IGM Financial (TSE:IGM) Reaches New 1-Year High – Still a Buy?

IGM Financial Inc. (TSE:IGM) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$43.29 and last traded at C$43.29, with a volume of 1321 shares traded. The stock had previously closed at C$42.57.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on IGM shares. Jefferies Financial Group lifted their price objective on shares of IGM Financial from C$39.00 to C$45.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. National Bankshares lifted their price objective on shares of IGM Financial from C$47.00 to C$50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Royal Bank of Canada raised their target price on shares of IGM Financial from C$46.00 to C$47.00 in a report on Thursday, August 8th. CIBC raised their target price on shares of IGM Financial from C$47.00 to C$50.00 in a report on Friday. Finally, BMO Capital Markets decreased their price target on shares of IGM Financial from C$40.00 to C$39.00 in a report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, IGM Financial presently has an average rating of “Moderate Buy” and a consensus price target of C$47.14.

IGM Financial Price Performance

The company has a debt-to-equity ratio of 35.99, a current ratio of 2.12 and a quick ratio of 0.31. The stock has a market capitalization of C$10.50 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 4.09 and a beta of 1.53. The stock’s 50 day simple moving average is C$40.81 and its 200-day simple moving average is C$38.56.

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

IGM Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Thursday, October 31st were given a dividend of $0.563 per share. This represents a $2.25 dividend on an annualized basis and a yield of 5.07%. The ex-dividend date of this dividend was Friday, September 27th. IGM Financial’s dividend payout ratio (DPR) is currently 63.38%.

IGM Financial Company Profile

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.