IGM Financial (TSE:IGM) Share Price Crosses Above 200-Day Moving Average of $36.51

Shares of IGM Financial Inc. (TSE:IGM) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$36.51 and traded as high as C$39.10. IGM Financial shares last traded at C$38.75, with a volume of 156,761 shares.

Analyst Ratings Changes

Several research firms have recently commented on IGM. Jefferies Financial Group increased their target price on IGM Financial from C$38.00 to C$39.00 and gave the company a “buy” rating in a research note on Monday, July 29th. TD Securities increased their price objective on shares of IGM Financial from C$42.00 to C$43.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Scotiabank raised their price objective on shares of IGM Financial from C$45.00 to C$46.00 in a report on Wednesday, July 24th. National Bankshares upped their target price on shares of IGM Financial from C$46.00 to C$47.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Finally, Royal Bank of Canada lifted their price target on IGM Financial from C$46.00 to C$47.00 in a research note on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, IGM Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of C$43.71.

IGM Financial Stock Performance

The company has a quick ratio of 0.31, a current ratio of 2.12 and a debt-to-equity ratio of 35.99. The firm has a market capitalization of C$9.17 billion, a price-to-earnings ratio of 10.92, a P/E/G ratio of 4.09 and a beta of 1.54. The company has a 50-day moving average price of C$38.09 and a 200-day moving average price of C$36.51.

IGM Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be paid a $0.563 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.25 annualized dividend and a dividend yield of 5.81%. IGM Financial’s payout ratio is 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.