IGM Financial (TSE:IGM) Sets New 1-Year High – What’s Next?

Shares of IGM Financial Inc. (TSE:IGM) hit a new 52-week high on Monday . The stock traded as high as C$47.83 and last traded at C$47.76, with a volume of 35901 shares. The stock had previously closed at C$47.05.

Analysts Set New Price Targets

A number of research firms have issued reports on IGM. Scotiabank increased their price objective on IGM Financial from C$53.00 to C$56.00 in a report on Friday, November 8th. Jefferies Financial Group lifted their price target on shares of IGM Financial from C$39.00 to C$45.00 and gave the company a “hold” rating in a research report on Friday, November 1st. TD Securities boosted their price objective on shares of IGM Financial from C$46.00 to C$50.00 in a research note on Monday, November 11th. BMO Capital Markets raised their target price on shares of IGM Financial from C$43.00 to C$47.00 in a research note on Monday, November 11th. Finally, CIBC lifted their target price on shares of IGM Financial from C$47.00 to C$50.00 in a report on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of C$49.29.

IGM Financial Stock Up 0.6 %

The company’s 50 day moving average price is C$42.31 and its two-hundred day moving average price is C$39.39. 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 stock has a market cap of C$11.20 billion, a P/E ratio of 13.25, a PEG ratio of 4.09 and a beta of 1.53.

IGM Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.563 per share. This represents a $2.25 annualized dividend and a yield of 4.76%. The ex-dividend date is Tuesday, December 31st. IGM Financial’s dividend payout ratio 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.