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

IGM Financial Inc. (TSE:IGM)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as C$64.39 and last traded at C$64.30, with a volume of 627629 shares. The stock had previously closed at C$63.44.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on IGM shares. CIBC set a C$61.00 price target on shares of IGM Financial and gave the stock a “neutral” rating in a report on Wednesday, November 19th. Royal Bank Of Canada increased their price objective on shares of IGM Financial from C$55.00 to C$61.00 in a research note on Monday, November 10th. Scotiabank raised their target price on shares of IGM Financial from C$64.00 to C$67.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 28th. National Bankshares boosted their target price on shares of IGM Financial from C$60.00 to C$68.00 in a research report on Monday, November 10th. Finally, Jefferies Financial Group increased their price target on IGM Financial from C$50.00 to C$54.00 and gave the stock a “hold” rating in a research report on Wednesday, October 29th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, IGM Financial presently has a consensus rating of “Hold” and an average price target of C$61.71.

IGM Financial Trading Up 1.4%

The company has a 50 day simple moving average of C$59.26 and a 200 day simple moving average of C$52.45. The company has a market capitalization of C$15.16 billion, a PE ratio of 14.78, a price-to-earnings-growth ratio of 4.09 and a beta of 1.13. The company has a debt-to-equity ratio of 97.24, a quick ratio of 0.31 and a current ratio of 3.61.

IGM Financial (TSE:IGM) last issued its quarterly earnings results on Thursday, November 6th. The financial services provider reported C$1.27 earnings per share (EPS) for the quarter. IGM Financial had a return on equity of 12.76% and a net margin of 27.93%.The firm had revenue of C$971.88 million for the quarter. Analysts anticipate that IGM Financial Inc. will post 4.006816 earnings per share for the current year.

IGM Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Friday, January 30th will be paid a $0.5625 dividend. This is an increase from IGM Financial’s previous quarterly dividend of $0.56. This represents a $2.25 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, December 30th. IGM Financial’s payout ratio is 51.72%.

Insider Transactions at IGM Financial

In related news, Director Esther Findlay sold 3,280 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of C$57.59, for a total transaction of C$188,895.20. Following the completion of the sale, the director directly owned 6,996 shares in the company, valued at approximately C$402,899.64. This trade represents a 31.92% decrease in their ownership of the stock. Also, insider Rhonda Goldberg sold 8,636 shares of IGM Financial stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of C$57.00, for a total transaction of C$492,252.00. Insiders have sold 34,904 shares of company stock worth $1,982,131 over the last 90 days. 66.58% of the stock is currently owned by company insiders.

IGM Financial Company Profile

IGM Financial is the largest non-bank-affiliated asset manager in Canada. The firm is part of the Power Financial group of companies, which includes Great-West Life, London Life, Canada Life, and Putnam Investments. IGM has two main operating divisionsasset management (operated through Mackenzie Investments) and wealth management (via its Investors Group Wealth Management and Investment Planning Counsel subsidiaries)that provide investment management products and services. IGM Financial had CAD 225.6 billion in assets under management, or AUM, and CAD 30.1 billion in assets under advisement at the end of May 2022.