IGM Financial (TSE:IGM) Reaches New 52-Week High – Here’s Why

IGM Financial Inc. (TSE:IGM)’s share price reached a new 52-week high on Tuesday . The stock traded as high as C$42.64 and last traded at C$41.82, with a volume of 25994 shares changing hands. The stock had previously closed at C$42.21.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on IGM shares. Royal Bank of Canada upped their target price on shares of IGM Financial from C$46.00 to C$47.00 in a research report on Thursday, August 8th. BMO Capital Markets decreased their target price on shares of IGM Financial from C$40.00 to C$39.00 in a research note on Friday, August 9th. National Bankshares lifted their target price on shares of IGM Financial from C$46.00 to C$47.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Scotiabank upped their price target on IGM Financial from C$45.00 to C$46.00 in a research note on Wednesday, July 24th. Finally, Jefferies Financial Group lifted their price objective on IGM Financial from C$38.00 to C$39.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of C$43.71.

IGM Financial Trading Down 1.1 %

The company has a current ratio of 2.12, a quick ratio of 0.31 and a debt-to-equity ratio of 35.99. The stock has a market capitalization of C$9.88 billion, a PE ratio of 11.89, a P/E/G ratio of 4.09 and a beta of 1.53. The stock has a 50 day moving average price of C$39.70 and a 200-day moving average price of C$37.78.

IGM Financial (TSE:IGM) last issued its quarterly earnings data on Wednesday, August 7th. The financial services provider reported C$0.93 earnings per share for the quarter, missing the consensus estimate of C$0.95 by C($0.02). The business had revenue of C$816.31 million during the quarter, compared to the consensus estimate of C$826.00 million. IGM Financial had a return on equity of 12.80% and a net margin of 29.47%. Sell-side analysts expect that IGM Financial Inc. will post 4.006816 earnings per share for the current year.

IGM Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 31st will be given a $0.563 dividend. This represents a $2.25 dividend on an annualized basis and a yield of 5.40%. The ex-dividend date of this dividend is Friday, September 27th. IGM Financial’s payout ratio is 63.38%.

IGM Financial Company Profile

IGM Financial Inc operates as a wealth and asset management company in Canada. It operates through Wealth Management and Asset Management segments. The Wealth Management segment offers investments that are focused on providing financial planning and related services; and provides mutual fund management and discretionary portfolio management services.