IGM Financial (TSE:IGM) Shares Cross Above 200 Day Moving Average – What’s Next?

IGM Financial Inc. (TSE:IGM) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$53.25 and traded as high as C$67.64. IGM Financial shares last traded at C$67.60, with a volume of 197,686 shares.

Analysts Set New Price Targets

A number of analysts have commented on IGM shares. Jefferies Financial Group upped their price target on shares of IGM Financial from C$50.00 to C$54.00 and gave the company a “hold” rating in a research report on Wednesday, October 29th. BMO Capital Markets upped their target price on IGM Financial from C$54.00 to C$57.00 in a research report on Monday, November 10th. Scotiabank raised their target price on IGM Financial from C$64.00 to C$67.00 and gave the stock a “sector perform” rating in a research note on Tuesday, October 28th. Royal Bank Of Canada boosted their price target on IGM Financial from C$55.00 to C$61.00 in a research note on Monday, November 10th. Finally, CIBC set a C$61.00 price objective on shares of IGM Financial and gave the stock a “neutral” rating in a research report on Wednesday, November 19th. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of C$61.71.

IGM Financial Trading Up 0.8%

The business has a 50 day moving average of C$60.40 and a two-hundred day moving average of C$53.25. The firm has a market capitalization of C$15.93 billion, a price-to-earnings ratio of 15.54, a P/E/G ratio of 4.09 and a beta of 1.13. The company has a debt-to-equity ratio of 97.24, a quick ratio of 0.31 and a current ratio of 3.61.

IGM Financial (TSE:IGM) last announced its quarterly earnings data on Thursday, November 6th. The financial services provider reported C$1.27 EPS for the quarter. IGM Financial had a return on equity of 12.76% and a net margin of 27.93%.The firm had revenue of C$971.88 million during the quarter. Equities analysts predict that IGM Financial Inc. will post 4.006816 EPS for the current year.

IGM Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Friday, January 30th will be issued a dividend of $0.5625 per share. The ex-dividend date is Tuesday, December 30th. This is a positive change from IGM Financial’s previous quarterly dividend of $0.56. This represents a $2.25 annualized dividend and a yield of 3.3%. IGM Financial’s dividend payout ratio is currently 51.72%.

Insiders Place Their Bets

In other news, insider Rhonda Goldberg sold 8,636 shares of IGM Financial stock in a transaction dated 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 business’s stock in a transaction dated 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 sale, the director directly owned 6,996 shares of the company’s stock, valued at approximately C$402,899.64. The trade was a 31.92% decrease in their ownership of the stock. Insiders sold 34,904 shares of company stock worth $1,982,131 over the last ninety days. Insiders own 66.58% of the company’s stock.

IGM Financial Company Profile

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.