IGM Financial (TSE:IGM) Reaches New 1-Year High After Analyst Upgrade

IGM Financial Inc. (TSE:IGM) hit a new 52-week high on Wednesday after CIBC raised their price target on the stock from C$61.00 to C$68.00. The company traded as high as C$68.16 and last traded at C$67.64, with a volume of 277895 shares traded. The stock had previously closed at C$66.00.

IGM has been the topic of a number of other reports. TD Securities raised their price target on shares of IGM Financial from C$57.00 to C$64.00 in a report on Tuesday, November 4th. Royal Bank Of Canada increased their target price on shares of IGM Financial from C$55.00 to C$61.00 in a research report on Monday, November 10th. BMO Capital Markets raised their target price on shares of IGM Financial from C$54.00 to C$57.00 in a research note on Monday, November 10th. Scotiabank lifted their price target on shares of IGM Financial from C$64.00 to C$67.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 28th. Finally, Jefferies Financial Group increased their price objective on IGM Financial from C$50.00 to C$54.00 and gave the company a “hold” rating in a report on Wednesday, October 29th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of C$62.71.

Insiders Place Their Bets

In other IGM Financial news, Director Esther Findlay sold 3,280 shares of IGM Financial 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 completion of the sale, the director 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 position. Also, insider Rhonda Goldberg sold 8,636 shares of the stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of C$57.00, for a total value of C$492,252.00. Insiders sold a total of 34,904 shares of company stock valued at $1,982,131 in the last 90 days. 66.58% of the stock is currently owned by company insiders.

IGM Financial Stock Up 2.7%

The company has a market cap of C$15.97 billion, a price-to-earnings ratio of 15.57, a PEG ratio of 4.09 and a beta of 1.13. The business has a fifty day moving average of C$60.80 and a two-hundred day moving average of C$53.51. 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 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 business had revenue of C$971.88 million during the quarter. As a group, equities analysts anticipate that IGM Financial Inc. will post 4.006816 EPS for the current fiscal year.

IGM Financial Increases Dividend

The business 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 of this dividend 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 payout ratio is 51.72%.

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.