IGM Financial (IGM) Hits New 52-Week Low at $37.16

Shares of IGM Financial (TSE:IGM) hit a new 52-week low during mid-day trading on Monday . The company traded as low as C$37.16 and last traded at C$37.17, with a volume of 80390 shares. The stock had previously closed at C$37.67.

IGM has been the subject of a number of recent analyst reports. TD Securities decreased their price target on IGM Financial from C$52.00 to C$50.00 in a report on Monday, February 12th. Scotiabank reaffirmed an “outperform” rating and set a C$50.00 price target on shares of IGM Financial in a report on Tuesday, December 12th. Desjardins decreased their price target on IGM Financial from C$50.00 to C$48.00 in a report on Monday, February 12th. Royal Bank of Canada decreased their price target on IGM Financial from C$54.00 to C$50.00 and set an “outperform” rating for the company in a report on Monday, February 12th. Finally, Barclays decreased their price target on IGM Financial from C$43.00 to C$42.00 in a report on Monday, February 12th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of C$47.13.

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IGM Financial (TSE:IGM) last posted its earnings results on Friday, February 9th. The financial services provider reported C$0.79 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of C$0.84 by C($0.05). IGM Financial had a net margin of 6.87% and a return on equity of 4.32%. The firm had revenue of C$792.74 million during the quarter.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 30th. Stockholders of record on Thursday, March 29th will be issued a $0.563 dividend. This represents a $2.25 annualized dividend and a dividend yield of 6.03%. The ex-dividend date of this dividend is Wednesday, March 28th.

In other news, Director Susan J. Mcarthur bought 1,000 shares of IGM Financial stock in a transaction dated Wednesday, February 14th. The stock was acquired at an average cost of C$39.27 per share, with a total value of C$39,270.00.

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IGM Financial Company Profile

IGM Financial Inc manages and distributes investment funds and other managed asset products in Canada. The company operates through Investors Group, Mackenzie Investments, and Corporate and Other segments. The company also offers financial planning services, including investment, tax, retirement, education, risk management, and estate planning; strategic investment planning programs; mutual funds; managed asset and multi-manager investment programs; iProfile, a portfolio management program; and separately managed accounts and fee-based brokerage accounts.

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