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IGIFF - IGM Financial: Is Its 6.3%-Yielding Dividend Safe?
IGM Financial Inc
Investment Thesis
IGM Financial (OTCPK:IGIFF) ((TSX:IGM)) is facing strong competitions from low cost passive investing as well as larger Canadian banks’ mutual fund products. The company has been able to manage these headwinds by offering ETF products, lowering its management fees, and pivoting towards high net-worth gross sales. The company is also planning to launch its rebranding initiative to grow its business. These efforts will allow IGM to continue to generate consistent free cash flow and maintain its dividend payout ratio in the range of 70% ~ 90%. However, given the persistent headwinds,