IGM Financial (TSE:IGM) Reaches New 1-Year High – Still a Buy?

IGM Financial Inc. (TSE:IGM) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$43.29 and last traded at C$43.29, with a volume of 1321 shares trading hands. The stock had previously closed at C$42.57.

Analysts Set New Price Targets

IGM has been the topic of several recent analyst reports. CIBC upped their price target on shares of IGM Financial from C$47.00 to C$50.00 in a report on Friday. Scotiabank upped their price target on shares of IGM Financial from C$53.00 to C$56.00 in a report on Friday. Jefferies Financial Group increased their target price on shares of IGM Financial from C$39.00 to C$45.00 and gave the stock a “hold” rating in a report on Friday, November 1st. Royal Bank of Canada increased their target price on shares of IGM Financial from C$46.00 to C$47.00 in a report on Thursday, August 8th. Finally, BMO Capital Markets dropped their target price on shares of IGM Financial from C$40.00 to C$39.00 in a report on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of C$47.14.

IGM Financial Stock Up 2.4 %

The firm’s 50-day moving average price is C$40.81 and its 200 day moving average price is C$38.56. The firm has a market cap of C$10.50 billion, a P/E ratio of 12.50, a price-to-earnings-growth ratio of 4.09 and a beta of 1.53. The company has a quick ratio of 0.31, a current ratio of 2.12 and a debt-to-equity ratio of 35.99.

IGM Financial (TSE:IGM) last released its quarterly earnings results on Wednesday, August 7th. The financial services provider reported C$0.93 EPS for the quarter, missing the consensus estimate of C$0.95 by C($0.02). The firm had revenue of C$816.31 million for the quarter, compared to the consensus estimate of C$826.00 million. IGM Financial had a return on equity of 12.80% and a net margin of 29.47%. As a group, research analysts expect that IGM Financial Inc. will post 4.006816 earnings per share for the current year.

IGM Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Thursday, October 31st were given a dividend of $0.563 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.25 annualized dividend and a dividend yield of 5.07%. IGM Financial’s dividend payout ratio is currently 63.38%.

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.