IGM Financial (TSE:IGM) Shares Cross Above 200 Day Moving Average – Here’s What Happened

by · The Cerbat Gem

IGM Financial Inc. (TSE:IGM – Get Free Report)’s stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$46.68 and traded as high as C$54.36. IGM Financial shares last traded at C$53.50, with a volume of 281,453 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Scotiabank raised their target price on shares of IGM Financial from C$64.00 to C$67.00 and gave the stock a “sector perform” rating in a research report on Tuesday. BMO Capital Markets raised their target price on shares of IGM Financial from C$47.00 to C$49.00 and gave the stock a “market perform” rating in a research report on Friday, August 8th. TD Securities raised their target price on shares of IGM Financial from C$55.00 to C$57.00 and gave the stock a “buy” rating in a research report on Friday, August 8th. Jefferies Financial Group raised their target price on shares of IGM Financial from C$50.00 to C$54.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, National Bankshares raised their target price on shares of IGM Financial from C$58.00 to C$60.00 and gave the stock an “outperform” rating in a research report on Monday. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, IGM Financial has an average rating of “Hold” and a consensus target price of C$56.00.

Check Out Our Latest Stock Report on IGM Financial

IGM Financial Trading Down 1.9%

The company has a market capitalization of C$12.62 billion, a PE ratio of 13.05, a price-to-earnings-growth ratio of 4.09 and a beta of 1.07. The company’s fifty day moving average is C$51.19 and its 200-day moving average is C$46.68. 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 Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, October 31st will be issued a dividend of $0.562 per share. This represents a $2.25 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Friday, September 26th. IGM Financial’s dividend payout ratio (DPR) is presently 54.88%.

Insider Transactions at IGM Financial

In other IGM Financial news, Director Brent Jason Allen sold 1,451 shares of IGM Financial stock in a transaction on Monday, August 18th. The shares were sold at an average price of C$48.56, for a total value of C$70,460.56. Insiders have sold 2,840 shares of company stock valued at $137,909 over the last 90 days. 66.58% of the stock is currently owned by insiders.

IGM Financial Company Profile

(Get Free Report)

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.

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