IGM Financial Inc. (TSE:IGM) to Issue $0.56 Quarterly Dividend

IGM Financial Inc. (TSE:IGM) declared a quarterly dividend on Wednesday, August 7th, Zacks reports. Investors of record on Monday, September 30th will be paid a dividend of 0.563 per share by the financial services provider on Thursday, October 31st. This represents a $2.25 annualized dividend and a yield of 6.26%. The ex-dividend date of this dividend is Monday, September 30th.

IGM Financial Trading Down 0.5 %

Shares of IGM traded down C$0.19 during midday trading on Friday, hitting C$35.95. 8,414 shares of the stock were exchanged, compared to its average volume of 244,573. IGM Financial has a 52-week low of C$30.34 and a 52-week high of C$39.50. The stock has a fifty day simple moving average of C$37.78 and a 200 day simple moving average of C$36.34. The firm has a market cap of C$8.53 billion, a P/E ratio of 11.20, a P/E/G ratio of 4.09 and a beta of 1.55. The company has a debt-to-equity ratio of 35.99, a quick ratio of 0.31 and a current ratio of 20.63.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on IGM. CIBC increased their price objective on IGM Financial from C$42.00 to C$45.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. TD Securities raised their price target on IGM Financial from C$42.00 to C$43.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Scotiabank raised their price target on IGM Financial from C$45.00 to C$46.00 in a research note on Wednesday, July 24th. Royal Bank of Canada raised their price target on IGM Financial from C$46.00 to C$47.00 in a research note on Thursday. Finally, National Bankshares raised their price target on IGM Financial from C$46.00 to C$47.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$43.86.

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.