IGM Financial (TSE:IGM) Sets New 52-Week High – Time to Buy?

IGM Financial Inc. (TSE:IGM) shares reached a new 52-week high during trading on Tuesday . The company traded as high as C$42.64 and last traded at C$41.82, with a volume of 25994 shares changing hands. The stock had previously closed at C$42.21.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on IGM. Scotiabank upped their price target on shares of IGM Financial from C$45.00 to C$46.00 in a report on Wednesday, July 24th. BMO Capital Markets decreased their target price on IGM Financial from C$40.00 to C$39.00 in a research note on Friday, August 9th. Jefferies Financial Group lifted their price target on IGM Financial from C$38.00 to C$39.00 and gave the company a “buy” rating in a research report on Monday, July 29th. National Bankshares upped their price objective on shares of IGM Financial from C$46.00 to C$47.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada lifted their target price on shares of IGM Financial from C$46.00 to C$47.00 in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, IGM Financial has a consensus rating of “Moderate Buy” and a consensus price target of C$43.71.

IGM Financial Price Performance

The firm has a market capitalization of C$9.89 billion, a P/E ratio of 11.77, a PEG ratio of 4.09 and a beta of 1.53. The company has a quick ratio of 0.31, a current ratio of 2.12 and a debt-to-equity ratio of 35.99. The business’s 50-day simple moving average is C$39.90 and its 200 day simple moving average is C$37.90.

IGM Financial (TSE:IGM) last issued its earnings results on Wednesday, August 7th. The financial services provider reported C$0.93 EPS for the quarter, missing analysts’ consensus estimates of C$0.95 by C($0.02). IGM Financial had a return on equity of 12.80% and a net margin of 29.47%. The business had revenue of C$816.31 million during the quarter, compared to analysts’ expectations of C$826.00 million. Sell-side analysts forecast that IGM Financial Inc. will post 4.006816 earnings per share for the current year.

IGM Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 31st will be paid a $0.563 dividend. This represents a $2.25 dividend on an annualized basis and a dividend yield of 5.39%. The ex-dividend date of this dividend is Friday, September 27th. IGM Financial’s dividend payout ratio (DPR) is presently 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.