IGM Financial (TSE:IGM) Sets New 52-Week High – What’s Next?

IGM Financial Inc. (TSE:IGM)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as C$43.29 and last traded at C$43.29, with a volume of 1321 shares trading hands. The stock had previously closed at C$42.57.

Analysts Set New Price Targets

A number of brokerages recently weighed in on IGM. Jefferies Financial Group upped their price target on shares of IGM Financial from C$39.00 to C$45.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Scotiabank upped their target price on IGM Financial from C$45.00 to C$46.00 in a research report on Wednesday, July 24th. Royal Bank of Canada raised their target price on 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 IGM Financial from C$40.00 to C$39.00 in a report on Friday, August 9th. Finally, National Bankshares increased their price objective on shares of IGM Financial from C$47.00 to C$50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of C$45.00.

IGM Financial Price Performance

The business has a fifty day moving average of C$40.64 and a 200 day moving average of C$38.43. The company has a debt-to-equity ratio of 35.99, a current ratio of 2.12 and a quick ratio of 0.31. The stock has a market cap of C$10.15 billion, a PE ratio of 11.99, a P/E/G ratio of 4.09 and a beta of 1.53.

IGM Financial (TSE:IGM) last announced its earnings results on Wednesday, August 7th. The financial services provider reported C$0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of C$816.31 million during the quarter, compared to analyst estimates of C$826.00 million. Sell-side analysts anticipate that IGM Financial Inc. will post 4.006816 earnings per share for the current year.

IGM Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Thursday, October 31st were issued a $0.563 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.25 annualized dividend and a yield of 5.25%. IGM Financial’s dividend payout ratio is presently 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.