IGM Financial Inc. Plans Quarterly Dividend of $0.56 (TSE:IGM)

IGM Financial Inc. (TSE:IGM) declared a quarterly dividend on Thursday, November 7th,Zacks Dividends reports. Shareholders of record on Tuesday, December 31st will be given a dividend of 0.563 per share by the financial services provider on Friday, January 31st. This represents a $2.25 dividend on an annualized basis and a yield of 5.07%. The ex-dividend date of this dividend is Tuesday, December 31st.

IGM Financial Price Performance

Shares of TSE:IGM opened at C$44.38 on Friday. 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 firm has a 50-day simple moving average of C$40.92 and a 200 day simple moving average of C$38.60. IGM Financial has a fifty-two week low of C$31.92 and a fifty-two week high of C$44.85. The company has a market cap of C$10.50 billion, a PE ratio of 12.50, a P/E/G ratio of 4.09 and a beta of 1.53.

IGM Financial (TSE:IGM) last announced its quarterly earnings results on Wednesday, August 7th. The financial services provider reported C$0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.95 by C($0.02). The firm had revenue of C$816.31 million for the quarter, compared to analyst estimates of C$826.00 million. IGM Financial had a net margin of 29.47% and a return on equity of 12.80%. On average, sell-side analysts anticipate that IGM Financial will post 4.006816 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on IGM. CIBC raised their target price on shares of IGM Financial from C$47.00 to C$50.00 in a research note on Friday. Jefferies Financial Group increased their price target on IGM Financial from C$39.00 to C$45.00 and gave the company a “hold” rating in a research note on Friday, November 1st. BMO Capital Markets cut their price objective on IGM Financial from C$40.00 to C$39.00 in a report on Friday, August 9th. Scotiabank raised their target price on IGM Financial from C$53.00 to C$56.00 in a research note on Friday. Finally, National Bankshares boosted their price target on shares of IGM Financial from C$47.00 to C$50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of C$47.14.

About IGM Financial

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.