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

Shares of IGM Financial Inc. (TSE:IGM) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$47.89 and last traded at C$47.81, with a volume of 12624 shares. The stock had previously closed at C$47.59.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on IGM. TD Securities raised their price target on IGM Financial from C$46.00 to C$50.00 in a research note on Monday, November 11th. Jefferies Financial Group increased their price target on IGM Financial from C$39.00 to C$45.00 and gave the company a “hold” rating in a report on Friday, November 1st. National Bankshares lifted their price objective on shares of IGM Financial from C$47.00 to C$50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Scotiabank boosted their price target on IGM Financial from C$53.00 to C$56.00 in a research note on Friday, November 8th. Finally, CIBC increased their price objective on shares of IGM Financial from C$47.00 to C$50.00 in a research note on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of C$49.29.

IGM Financial Price Performance

The firm has a market capitalization of C$11.33 billion, a price-to-earnings ratio of 13.41, a PEG ratio of 4.09 and a beta of 1.53. The business has a 50-day moving average price of C$43.95 and a two-hundred day moving average price of C$40.16. The company has a current ratio of 2.12, a quick ratio of 0.31 and a debt-to-equity ratio of 35.99.

IGM Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid a $0.563 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $2.25 annualized dividend and a dividend yield of 4.70%. IGM Financial’s payout ratio is currently 63.38%.

IGM Financial Company Profile

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.