IGM Financial (TSE:IGM) Hits New 1-Year High – Should You Buy?

IGM Financial Inc. (TSE:IGM)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$68.71 and last traded at C$68.64, with a volume of 341096 shares traded. The stock had previously closed at C$67.32.

Analyst Upgrades and Downgrades

IGM has been the subject of a number of recent analyst reports. National Bank Financial upped their price objective on shares of IGM Financial from C$68.00 to C$82.00 and gave the company an “outperform” rating in a research report on Wednesday, February 4th. BMO Capital Markets increased their price target on IGM Financial from C$57.00 to C$68.00 in a report on Monday, January 26th. Scotiabank lifted their price objective on 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. Canadian Imperial Bank of Commerce increased their target price on IGM Financial from C$61.00 to C$68.00 in a research note on Wednesday, January 21st. Finally, TD Securities raised their target price on shares of IGM Financial from C$73.00 to C$76.00 and gave the stock a “buy” rating in a report on Tuesday, February 17th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of C$68.57.

IGM Financial Stock Performance

The stock has a fifty day moving average of C$64.80 and a 200-day moving average of C$57.08. The firm has a market capitalization of C$16.06 billion, a P/E ratio of 14.78, a P/E/G ratio of 4.09 and a beta of 1.10. The company has a quick ratio of 0.31, a current ratio of 3.61 and a debt-to-equity ratio of 97.24.

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

IGM Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 30th. Stockholders 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 dividend yield of 3.3%. The ex-dividend date was Tuesday, December 30th. This is a positive change from IGM Financial’s previous quarterly dividend of $0.56. IGM Financial’s dividend payout ratio is currently 48.49%.

Insider Buying and Selling

In other news, Director Esther Findlay sold 3,280 shares of IGM Financial stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of C$57.59, for a total value of C$188,895.20. Following the transaction, the director owned 6,996 shares in the company, valued at approximately C$402,899.64. This trade represents 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 owned by company insiders.

IGM Financial Company Profile

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.