IGM Financial (TSE:IGM) Reaches New 52-Week High – Should You Buy?

Shares of IGM Financial Inc. (TSE:IGM) hit a new 52-week high on Monday . The company traded as high as C$42.58 and last traded at C$42.38, with a volume of 103613 shares changing hands. The stock had previously closed at C$41.64.

Analyst Ratings Changes

A number of brokerages have issued reports on IGM. BMO Capital Markets decreased their target price on IGM Financial from C$40.00 to C$39.00 in a research report on Friday, August 9th. Jefferies Financial Group raised their target price on shares of IGM Financial from C$38.00 to C$39.00 and gave the company a “buy” rating in a research note on Monday, July 29th. National Bankshares lifted their target price on shares of IGM Financial from C$47.00 to C$50.00 and gave the stock an “outperform” rating in a report on Wednesday. Royal Bank of Canada raised their price target on IGM Financial from C$46.00 to C$47.00 in a research report on Thursday, August 8th. Finally, Scotiabank lifted their price objective on IGM Financial from C$45.00 to C$46.00 in a research note on Wednesday, July 24th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of C$44.14.

IGM Financial Stock Up 1.0 %

The firm’s 50-day simple moving average is C$40.24 and its 200-day simple moving average is C$38.12. The company has a debt-to-equity ratio of 35.99, a quick ratio of 0.31 and a current ratio of 2.12. The company has a market capitalization of C$10.14 billion, a price-to-earnings ratio of 12.06, a price-to-earnings-growth ratio of 4.09 and a beta of 1.53.

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

IGM Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 31st will be given a dividend of $0.563 per share. This represents a $2.25 dividend on an annualized basis and a dividend yield of 5.26%. The ex-dividend date is Friday, September 27th. IGM Financial’s dividend payout ratio is presently 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.