IGM Financial (TSE:IGM) Hits New 1-Year High Following Analyst Upgrade

IGM Financial Inc. (TSE:IGM) hit a new 52-week high on Tuesday after BMO Capital Markets raised their price target on the stock from C$43.00 to C$47.00. The company traded as high as C$44.90 and last traded at C$44.71, with a volume of 124210 shares. The stock had previously closed at C$44.38.

A number of other equities analysts have also commented on the company. TD Securities raised their price objective on IGM Financial from C$46.00 to C$50.00 in a research note on Monday. Scotiabank raised their price objective on IGM Financial from C$53.00 to C$56.00 in a research note on Friday. Royal Bank of Canada raised their target price on IGM Financial from C$46.00 to C$47.00 in a report on Thursday, August 8th. Jefferies Financial Group raised their target price on IGM Financial from C$39.00 to C$45.00 and gave the company a “hold” rating in a report on Friday, November 1st. Finally, CIBC raised their target price on IGM Financial from C$47.00 to C$50.00 in a report on Friday. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of C$49.29.

IGM Financial Trading Up 0.7 %

The firm’s 50-day simple moving average is C$41.03 and its 200-day simple moving average is C$38.71. 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$10.58 billion, a PE ratio of 12.50, a price-to-earnings-growth ratio of 4.09 and a beta of 1.53.

IGM Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be paid a $0.563 dividend. This represents a $2.25 dividend on an annualized basis and a yield of 5.04%. The ex-dividend date of this dividend is Tuesday, December 31st. 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.