IGM Financial (TSE:IGM) Stock Price Crosses Above 200 Day Moving Average – Time to Sell?

IGM Financial Inc. (TSE:IGM) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$55.92 and traded as high as C$62.35. IGM Financial shares last traded at C$60.95, with a volume of 881,792 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on IGM. BMO Capital Markets upped their price target on IGM Financial from C$57.00 to C$68.00 in a report on Monday, January 26th. Royal Bank Of Canada boosted their target price on IGM Financial from C$51.00 to C$65.00 and gave the stock a “sector perform” rating in a research report on Monday, January 26th. TD Securities raised their price target on shares of IGM Financial from C$64.00 to C$73.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Canadian Imperial Bank of Commerce increased their price objective on shares of IGM Financial from C$61.00 to C$68.00 in a research report on Wednesday, January 21st. Finally, National Bank Financial lifted their price objective on IGM Financial from C$68.00 to C$82.00 and gave the stock an “outperform” rating in a report on Wednesday, February 4th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, IGM Financial currently has an average rating of “Hold” and a consensus target price of C$68.14.

IGM Financial Trading Up 8.4%

The company has a market capitalization of C$15.57 billion, a P/E ratio of 15.19, a PEG ratio of 4.09 and a beta of 1.10. The company has a debt-to-equity ratio of 97.24, a quick ratio of 0.31 and a current ratio of 3.61. The stock has a fifty day moving average of C$63.99 and a 200 day moving average of C$56.06.

IGM Financial (TSE:IGM) last posted its quarterly earnings data on Thursday, February 12th. The financial services provider reported C$1.27 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$1.05 billion for the quarter. As a group, equities research analysts anticipate that IGM Financial Inc. will post 4.006816 EPS for the current fiscal year.

IGM Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Friday, January 30th were paid a $0.5625 dividend. This represents a $2.25 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Tuesday, December 30th. This is a boost from IGM Financial’s previous quarterly dividend of $0.56. IGM Financial’s dividend payout ratio (DPR) is currently 51.72%.

Insider Buying and Selling

In other news, Director Esther Findlay sold 800 shares of the business’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of C$57.60, for a total value of C$46,080.00. Following the transaction, the director directly owned 10,276 shares in the company, valued at C$591,897.60. The trade was a 7.22% decrease in their ownership of the stock. Insiders sold 6,980 shares of company stock worth $401,782 over the last quarter. 66.58% of the stock is owned by company insiders.

About IGM Financial

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.