IGM Financial (TSE:IGM) Sets New 1-Year High After Analyst Upgrade

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

A number of other research firms also recently issued reports on IGM. TD Securities lifted their price objective on shares of IGM Financial from C$57.00 to C$64.00 in a report on Tuesday, November 4th. Scotiabank raised their target price on shares of IGM Financial from C$64.00 to C$67.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 28th. BMO Capital Markets boosted their price target on shares of IGM Financial from C$54.00 to C$57.00 in a research report on Monday, November 10th. National Bankshares raised their price objective on IGM Financial from C$60.00 to C$68.00 in a report on Monday, November 10th. Finally, 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. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of C$62.71.

Insider Activity at IGM Financial

In related news, Director Esther Findlay sold 800 shares of the business’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of C$57.60, for a total transaction of C$46,080.00. Following the transaction, the director directly 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 stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of C$57.00, for a total value of C$419,121.00. Insiders sold 34,904 shares of company stock worth $1,982,131 in the last 90 days. Corporate insiders own 66.58% of the company’s stock.

IGM Financial Stock Performance

The stock’s 50-day simple moving average is C$61.02 and its 200-day simple moving average is C$53.61. The stock has a market cap of C$15.83 billion, a price-to-earnings ratio of 15.44, a price-to-earnings-growth 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 for the quarter. The company had revenue of C$971.88 million during the quarter. IGM Financial had a net margin of 27.93% and a return on equity of 12.76%. Analysts forecast that IGM Financial Inc. will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Friday, January 30th will be issued a dividend of $0.5625 per share. This is an increase from IGM Financial’s previous quarterly dividend of $0.56. 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%. IGM Financial’s payout ratio is currently 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.