IGM Financial (TSE:IGM) Hits New 1-Year High – Time to Buy?

IGM Financial Inc. (TSE:IGM) reached a new 52-week high during trading on Wednesday . The company traded as high as C$47.89 and last traded at C$47.81, with a volume of 12624 shares trading hands. The stock had previously closed at C$47.59.

Wall Street Analysts Forecast Growth

IGM has been the subject of a number of research analyst reports. Jefferies Financial Group upped their target price on IGM Financial from C$39.00 to C$45.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. TD Securities upped their price objective on IGM Financial from C$46.00 to C$50.00 in a report on Monday, November 11th. Scotiabank raised their target price on IGM Financial from C$53.00 to C$56.00 in a research note on Friday, November 8th. CIBC boosted their price target on shares of IGM Financial from C$47.00 to C$50.00 in a research report on Friday, November 8th. Finally, National Bankshares upped their price target on shares of IGM Financial from C$47.00 to C$50.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of C$49.29.

IGM Financial Trading Up 0.6 %

The firm has a market capitalization of C$11.33 billion, a P/E ratio of 13.41, a price-to-earnings-growth ratio of 4.09 and a beta of 1.53. The company has a debt-to-equity ratio of 35.99, a quick ratio of 0.31 and a current ratio of 2.12. The firm has a 50 day moving average price of C$43.95 and a two-hundred day moving average price of C$40.16.

IGM Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.563 per share. This represents a $2.25 dividend on an annualized basis and a yield of 4.70%. 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.