IGM Financial Inc. (TSE:IGM) Plans $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 dividend on an annualized basis and a dividend yield of 6.26%. The ex-dividend date is Monday, September 30th.

IGM Financial Price Performance

Shares of TSE IGM traded down C$0.19 during trading hours on Friday, reaching C$35.95. 8,414 shares of the stock traded hands, compared to its average volume of 244,573. The company has a market capitalization of C$8.53 billion, a P/E ratio of 11.20, a price-to-earnings-growth ratio of 4.09 and a beta of 1.55. The company has a quick ratio of 0.31, a current ratio of 20.63 and a debt-to-equity ratio of 35.99. IGM Financial has a 52-week low of C$30.34 and a 52-week high of C$39.50. The company’s 50-day simple moving average is C$37.78 and its two-hundred day simple moving average is C$36.34.

Wall Street Analysts Forecast Growth

IGM has been the topic of a number of research reports. 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 report on Monday, July 29th. Jefferies Financial Group raised their price objective on IGM Financial from C$38.00 to C$39.00 and gave the company a “buy” rating in a report on Monday, July 29th. BMO Capital Markets lifted their price target on IGM Financial from C$39.00 to C$40.00 in a research note on Monday, May 6th. CIBC lifted their price target on IGM Financial from C$42.00 to C$45.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. Finally, Royal Bank of Canada boosted their target price on IGM Financial from C$46.00 to C$47.00 in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$43.86.

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.