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

Key Points

• IGM Financial shares recently crossed above their 200-day moving average, trading at C$53.15 with a volume of 582,945 shares.
• Multiple analysts have raised their price targets for IGM Financial, with a consensus target price now at C$52.29 and ratings ranging from "Buy" to "Hold."
• The company announced a quarterly dividend of $0.562, set to be paid on October 31st, representing a 4.2% yield.

IGM Financial Inc. (TSE:IGM - Get Free Report) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$45.74 and traded as high as C$53.35. IGM Financial shares last traded at C$53.15, with a volume of 582,945 shares trading hands.

Wall Street Analysts Forecast Growth

IGM has been the subject of a number of recent analyst reports. BMO Capital Markets raised 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. Royal Bank Of Canada raised their price objective on 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 raised their price objective on 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. TD Securities raised their price objective on 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. Finally, Jefferies Financial Group lifted their price target on IGM Financial from C$42.00 to C$46.00 in a report 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 company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of C$52.29.

IGM Financial Stock Performance

The firm has a market capitalization of C$12.53 billion, a price-to-earnings ratio of 12.96, a PEG ratio of 4.09 and a beta of 1.07. The company has a fifty day moving average of C$49.90 and a two-hundred day moving average of C$45.74. The company has a debt-to-equity ratio of 97.24, a quick ratio of 0.31 and a current ratio of 3.61.

IGM Financial Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 31st will be issued a $0.562 dividend. The ex-dividend date of this dividend is Friday, September 26th. This represents a $2.25 annualized dividend and a yield of 4.2%. IGM Financial's payout ratio is currently 54.88%.

Insiders Place Their Bets

In other IGM Financial news, Director Brent Jason Allen sold 1,451 shares of IGM Financial stock in a transaction on Monday, August 18th. The stock was sold at an average price of C$48.56, for a total value of C$70,460.56. Over the last ninety days, insiders sold 2,840 shares of company stock valued at $137,909. 66.58% of the stock is owned by 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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