IGM Financial (TSE:IGM) Sets New 1-Year High – What’s Next?

IGM Financial Inc. (TSE:IGM)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as C$42.64 and last traded at C$41.82, with a volume of 25994 shares traded. The stock had previously closed at C$42.21.

Analyst Upgrades and Downgrades

IGM has been the subject of several research analyst reports. 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 report on Monday, July 29th. Royal Bank of Canada raised their target price 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 target on shares of IGM Financial from C$40.00 to C$39.00 in a research note on Friday, August 9th. Jefferies Financial Group lifted 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 note on Monday, July 29th. Finally, Scotiabank upped their target price on shares of IGM Financial from C$45.00 to C$46.00 in a research report on Wednesday, July 24th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of C$43.71.

IGM Financial Stock Down 1.1 %

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 company’s fifty day moving average price is C$39.70 and its 200-day moving average price is C$37.78. The stock has a market cap of C$9.88 billion, a P/E ratio of 11.89, a price-to-earnings-growth ratio of 4.09 and a beta of 1.53.

IGM Financial (TSE:IGM) last announced its quarterly earnings data on Wednesday, August 7th. The financial services provider reported C$0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.95 by C($0.02). The firm had revenue of C$816.31 million during 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%. Equities analysts forecast that IGM Financial Inc. will post 4.006816 EPS for the current year.

IGM Financial Dividend Announcement

The firm 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 dividend of $0.563 per share. This represents a $2.25 dividend on an annualized basis and a yield of 5.40%. The ex-dividend date of this dividend is Friday, September 27th. IGM Financial’s 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.