IGM Financial (TSE:IGM) Reaches New 1-Year High – Here’s Why

IGM Financial Inc. (TSE:IGM) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as C$63.58 and last traded at C$63.54, with a volume of 75637 shares changing hands. The stock had previously closed at C$61.92.

Analyst Ratings Changes

IGM has been the topic of several recent research reports. Scotiabank increased their price objective on IGM Financial from C$64.00 to C$67.00 and gave the stock a “sector perform” rating in a research report on Tuesday, October 28th. CIBC set a C$61.00 price target on shares of IGM Financial and gave the company a “neutral” rating in a research note on Wednesday, November 19th. Jefferies Financial Group lifted their price objective on shares of IGM Financial from C$50.00 to C$54.00 and gave the stock a “hold” rating in a research note on Wednesday, October 29th. National Bankshares increased their target price on shares of IGM Financial from C$60.00 to C$68.00 in a research report on Monday, November 10th. Finally, BMO Capital Markets raised their target price on shares of IGM Financial from C$54.00 to C$57.00 in a report on Monday, November 10th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of C$61.71.

IGM Financial Stock Down 0.0%

The firm’s fifty day moving average is C$58.67 and its 200-day moving average is C$51.95. The company has a market capitalization of C$15.01 billion, a P/E ratio of 14.64, a price-to-earnings-growth ratio of 4.09 and a beta of 1.13. The company has a debt-to-equity ratio of 97.24, a quick ratio of 0.31 and a current ratio of 3.61.

IGM Financial (TSE:IGM) last issued its earnings results on Thursday, November 6th. The financial services provider reported C$1.27 earnings per share for the quarter. The firm had revenue of C$971.88 million for the quarter. IGM Financial had a net margin of 27.93% and a return on equity of 12.76%. As a group, equities research analysts predict 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. Investors of record on Friday, January 30th will be given a dividend of $0.5625 per share. The ex-dividend date is Tuesday, December 30th. This represents a $2.25 dividend on an annualized basis and a yield of 3.5%. This is an increase from IGM Financial’s previous quarterly dividend of $0.56. IGM Financial’s dividend payout ratio is presently 51.72%.

Insider Activity

In other news, Director Esther Findlay sold 3,280 shares of IGM Financial stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of C$57.59, for a total transaction of C$188,895.20. Following the sale, the director directly owned 6,996 shares of the company’s stock, valued at approximately C$402,899.64. This trade represents a 31.92% decrease in their ownership of the stock. Also, insider Rhonda Goldberg sold 8,636 shares of the business’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of C$57.00, for a total value of C$492,252.00. Insiders sold 34,904 shares of company stock valued at $1,982,131 over the last quarter. Corporate insiders own 66.58% of the company’s stock.

About IGM Financial

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.