IGM Financial (TSE:IGM) Hits New 1-Year High – Should You Buy?

IGM Financial Inc. (TSE:IGM) hit a new 52-week high on Tuesday . The stock traded as high as C$68.71 and last traded at C$68.64, with a volume of 341096 shares trading hands. The stock had previously closed at C$67.32.

Analyst Ratings Changes

Several analysts have recently commented on the company. Royal Bank Of Canada increased their price objective on IGM Financial from C$51.00 to C$65.00 and gave the stock a “sector perform” rating in a research note on Monday, January 26th. Canadian Imperial Bank of Commerce increased their target price on shares of IGM Financial from C$61.00 to C$68.00 in a report on Wednesday, January 21st. Scotiabank upped their price objective on shares of IGM Financial from C$64.00 to C$67.00 and gave the stock a “sector perform” rating in a research report on Tuesday, October 28th. BMO Capital Markets lifted their target price on shares of IGM Financial from C$57.00 to C$68.00 in a research report on Monday, January 26th. Finally, TD Securities boosted their price target on shares of IGM Financial from C$73.00 to C$76.00 and gave the stock a “buy” rating in a report on Tuesday, February 17th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of C$68.57.

IGM Financial Trading Up 1.9%

The company has a market capitalization of C$16.06 billion, a PE ratio of 14.78, a PEG ratio of 4.09 and a beta of 1.10. The stock has a fifty day moving average of C$64.80 and a two-hundred day moving average of C$57.08. The company has a current ratio of 3.61, a quick ratio of 0.31 and a debt-to-equity ratio of 97.24.

IGM Financial (TSE:IGM) last posted its quarterly earnings results on Thursday, February 12th. The financial services provider reported C$1.27 EPS for the quarter. The firm had revenue of C$1.05 billion for the quarter. IGM Financial had a net margin of 27.93% and a return on equity of 12.76%. As a group, sell-side analysts anticipate that IGM Financial Inc. will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Friday, January 30th were paid a $0.5625 dividend. This is a boost from IGM Financial’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend was Tuesday, December 30th. This represents a $2.25 dividend on an annualized basis and a dividend yield of 3.3%. IGM Financial’s dividend payout ratio is presently 48.49%.

Insiders Place Their Bets

In related news, Director Esther Findlay sold 800 shares of IGM Financial stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of C$57.60, for a total value of C$46,080.00. Following the transaction, the director directly owned 10,276 shares of the company’s stock, valued at C$591,897.60. The trade was a 7.22% decrease in their ownership of the stock. In the last three months, insiders sold 6,980 shares of company stock worth $401,782. Corporate insiders own 66.58% of the company’s stock.

About IGM Financial

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.