IGM Financial (TSE:IGM) Hits New 1-Year High at $40.00

IGM Financial Inc. (TSE:IGM)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as C$40.00 and last traded at C$39.64, with a volume of 14436 shares traded. The stock had previously closed at C$39.44.

Wall Street Analysts Forecast Growth

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

IGM Financial Stock Up 1.0 %

The company has a debt-to-equity ratio of 35.99, a quick ratio of 0.31 and a current ratio of 2.12. The stock’s fifty day simple moving average is C$38.42 and its two-hundred day simple moving average is C$36.84. The stock has a market capitalization of C$9.43 billion, a P/E ratio of 11.11, a price-to-earnings-growth ratio of 4.09 and a beta of 1.54.

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). IGM Financial had a return on equity of 12.80% and a net margin of 29.47%. The business had revenue of C$816.31 million during the quarter, compared to the consensus estimate of C$826.00 million. As a group, research analysts expect that IGM Financial Inc. will post 4.0291363 EPS for the current fiscal year.

IGM Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 31st will be given a dividend of $0.563 per share. This represents a $2.25 annualized dividend and a dividend yield of 5.65%. The ex-dividend date is Friday, September 27th. IGM Financial’s dividend payout ratio (DPR) is presently 63.38%.

About IGM Financial

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.