IGM Financial (TSE:IGM) Sets New 52-Week High After Analyst Upgrade

IGM Financial Inc. (TSE:IGM) shares reached a new 52-week high during trading on Wednesday after CIBC raised their price target on the stock from C$61.00 to C$68.00. The stock traded as high as C$68.16 and last traded at C$67.64, with a volume of 277895 shares. The stock had previously closed at C$66.00.

IGM has been the topic of several other research reports. BMO Capital Markets raised their target price on IGM Financial from C$54.00 to C$57.00 in a research report on Monday, November 10th. TD Securities increased their price objective on IGM Financial from C$57.00 to C$64.00 in a research note on Tuesday, November 4th. Scotiabank lifted their target price on shares of IGM Financial from C$64.00 to C$67.00 and gave the stock a “sector perform” rating in a research note on Tuesday, October 28th. Jefferies Financial Group increased their target price 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. Finally, National Bankshares raised their price target on shares of IGM Financial from C$60.00 to C$68.00 in a research note on Monday, November 10th. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, IGM Financial presently has a consensus rating of “Hold” and an average target price of C$62.71.

Insider Activity

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

IGM Financial Trading Up 2.7%

The firm’s 50-day simple moving average is C$60.60 and its 200 day simple moving average is C$53.41. The stock has a market cap of C$15.98 billion, a P/E ratio of 15.58, a PEG ratio of 4.09 and a beta of 1.13. The company has a current ratio of 3.61, a quick ratio of 0.31 and a debt-to-equity ratio of 97.24.

IGM Financial (TSE:IGM) last released its quarterly earnings results on Thursday, November 6th. The financial services provider reported C$1.27 earnings per share (EPS) for the quarter. The company had revenue of C$971.88 million during the quarter. IGM Financial had a return on equity of 12.76% and a net margin of 27.93%. As a group, equities research analysts anticipate that IGM Financial Inc. will post 4.006816 earnings per share for the current year.

IGM Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Friday, January 30th will be paid a $0.5625 dividend. The ex-dividend date of this dividend is Tuesday, December 30th. This represents a $2.25 annualized dividend and a dividend yield of 3.3%. This is an increase from IGM Financial’s previous quarterly dividend of $0.56. IGM Financial’s dividend payout ratio is presently 51.72%.

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.