IGM Financial (TSE:IGM) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

IGM Financial Inc. (TSE:IGM) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$53.25 and traded as high as C$67.64. IGM Financial shares last traded at C$67.60, with a volume of 197,686 shares.

Wall Street Analysts Forecast Growth

IGM has been the topic of several research reports. Scotiabank lifted their price target on shares of IGM Financial from C$64.00 to C$67.00 and gave the company a “sector perform” rating in a report on Tuesday, October 28th. CIBC raised their price objective on shares of IGM Financial from C$61.00 to C$68.00 in a report on Wednesday. Royal Bank Of Canada lifted their target price on IGM Financial from C$55.00 to C$61.00 in a report on Monday, November 10th. TD Securities lifted their price objective on IGM Financial from C$57.00 to C$64.00 in a research note on Tuesday, November 4th. Finally, BMO Capital Markets upped their target price on IGM Financial from C$54.00 to C$57.00 in a report on Monday, November 10th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of C$62.71.

IGM Financial Stock Performance

The company has a market capitalization of C$15.97 billion, a price-to-earnings ratio of 15.57, a P/E/G ratio of 4.09 and a beta of 1.13. The company has a 50 day moving average price of C$60.80 and a 200 day moving average price of C$53.51. The company has a debt-to-equity ratio of 97.24, a quick ratio of 0.31 and a current ratio of 3.61.

IGM Financial (TSE:IGM) last posted its quarterly earnings results on Thursday, November 6th. The financial services provider reported C$1.27 earnings per share 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 for the quarter. Equities research analysts predict that IGM Financial Inc. will post 4.006816 earnings per share for the current fiscal year.

IGM Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Friday, January 30th will be given 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 dividend on an annualized basis and a dividend yield of 3.3%. IGM Financial’s payout ratio is currently 51.72%.

Insiders Place Their Bets

In related news, insider Rhonda Goldberg sold 8,636 shares of IGM Financial stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of C$57.00, for a total value of C$492,252.00. Also, Director Esther Findlay sold 3,280 shares of the business’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of C$57.59, for a total transaction of C$188,895.20. Following the sale, the director owned 6,996 shares of the company’s stock, valued at C$402,899.64. This trade represents a 31.92% decrease in their position. Over the last quarter, insiders sold 34,904 shares of company stock worth $1,982,131. 66.58% of the stock is owned by company insiders.

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.