IGM Financial (TSE:IGM) Shares Pass Above Two Hundred Day Moving Average – What’s Next?

IGM Financial Inc. (TSE:IGM) shares passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$44.85 and traded as high as C$51.16. IGM Financial shares last traded at C$50.55, with a volume of 300,981 shares changing hands.

Wall Street Analysts Forecast Growth

IGM has been the subject of several recent analyst reports. TD Securities upped their price objective on IGM Financial from C$55.00 to C$57.00 and gave the stock a “buy” rating in a research report on Friday, August 8th. BMO Capital Markets boosted their target price on IGM Financial from C$47.00 to C$49.00 and gave the stock a “market perform” rating in a research note on Friday, August 8th. Scotiabank increased their target price on shares of IGM Financial from C$56.00 to C$57.00 and gave the stock a “sector perform” rating in a report on Thursday, August 7th. Royal Bank Of Canada lifted their price target on shares of IGM Financial from C$46.00 to C$49.00 and gave the company a “sector perform” rating in a report on Friday, August 8th. Finally, Jefferies Financial Group upped their price objective on shares of IGM Financial from C$42.00 to C$46.00 in a research report on Wednesday, July 30th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, IGM Financial presently has a consensus rating of “Hold” and a consensus target price of C$52.29.

IGM Financial Trading Down 0.5%

The company has a current ratio of 3.61, a quick ratio of 0.31 and a debt-to-equity ratio of 97.24. The firm has a market capitalization of C$11.92 billion, a price-to-earnings ratio of 12.33, a P/E/G ratio of 4.09 and a beta of 1.05. The firm’s 50-day moving average is C$47.42 and its 200 day moving average is C$44.85.

IGM Financial Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Friday, October 31st will be issued a dividend of $0.562 per share. This represents a $2.25 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Friday, September 26th. IGM Financial’s payout ratio is 54.88%.

Insider Buying and Selling at IGM Financial

In related news, Director Brent Jason Allen sold 1,451 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of C$48.56, for a total value of C$70,460.56. Insiders have sold a total of 2,840 shares of company stock valued at $137,909 over the last quarter. 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.