IGM Financial (TSE:IGM) Sets New 12-Month High – What’s Next?

IGM Financial Inc. (TSE:IGM) shares reached a new 52-week high on Friday . The stock traded as high as C$41.34 and last traded at C$41.23, with a volume of 17202 shares. The stock had previously closed at C$40.89.

Analysts Set New Price Targets

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

IGM Financial Trading Up 1.0 %

The firm’s 50-day simple moving average is C$38.87 and its 200 day simple moving average is C$37.21. The firm has a market cap of C$9.77 billion, a P/E ratio of 11.52, a price-to-earnings-growth 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.

IGM Financial (TSE:IGM) last posted its quarterly earnings data on Wednesday, August 7th. The financial services provider reported C$0.93 EPS for the quarter, missing the consensus estimate of C$0.95 by C($0.02). IGM Financial had a net margin of 29.47% and a return on equity of 12.80%. The firm had revenue of C$816.31 million during the quarter, compared to analysts’ expectations of C$826.00 million. As a group, analysts expect that IGM Financial Inc. will post 4.0287984 earnings per share for the current year.

IGM Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Thursday, October 31st will be issued a $0.563 dividend. This represents a $2.25 annualized dividend and a yield of 5.45%. The ex-dividend date of this dividend is Friday, September 27th. IGM Financial’s dividend payout ratio (DPR) is currently 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.