IGM Financial (TSE:IGM) Reaches New 1-Year High – Should You Buy?

IGM Financial Inc. (TSE:IGM) shares hit a new 52-week high on Tuesday . The company traded as high as C$68.71 and last traded at C$68.64, with a volume of 341096 shares changing hands. The stock had previously closed at C$67.32.

Analyst Ratings Changes

Several analysts have recently weighed in on IGM shares. Royal Bank Of Canada lifted their price target on shares of IGM Financial from C$51.00 to C$65.00 and gave the company a “sector perform” rating in a research note on Monday, January 26th. Canadian Imperial Bank of Commerce lifted their target price on IGM Financial from C$61.00 to C$68.00 in a research report on Wednesday, January 21st. Jefferies Financial Group upped their target price on IGM Financial from C$50.00 to C$54.00 and gave the stock a “hold” rating in a report on Wednesday, October 29th. National Bank Financial raised their price target on IGM Financial from C$68.00 to C$82.00 and gave the company an “outperform” rating in a research note on Wednesday, February 4th. Finally, BMO Capital Markets lifted their price objective on IGM Financial from C$57.00 to C$68.00 in a report on Monday, January 26th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of C$68.57.

IGM Financial Price Performance

The company has a market cap of C$16.24 billion, a PE ratio of 14.94, a price-to-earnings-growth ratio of 4.09 and a beta of 1.10. The company has a quick ratio of 0.31, a current ratio of 3.61 and a debt-to-equity ratio of 97.24. The firm has a 50 day simple moving average of C$65.19 and a 200-day simple moving average of C$57.39.

IGM Financial (TSE:IGM) last released its quarterly earnings results on Thursday, February 12th. The financial services provider reported C$1.27 earnings per share for the quarter. The business had revenue of C$1.05 billion for the quarter. IGM Financial had a net margin of 27.93% and a return on equity of 12.76%. As a group, research analysts predict that IGM Financial Inc. will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Friday, January 30th were given a $0.5625 dividend. This represents a $2.25 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, December 30th. This is a positive change from IGM Financial’s previous quarterly dividend of $0.56. IGM Financial’s payout ratio is 48.49%.

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.