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

Key Points

• IGM Financial Inc. shares have recently surpassed their two hundred day moving average, trading at C$50.55 with a peak at C$51.16.
• Analysts have raised their price targets for IGM Financial, with a consensus target price now at C$52.29 and two analysts giving a "Buy" rating.
• The company has declared a quarterly dividend of $0.562 per share to be paid at the end of October, reflecting an annualized yield of 4.4%.

IGM Financial Inc. (TSE:IGM - Get Free Report)'s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$44.85 and traded as high as C$51.16. IGM Financial shares last traded at C$50.55, with a volume of 300,981 shares changing hands.

Wall Street Analysts Forecast Growth

IGM has been the subject of a number of recent analyst reports. BMO Capital Markets boosted their target price on shares of IGM Financial from C$47.00 to C$49.00 and gave the company a "market perform" rating in a report on Friday, August 8th. Jefferies Financial Group boosted their target price on shares of IGM Financial from C$42.00 to C$46.00 in a report on Wednesday, July 30th. TD Securities lifted their target price on IGM Financial from C$55.00 to C$57.00 and gave the company a "buy" rating in a report on Friday, August 8th. Scotiabank boosted their price target 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. Finally, Royal Bank Of Canada boosted their price target 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. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of C$52.29.

IGM Financial Price Performance

The company has a 50-day moving average price of C$47.77 and a two-hundred day moving average price of C$44.94. 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 company has a market cap of C$12.04 billion, a PE ratio of 12.46, a P/E/G ratio of 4.09 and a beta of 1.05.

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, October 31st will be given a $0.562 dividend. The ex-dividend date of this dividend is Friday, September 26th. This represents a $2.25 annualized dividend and a dividend yield of 4.4%. IGM Financial's dividend payout ratio is presently 54.88%.

Insider Buying and Selling at IGM Financial

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

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.