IGM Financial (TSE:IGM) Shares Pass Above 200 Day Moving Average - Should You Sell?

Key Points

• IGM Financial shares surpassed their 200-day moving average of C$45.47, closing at C$51.31 with a trading volume of 250,059 shares.
• The company has seen an increase in price targets from several analysts, with TD Securities rating it as a "buy" and setting a new target of C$57.00.
• IGM Financial recently announced a quarterly dividend of $0.562 per share, resulting in an annualized yield of 4.4%, though they also reported insider selling activity among its executives.

Shares of IGM Financial Inc. (TSE:IGM - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$45.47 and traded as high as C$51.67. IGM Financial shares last traded at C$51.31, with a volume of 250,059 shares.

Analyst Ratings Changes

IGM has been the subject of several research analyst reports. BMO Capital Markets lifted their price objective on IGM Financial from C$47.00 to C$49.00 and gave the stock a "market perform" rating in a report on Friday, August 8th. TD Securities raised their price target 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. National Bankshares lifted 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. Jefferies Financial Group boosted their price objective on shares of IGM Financial from C$42.00 to C$46.00 in a report on Wednesday, July 30th. Finally, Royal Bank Of Canada increased 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. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of C$52.29.

IGM Financial Stock Down 0.3%

The company's 50-day moving average price is C$49.18 and its 200 day moving average price is C$45.47. The company has a debt-to-equity ratio of 97.24, a quick ratio of 0.31 and a current ratio of 3.61. The stock has a market cap of C$12.10 billion, a PE ratio of 12.51, a price-to-earnings-growth ratio of 4.09 and a beta of 1.07.

IGM Financial Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders 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 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 IGM Financial stock in a transaction 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 valued at $137,909 in the last 90 days. 66.58% of the stock is currently owned by company 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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