IGM Financial (TSE:IGM) Share Price Crosses Above 200 Day Moving Average - Here's Why

IGM Financial Inc. (TSE:IGM - Get Free Report) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$40.61 and traded as high as C$46.68. IGM Financial shares last traded at C$45.52, with a volume of 506,257 shares traded.

Wall Street Analysts Forecast Growth

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

IGM Financial Stock Up 2.0 %

The firm's 50-day moving average price is C$44.76 and its 200 day moving average price is C$40.68. The company has a current ratio of 2.12, a quick ratio of 0.31 and a debt-to-equity ratio of 35.99. The company has a market capitalization of C$10.99 billion, a price-to-earnings ratio of 13.08, a PEG ratio of 4.09 and a beta of 1.53.

IGM Financial Announces Dividend

The firm 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 dividend on an annualized basis and a dividend yield of 4.85%. The ex-dividend date of this dividend is Tuesday, December 31st. IGM Financial's dividend payout ratio is presently 63.38%.

About IGM Financial

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.