IGM Financial Inc. Declares Quarterly Dividend of $0.56 (TSE:IGM)

IGM Financial Inc. (TSE:IGM) declared a quarterly dividend on Thursday, May 2nd, Zacks reports. Shareholders of record on Friday, June 28th will be given a dividend of 0.563 per share by the financial services provider on Wednesday, July 31st. This represents a $2.25 dividend on an annualized basis and a yield of 5.93%. The ex-dividend date is Friday, June 28th.

IGM Financial Price Performance

Shares of TSE IGM traded up C$2.23 during trading on Friday, hitting C$37.96. The company had a trading volume of 475,412 shares, compared to its average volume of 249,495. The firm has a market capitalization of C$9.04 billion, a price-to-earnings ratio of 9.78, a price-to-earnings-growth ratio of 4.24 and a beta of 1.58. The stock has a fifty day simple moving average of C$34.74 and a two-hundred day simple moving average of C$34.54. The company has a quick ratio of 0.31, a current ratio of 1.94 and a debt-to-equity ratio of 38.26. IGM Financial has a fifty-two week low of C$30.34 and a fifty-two week high of C$42.02.

IGM Financial (TSE:IGM) last posted its quarterly earnings data on Thursday, February 15th. The financial services provider reported C$0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.89 by C($0.05). IGM Financial had a return on equity of 14.46% and a net margin of 31.03%. The firm had revenue of C$768.80 million during the quarter, compared to analyst estimates of C$773.00 million. On average, research analysts expect that IGM Financial will post 3.711039 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Scotiabank lifted their price objective on IGM Financial from C$44.00 to C$45.00 and gave the stock a “sector perform” rating in a report on Tuesday. National Bankshares lifted their price objective on IGM Financial from C$44.00 to C$46.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. Royal Bank of Canada lifted their price objective on IGM Financial from C$44.00 to C$45.00 in a report on Friday. TD Securities boosted their target price on IGM Financial from C$41.00 to C$42.00 in a report on Thursday, April 25th. Finally, CIBC boosted their target price on IGM Financial from C$42.00 to C$45.00 and gave the stock an “outperform” rating in a report on Friday. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, IGM Financial presently has a consensus rating of “Moderate Buy” and an average price target of C$43.17.

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.