IGM Financial (TSE:IGM) Hits New 12-Month High – Should You Buy?

IGM Financial Inc. (TSE:IGM)’s share price reached a new 52-week high on Monday . The stock traded as high as C$63.16 and last traded at C$62.60, with a volume of 40354 shares changing hands. The stock had previously closed at C$61.75.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on IGM shares. BMO Capital Markets lifted their target price on shares of IGM Financial from C$54.00 to C$57.00 in a report on Monday, November 10th. TD Securities increased their price target on shares of IGM Financial from C$57.00 to C$64.00 in a report on Tuesday, November 4th. Jefferies Financial Group increased their price target on shares of IGM Financial from C$50.00 to C$54.00 and gave the company a “hold” rating in a research report on Wednesday, October 29th. National Bankshares increased their price objective on IGM Financial from C$60.00 to C$68.00 in a research note on Monday, November 10th. Finally, Royal Bank Of Canada upped their price objective on shares of IGM Financial from C$55.00 to C$61.00 in a research note on Monday, November 10th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of C$61.71.

IGM Financial Price Performance

The company has a debt-to-equity ratio of 97.24, a current ratio of 3.61 and a quick ratio of 0.31. The firm has a market cap of C$14.84 billion, a price-to-earnings ratio of 14.48, a P/E/G ratio of 4.09 and a beta of 1.06. The business’s 50-day moving average price is C$56.33 and its two-hundred day moving average price is C$50.27.

IGM Financial (TSE:IGM) last released its earnings results on Thursday, November 6th. 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 company had revenue of C$971.88 million for the quarter. On average, research analysts forecast that IGM Financial Inc. will post 4.006816 EPS for the current fiscal year.

IGM Financial Increases Dividend

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

Insider Activity at IGM Financial

In other IGM Financial news, Director Esther Findlay sold 800 shares of IGM Financial stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of C$57.60, for a total transaction of C$46,080.00. Following the sale, the director owned 10,276 shares of the company’s stock, valued at C$591,897.60. The trade was a 7.22% decrease in their position. Also, insider Rhonda Goldberg sold 7,353 shares of the stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of C$57.00, for a total transaction of C$419,121.00. Insiders sold 34,904 shares of company stock worth $1,982,131 in the last 90 days. 66.58% of the stock is 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.