IGM Financial (TSE:IGM) Stock Price Passes Above 200 Day Moving Average – Should You Sell?

IGM Financial Inc. (TSE:IGM) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$55.92 and traded as high as C$62.35. IGM Financial shares last traded at C$60.95, with a volume of 881,792 shares.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on IGM shares. Scotiabank boosted their target price on IGM Financial from C$64.00 to C$67.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 28th. Canadian Imperial Bank of Commerce lifted their price objective on IGM Financial from C$61.00 to C$68.00 in a research report on Wednesday, January 21st. Jefferies Financial Group boosted their price objective on IGM Financial from C$50.00 to C$54.00 and gave the stock a “hold” rating in a research note on Wednesday, October 29th. TD Securities increased their target price on IGM Financial from C$64.00 to C$73.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Finally, BMO Capital Markets lifted their price target on IGM Financial from C$57.00 to C$68.00 in a report on Monday, January 26th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of C$68.14.

IGM Financial Stock Down 1.7%

The firm’s 50-day moving average is C$63.83 and its two-hundred day moving average is C$55.92. The company has a debt-to-equity ratio of 97.24, a quick ratio of 0.31 and a current ratio of 3.61. The stock has a market cap of C$14.37 billion, a P/E ratio of 14.01, a PEG ratio of 4.09 and a beta of 1.10.

IGM Financial (TSE:IGM) last announced its quarterly earnings data on Thursday, February 12th. The financial services provider reported C$1.27 EPS for the quarter. The firm had revenue of C$1.05 billion for the quarter. IGM Financial had a return on equity of 12.76% and a net margin of 27.93%. On average, equities research analysts anticipate that IGM Financial Inc. will post 4.006816 earnings per share for the current year.

IGM Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Friday, January 30th were given a dividend of $0.5625 per share. This represents a $2.25 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Tuesday, December 30th. This is a boost from IGM Financial’s previous quarterly dividend of $0.56. IGM Financial’s dividend payout ratio is currently 51.72%.

Insider Activity

In other news, Director Esther Findlay sold 3,280 shares of IGM Financial stock in a transaction that occurred 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 completion of the sale, the director owned 6,996 shares in the company, valued at C$402,899.64. The trade was a 31.92% decrease in their position. Over the last 90 days, insiders have sold 6,980 shares of company stock valued at $401,782. 66.58% of the stock is currently 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.