IGM Financial (TSE:IGM) Sets New 52-Week High – Here’s What Happened
by Renee Jackson · The Cerbat GemIGM Financial Inc. (TSE:IGM – Get Free Report)’s share price reached a new 52-week high on Monday . The stock traded as high as C$63.58 and last traded at C$63.54, with a volume of 75637 shares changing hands. The stock had previously closed at C$61.92.
Analyst Ratings Changes
Several research analysts recently issued reports on IGM shares. BMO Capital Markets upped their target price on shares of IGM Financial from C$54.00 to C$57.00 in a research report on Monday, November 10th. CIBC set a C$61.00 price target on IGM Financial and gave the stock a “neutral” rating in a research note on Wednesday, November 19th. National Bankshares increased their price objective on IGM Financial from C$60.00 to C$68.00 in a research report on Monday, November 10th. TD Securities raised their price objective on IGM Financial from C$57.00 to C$64.00 in a report on Tuesday, November 4th. Finally, Royal Bank Of Canada upped their target price on IGM Financial from C$55.00 to C$61.00 in a research note on Monday, November 10th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, IGM Financial has an average rating of “Hold” and an average target price of C$61.71.
View Our Latest Analysis on IGM Financial
IGM Financial Stock Performance
The business’s fifty day simple moving average is C$58.10 and its 200-day simple moving average is C$51.58. The firm has a market cap of C$15.12 billion, a P/E ratio of 14.74, 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 – Get Free Report) last posted its 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%. As a group, sell-side analysts expect that IGM Financial Inc. will post 4.006816 earnings per share for the current year.
IGM Financial Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Friday, January 30th will be given a $0.5625 dividend. The ex-dividend date is Tuesday, December 30th. This represents a $2.25 dividend on an annualized basis and a dividend yield of 3.5%. This is an increase from IGM Financial’s previous quarterly dividend of $0.56. IGM Financial’s dividend payout ratio is 51.72%.
Insider Activity at IGM Financial
In other IGM Financial news, insider Rhonda Goldberg sold 8,636 shares of the business’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of C$57.00, for a total transaction of C$492,252.00. Also, Director Esther Findlay sold 3,280 shares of the company’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of C$57.59, for a total transaction of C$188,895.20. Following the completion of the transaction, the director owned 6,996 shares of the company’s stock, valued at C$402,899.64. This trade represents a 31.92% decrease in their ownership of the stock. Insiders have sold 34,904 shares of company stock worth $1,982,131 over the last three months. Insiders own 66.58% of the company’s stock.
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.