IGM Financial (TSE:IGM) Sets New 52-Week High – Here’s Why

Shares of IGM Financial Inc. (TSE:IGM) reached a new 52-week high on Monday . The company traded as high as C$45.83 and last traded at C$45.80, with a volume of 26307 shares trading hands. The stock had previously closed at C$45.59.

Wall Street Analyst Weigh In

IGM has been the subject of several recent analyst reports. CIBC increased their price objective on IGM Financial from C$47.00 to C$50.00 in a report on Friday, November 8th. Jefferies Financial Group lifted their price objective 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. BMO Capital Markets upped their target price on shares of IGM Financial from C$43.00 to C$47.00 in a report on Monday, November 11th. TD Securities boosted their price target on IGM Financial from C$46.00 to C$50.00 in a research report on Monday, November 11th. Finally, Scotiabank raised their price objective on IGM Financial from C$53.00 to C$56.00 in a research report on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of C$49.29.

IGM Financial Price Performance

The stock has a market capitalization of C$10.90 billion, a price-to-earnings ratio of 12.84, a P/E/G ratio of 4.09 and a beta of 1.53. The company’s 50-day simple moving average is C$41.50 and its 200-day simple moving average is C$39.03. The company has a debt-to-equity ratio of 35.99, a current ratio of 2.12 and a quick ratio of 0.31.

IGM Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be paid a $0.563 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $2.25 annualized dividend and a yield of 4.89%. IGM Financial’s dividend payout ratio (DPR) is presently 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.