IGM Financial (TSE:IGM) Shares Pass Above Two Hundred Day Moving Average – Time to Sell?

IGM Financial Inc. (TSE:IGM) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$45.74 and traded as high as C$53.35. IGM Financial shares last traded at C$53.15, with a volume of 582,945 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on IGM shares. National Bankshares upped their price objective on IGM Financial from C$56.00 to C$58.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. 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. Scotiabank raised their price target on shares of IGM Financial from C$56.00 to C$57.00 and gave the company a “sector perform” rating in a research note on Thursday, August 7th. BMO Capital Markets raised their price target on shares of IGM Financial from C$47.00 to C$49.00 and gave the company a “market perform” rating in a research note on Friday, August 8th. Finally, Royal Bank Of Canada raised 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 research note on Friday, August 8th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of C$52.29.

IGM Financial Price Performance

The firm has a market cap of C$12.53 billion, a P/E ratio of 12.96, a price-to-earnings-growth ratio of 4.09 and a beta of 1.07. 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 business has a 50-day moving average of C$49.90 and a two-hundred day moving average of C$45.74.

IGM Financial Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, October 31st will be given a dividend of $0.562 per share. The ex-dividend date is Friday, September 26th. This represents a $2.25 dividend on an annualized basis and a yield of 4.2%. IGM Financial’s payout ratio is currently 54.88%.

Insider Activity at IGM Financial

In other IGM Financial news, Director Brent Jason Allen sold 1,451 shares of the company’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of C$48.56, for a total value of C$70,460.56. In the last 90 days, insiders sold 2,840 shares of company stock valued at $137,909. 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.