IGM Financial (TSE:IGM) Hits New 12-Month High – Still a Buy?

Shares of IGM Financial Inc. (TSE:IGM) reached a new 52-week high during trading on Thursday . The stock traded as high as C$58.16 and last traded at C$57.91, with a volume of 56283 shares. The stock had previously closed at C$57.14.

Wall Street Analyst Weigh In

Several brokerages have recently commented on IGM. National Bankshares increased their price target on shares of IGM Financial from C$60.00 to C$68.00 in a research note on Monday, November 10th. Royal Bank Of Canada lifted their target price on IGM Financial from C$55.00 to C$61.00 in a research report on Monday, November 10th. Jefferies Financial Group lifted their price objective 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. 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. Finally, TD Securities increased their price objective on shares of IGM Financial from C$57.00 to C$64.00 in a research note on Tuesday, November 4th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, IGM Financial currently has an average rating of “Hold” and an average price target of C$61.71.

IGM Financial Stock Up 1.3%

The business’s 50 day moving average price is C$54.10 and its 200-day moving average price is C$48.89. The company has a debt-to-equity ratio of 97.24, a current ratio of 3.61 and a quick ratio of 0.31. The company has a market cap of C$13.73 billion, a P/E ratio of 13.31, a PEG ratio of 4.09 and a beta of 1.06.

IGM Financial (TSE:IGM) last issued its quarterly earnings results on Thursday, November 6th. The financial services provider reported C$1.26 earnings per share (EPS) for the quarter. IGM Financial had a net margin of 27.93% and a return on equity of 12.76%. The business had revenue of C$971.88 million for the quarter. On average, analysts anticipate that IGM Financial Inc. will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 31st. Investors of record on Friday, October 31st were given a $0.562 dividend. This represents a $2.25 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date was Friday, September 26th. IGM Financial’s dividend payout ratio (DPR) is presently 51.72%.

Insider Activity

In related news, insider Rhonda Goldberg sold 8,636 shares of the stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of C$57.00, for a total value of C$492,252.00. Over the last 90 days, insiders have sold 27,924 shares of company stock valued at $1,580,349. 66.58% of the stock is currently owned by company insiders.

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.