IGM Financial (TSE:IGM) Reaches New 12-Month High – Still a Buy?

IGM Financial Inc. (TSE:IGM)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as C$45.83 and last traded at C$45.80, with a volume of 26307 shares changing hands. The stock had previously closed at C$45.59.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Royal Bank of Canada lifted their price target on shares of IGM Financial from C$46.00 to C$47.00 in a research report on Thursday, August 8th. National Bankshares boosted their target price on IGM Financial from C$47.00 to C$50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Jefferies Financial Group raised their price target on IGM Financial from C$39.00 to C$45.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. CIBC boosted their price objective on IGM Financial from C$47.00 to C$50.00 in a research report on Friday, November 8th. Finally, BMO Capital Markets raised their target price on shares of IGM Financial from C$43.00 to C$47.00 in a report on Monday, November 11th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of C$49.29.

IGM Financial Trading Up 1.1 %

The stock has a market cap of C$10.90 billion, a price-to-earnings ratio of 12.84, a P/E/G ratio of 4.09 and a beta of 1.53. The business has a 50-day simple moving average of C$41.50 and a two-hundred day simple moving average of C$39.03. The company has a debt-to-equity ratio of 35.99, a quick ratio of 0.31 and a current ratio of 2.12.

IGM Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid a $0.563 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $2.25 annualized dividend and a yield of 4.89%. IGM Financial’s payout ratio is currently 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.