IGM Financial (TSE:IGM) Share Price Passes Above 200-Day Moving Average - Here's What Happened

Shares of IGM Financial Inc. (TSE:IGM - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$41.57 and traded as high as C$45.51. IGM Financial shares last traded at C$45.43, with a volume of 214,018 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. TD Securities increased their target price on shares of IGM Financial from C$46.00 to C$50.00 in a report on Monday, November 11th. Scotiabank upped their target price on shares of IGM Financial from C$53.00 to C$56.00 in a report on Friday, November 8th. Jefferies Financial Group upped their price objective on IGM Financial from C$39.00 to C$45.00 and gave the stock a "hold" rating in a research note on Friday, November 1st. BMO Capital Markets lifted their target price on IGM Financial from C$43.00 to C$47.00 in a research note on Monday, November 11th. Finally, CIBC upped their price target on IGM Financial from C$47.00 to C$50.00 in a research note on Friday, November 8th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of C$49.29.

IGM Financial Trading Up 0.1 %

The company has a quick ratio of 0.31, a current ratio of 2.12 and a debt-to-equity ratio of 35.99. The firm has a market cap of C$10.77 billion, a PE ratio of 12.81, a P/E/G ratio of 4.09 and a beta of 1.53. The company's 50 day moving average price is C$45.95 and its two-hundred day moving average price is C$41.63.

IGM Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a $0.563 dividend. This represents a $2.25 annualized dividend and a dividend yield of 4.95%. The ex-dividend date of this dividend is Tuesday, December 31st. IGM Financial's dividend payout ratio is 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.