IGM Financial (TSE:IGM) Sets New 52-Week High at $40.61

IGM Financial Inc. (TSE:IGM) shares reached a new 52-week high on Wednesday . The company traded as high as C$40.61 and last traded at C$40.45, with a volume of 16598 shares traded. The stock had previously closed at C$40.57.

Analyst Upgrades and Downgrades

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

IGM Financial Stock Performance

The firm has a market cap of C$9.57 billion, a PE ratio of 11.43, a PEG ratio of 4.09 and a beta of 1.54. The company has a quick ratio of 0.31, a current ratio of 2.12 and a debt-to-equity ratio of 35.99. The company has a 50-day simple moving average of C$38.58 and a two-hundred day simple moving average of C$36.98.

IGM Financial (TSE:IGM) last released its earnings results on Wednesday, August 7th. The financial services provider reported C$0.93 EPS for the quarter, missing analysts’ consensus estimates of C$0.95 by C($0.02). The business had revenue of C$816.31 million for 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%. As a group, equities research analysts forecast that IGM Financial Inc. will post 4.0287984 earnings per share for the current year.

IGM Financial Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 5.57%. The ex-dividend date of this dividend is Friday, September 27th. IGM Financial’s dividend payout ratio is currently 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.