IGM Financial (TSE:IGM) Share Price Crosses Above 200-Day Moving Average – Here’s Why

IGM Financial Inc. (TSE:IGM) shares crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$41.15 and traded as high as C$46.21. IGM Financial shares last traded at C$45.91, with a volume of 194,031 shares.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. TD Securities upped their target price on IGM Financial from C$46.00 to C$50.00 in a report on Monday, November 11th. CIBC upped their price objective on shares of IGM Financial from C$47.00 to C$50.00 in a research note on Friday, November 8th. Scotiabank increased their target price on shares of IGM Financial from C$53.00 to C$56.00 in a report on Friday, November 8th. BMO Capital Markets boosted their price target on shares of IGM Financial from C$43.00 to C$47.00 in a report on Monday, November 11th. Finally, National Bankshares increased their price objective on shares of IGM Financial from C$47.00 to C$50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, IGM Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of C$49.29.

IGM Financial Price Performance

The company has a market cap of C$10.87 billion, a PE ratio of 12.94, a price-to-earnings-growth ratio of 4.09 and a beta of 1.53. The firm has a 50 day simple moving average of C$45.55 and a 200-day simple moving average of C$41.27. The company has a quick ratio of 0.31, a current ratio of 2.12 and a debt-to-equity ratio of 35.99.

IGM Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be paid a dividend of $0.563 per share. The ex-dividend date is Tuesday, December 31st. This represents a $2.25 annualized dividend and a dividend yield of 4.90%. IGM Financial’s dividend payout ratio (DPR) is presently 63.38%.

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.