IGM Financial Inc. (TSE:IGM) to Issue Quarterly Dividend of $0.56

IGM Financial Inc. (TSE:IGM) declared a quarterly dividend on Thursday, May 2nd, Zacks reports. Investors of record on Friday, June 28th will be paid a dividend of 0.563 per share by the financial services provider on Wednesday, July 31st. This represents a $2.25 annualized dividend and a yield of 5.93%. The ex-dividend date of this dividend is Friday, June 28th.

IGM Financial Stock Performance

Shares of TSE IGM traded up C$2.23 during midday trading on Friday, hitting C$37.96. The company’s stock had a trading volume of 475,412 shares, compared to its average volume of 249,495. The company has a debt-to-equity ratio of 38.26, a quick ratio of 0.31 and a current ratio of 1.94. IGM Financial has a 1-year low of C$30.34 and a 1-year high of C$42.02. The firm’s fifty day moving average price is C$34.74 and its 200-day moving average price is C$34.54. The firm has a market cap of C$9.04 billion, a P/E ratio of 9.78, a P/E/G ratio of 4.24 and a beta of 1.58.

IGM Financial (TSE:IGM) last posted its earnings results on Thursday, February 15th. The financial services provider reported C$0.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$0.89 by C($0.05). The company had revenue of C$768.80 million during the quarter, compared to the consensus estimate of C$773.00 million. IGM Financial had a net margin of 31.03% and a return on equity of 14.46%. On average, sell-side analysts forecast that IGM Financial will post 3.711039 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

IGM has been the topic of a number of research reports. National Bankshares boosted their price objective on IGM Financial from C$44.00 to C$46.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Scotiabank boosted their price objective on shares of IGM Financial from C$44.00 to C$45.00 and gave the company a “sector perform” rating in a research report on Tuesday. Royal Bank of Canada lifted their target price on shares of IGM Financial from C$44.00 to C$45.00 in a research note on Friday. CIBC raised their price target on IGM Financial from C$42.00 to C$45.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, TD Securities lifted their target price on shares of IGM Financial from C$41.00 to C$42.00 in a research note on Thursday, April 25th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of C$43.17.

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.