IGM Financial (TSE:IGM) Sets New 52-Week High – Still a Buy?

IGM Financial Inc. (TSE:IGM) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$62.12 and last traded at C$61.78, with a volume of 631217 shares. The stock had previously closed at C$60.70.

Analyst Upgrades and Downgrades

IGM has been the subject of a number of recent analyst reports. TD Securities lifted their target price on IGM Financial from C$57.00 to C$64.00 in a report on Tuesday, November 4th. CIBC set a C$61.00 price objective on shares of IGM Financial and gave the company a “neutral” rating in a research report on Wednesday, November 19th. National Bankshares boosted their price objective on shares of IGM Financial from C$60.00 to C$68.00 in a research note on Monday, November 10th. Royal Bank Of Canada increased their target price on shares of IGM Financial from C$55.00 to C$61.00 in a research note on Monday, November 10th. Finally, Scotiabank boosted their price target on shares of IGM Financial from C$64.00 to C$67.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 28th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, IGM Financial has a consensus rating of “Hold” and an average price target of C$61.71.

IGM Financial Stock Performance

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 market cap of C$14.59 billion, a PE ratio of 14.20, a PEG ratio of 4.09 and a beta of 1.06. The company’s 50-day moving average price is C$55.48 and its two-hundred day moving average price is C$49.77.

IGM Financial (TSE:IGM) last released its earnings results on Thursday, November 6th. The financial services provider reported C$1.26 EPS for the quarter. IGM Financial had a return on equity of 12.76% and a net margin of 27.93%.The business had revenue of C$971.88 million for the quarter. On average, equities research analysts forecast that IGM Financial Inc. will post 4.006816 EPS for the current year.

IGM Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Friday, January 30th will be given a dividend of $0.5625 per share. This is a boost from IGM Financial’s previous quarterly dividend of $0.56. The ex-dividend date is Tuesday, December 30th. This represents a $2.25 annualized dividend and a dividend yield of 3.6%. IGM Financial’s dividend payout ratio is currently 51.72%.

Insider Buying and Selling at IGM Financial

In related news, insider Rhonda Goldberg sold 8,636 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of C$57.00, for a total value of C$492,252.00. Over the last 90 days, insiders sold 27,924 shares of company stock worth $1,580,349. Company insiders own 66.58% of the company’s stock.

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.