IGM Financial (TSE:IGM) Stock Crosses Above Two Hundred Day Moving Average - Here's Why

Key Points

• IGM Financial's stock has crossed above its 200-day moving average, reaching a high of C$48.24 and closing at C$47.06 on Thursday.
• Analysts have updated their price targets, with Scotiabank raising it to C$57.00 and National Bank increasing it to C$56.00, while the average target sits at C$51.00.
• The company announced a quarterly dividend of $0.562, yielding 4.8%, with a payout ratio of 57.64%, which will be paid out on October 31st to eligible shareholders.

Shares of IGM Financial Inc. (TSE:IGM - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$44.03 and traded as high as C$48.24. IGM Financial shares last traded at C$47.06, with a volume of 305,029 shares trading hands.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Scotiabank upped their price target on shares of IGM Financial from C$56.00 to C$57.00 and gave the company a "sector perform" rating in a research note on Thursday. Royal Bank Of Canada upgraded shares of IGM Financial to a "hold" rating and set a C$46.00 price target on the stock in a research note on Wednesday, June 18th. BMO Capital Markets decreased their price target on shares of IGM Financial from C$47.00 to C$46.00 in a research note on Monday, May 12th. Jefferies Financial Group upped their price objective on shares of IGM Financial from C$42.00 to C$46.00 in a research report on Wednesday, July 30th. Finally, National Bankshares upped their price objective on shares of IGM Financial from C$54.00 to C$56.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 29th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, IGM Financial presently has an average rating of "Hold" and an average price target of C$51.00.

IGM Financial Price Performance

The company's 50-day moving average is C$44.04 and its two-hundred day moving average is C$44.03. 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 firm has a market cap of C$11.22 billion, a P/E ratio of 12.06, a PEG ratio of 4.09 and a beta of 1.53.

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, September 26th will be issued a $0.562 dividend. This represents a $2.25 dividend on an annualized basis and a dividend yield of 4.8%. IGM Financial's dividend payout ratio (DPR) is currently 57.64%.

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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