IGM Financial Inc. (TSE:IGM) Plans Quarterly Dividend of $0.56

IGM Financial Inc. (TSE:IGM) announced a quarterly dividend on Thursday, May 2nd, Zacks reports. Investors of record on Friday, June 28th will be given a dividend of 0.563 per share by the financial services provider on Wednesday, July 31st. This represents a $2.25 annualized dividend and a dividend yield of 5.93%. The ex-dividend date of this dividend is Friday, June 28th.

IGM Financial Stock Performance

IGM Financial stock traded up C$2.23 during mid-day trading on Friday, reaching C$37.96. The company had a trading volume of 475,412 shares, compared to its average volume of 249,495. The company has a quick ratio of 0.31, a current ratio of 1.94 and a debt-to-equity ratio of 38.26. The firm has a market cap of C$9.04 billion, a price-to-earnings ratio of 9.78, a PEG ratio of 4.24 and a beta of 1.58. The company has a 50 day moving average of C$34.74 and a 200-day moving average of C$34.54. IGM Financial has a 52 week low of C$30.34 and a 52 week high of C$42.02.

IGM Financial (TSE:IGM) last released its earnings results on Thursday, February 15th. The financial services provider reported C$0.84 earnings per share for the quarter, missing the consensus estimate of C$0.89 by C($0.05). IGM Financial had a net margin of 31.03% and a return on equity of 14.46%. The company had revenue of C$768.80 million during the quarter, compared to the consensus estimate of C$773.00 million. On average, sell-side analysts expect that IGM Financial will post 3.711039 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on IGM shares. Royal Bank of Canada boosted their price objective on IGM Financial from C$44.00 to C$45.00 in a research report on Friday. TD Securities increased their price objective on shares of IGM Financial from C$41.00 to C$42.00 in a research note on Thursday, April 25th. National Bankshares upped their target price on shares of IGM Financial from C$44.00 to C$46.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. CIBC raised their price target on shares of IGM Financial from C$42.00 to C$45.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Scotiabank lifted their price objective on IGM Financial from C$44.00 to C$45.00 and gave the company a “sector perform” rating in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$43.17.

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.