IGM Financial (TSE:IGM) Hits New 1-Year High Following Analyst Upgrade

IGM Financial Inc. (TSE:IGM)’s stock price hit a new 52-week high during mid-day trading on Tuesday after BMO Capital Markets raised their price target on the stock from C$43.00 to C$47.00. The company traded as high as C$44.90 and last traded at C$44.71, with a volume of 124210 shares trading hands. The stock had previously closed at C$44.38.

A number of other analysts have also commented on IGM. CIBC boosted their price target on shares of IGM Financial from C$47.00 to C$50.00 in a research note on Friday, November 8th. Royal Bank of Canada raised their price objective on IGM Financial from C$46.00 to C$47.00 in a research note on Thursday, August 8th. Scotiabank raised their price target on shares of IGM Financial from C$53.00 to C$56.00 in a research report on Friday, November 8th. National Bankshares upped their price objective on shares of IGM Financial from C$47.00 to C$50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, TD Securities lifted their target price on shares of IGM Financial from C$46.00 to C$50.00 in a research report on Monday. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, IGM Financial presently has an average rating of “Moderate Buy” and a consensus target price of C$49.29.

IGM Financial Price Performance

The company has a current ratio of 2.12, a quick ratio of 0.31 and a debt-to-equity ratio of 35.99. The firm has a market cap of C$10.72 billion, a PE ratio of 12.76, a PEG ratio of 4.09 and a beta of 1.53. The business has a fifty day moving average of C$41.15 and a 200-day moving average of C$38.79.

IGM Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be paid a dividend of $0.563 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $2.25 annualized dividend and a yield of 4.97%. 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.