IGM Financial (TSE:IGM) Sets New 52-Week High at $40.00

IGM Financial Inc. (TSE:IGM)’s stock price reached a new 52-week high during trading on Thursday . The company traded as high as C$40.00 and last traded at C$39.64, with a volume of 14436 shares trading hands. The stock had previously closed at C$39.44.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on IGM shares. Royal Bank of Canada upped their price objective on shares of IGM Financial from C$46.00 to C$47.00 in a research note on Thursday, August 8th. National Bankshares boosted their target price on shares of IGM Financial from C$46.00 to C$47.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Scotiabank boosted their target price on shares of IGM Financial from C$45.00 to C$46.00 in a research report on Wednesday, July 24th. Jefferies Financial Group upped their price objective on shares of IGM Financial from C$38.00 to C$39.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Finally, BMO Capital Markets lowered their price objective on shares of IGM Financial from C$40.00 to C$39.00 in a report on Friday, August 9th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of C$43.71.

IGM Financial Stock Performance

The company’s fifty day moving average price is C$38.50 and its 200 day moving average price is C$36.89. The company has a market cap of C$9.48 billion, a PE ratio of 11.28, a P/E/G ratio of 4.09 and a beta of 1.54. The company has a debt-to-equity ratio of 35.99, a current ratio of 2.12 and a quick ratio of 0.31.

IGM Financial (TSE:IGM) last announced its earnings results on Wednesday, August 7th. The financial services provider reported C$0.93 EPS for the quarter, missing the consensus estimate of C$0.95 by C($0.02). The firm had revenue of C$816.31 million during the quarter, compared to analysts’ expectations of C$826.00 million. IGM Financial had a net margin of 29.47% and a return on equity of 12.80%. On average, equities research analysts predict that IGM Financial Inc. will post 4.0291363 earnings per share for the current year.

IGM Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 31st will be issued a $0.563 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.25 annualized dividend and a dividend yield of 5.62%. IGM Financial’s dividend payout ratio is currently 63.38%.

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.