their Bets

In other news, Director Brent Jason Allen sold 1,451 shares of the stock in a transaction that occurred on 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 over the last quarter. 66.58% of the stock is currently owned by corporate insiders.

IGM Financial Company Profile

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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