IGM Financial (TSE:IGM) Share Price Passes Above Two Hundred Day Moving Average – Here’s Why

IGM Financial Inc. (TSE:IGM) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-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 trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. TD Securities upped their target price on shares of IGM Financial from C$64.00 to C$73.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Royal Bank Of Canada boosted their price objective on shares of IGM Financial from C$51.00 to C$65.00 and gave the stock a “sector perform” rating in a report on Monday, January 26th. Canadian Imperial Bank of Commerce increased their target price on shares of IGM Financial from C$61.00 to C$68.00 in a research note on Wednesday, January 21st. Jefferies Financial Group lifted their target price on IGM Financial from C$50.00 to C$54.00 and gave the stock a “hold” rating in a research report on Wednesday, October 29th. Finally, BMO Capital Markets upped their price target on IGM Financial from C$57.00 to C$68.00 in a report on Monday, January 26th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, IGM Financial currently has a consensus rating of “Hold” and a consensus target price of C$68.14.

IGM Financial Stock Performance

The firm 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. The stock’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 current ratio of 3.61 and a quick ratio of 0.31.

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

IGM Financial Increases Dividend

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

Insider Activity

In other IGM Financial 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 transaction of C$188,895.20. Following the completion of the transaction, the director directly owned 6,996 shares of the company’s stock, valued at approximately C$402,899.64. This trade represents a 31.92% decrease in their ownership of the stock. Insiders sold 6,980 shares of company stock worth $401,782 over the last three months. 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.