IGM Financial (TSE:IGM) Sets New 12-Month High – What’s Next?

by · The Markets Daily

IGM Financial Inc. (TSE:IGM – Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as C$42.20 and last traded at C$42.19, with a volume of 8186 shares. The stock had previously closed at C$41.65.

Wall Street Analysts Forecast Growth

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

View Our Latest Report on IGM Financial

IGM Financial Price Performance

The company has a current ratio of 2.12, a quick ratio of 0.31 and a debt-to-equity ratio of 35.99. The business has a 50-day moving average of C$39.28 and a 200 day moving average of C$37.57. The firm has a market capitalization of C$9.97 billion, a PE ratio of 11.73, a price-to-earnings-growth ratio of 4.09 and a beta of 1.53.

IGM Financial (TSE:IGM – Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The financial services provider reported C$0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$0.95 by C($0.02). The company had revenue of C$816.31 million for the quarter, compared to analysts’ expectations of C$826.00 million. IGM Financial had a return on equity of 12.80% and a net margin of 29.47%. As a group, research analysts anticipate that IGM Financial Inc. will post 4.006816 EPS for the current fiscal year.

IGM Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 31st will be given a $0.563 dividend. This represents a $2.25 dividend on an annualized basis and a yield of 5.35%. The ex-dividend date is Friday, September 27th. IGM Financial’s dividend payout ratio is currently 63.38%.

IGM Financial Company Profile

(Get Free Report)

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.

Recommended Stories