This Dividend Stock May Help You To Build Wealth and Passive Income
By Leroy A Brown
Envision receiving money while cruising the Mediterranean, traveling on exotic vacations, and playing golf.
It may seem like a dream, but it can become your reality.
The right wealth-building strategy or financial plan can assist you in achieving your goals.
This equity might be the passive income investment that will help you achieve your goals.
This dividend stock has performed well.
IGM Financial (TSX: IGM) is a financial company on the Toronto Stock Exchange (TSX) that offers wealth and asset management services.
IGM Financial is part of the Power Corporation group of companies.
IGM Financial Highlights
IGM Financial is headquartered in Winnipeg, Manitoba, Canada, and has over $11 billion market capitalization.
In the third quarter ended September 2024, IGM Financial had over $264 billion in money under management, an increase of over 16% year over year.
With IGM Financial's adjusted quarterly earnings increasing by over 17% from a year ago to $1.03 per share, the potential for future growth is promising.
According to IGM Financial's annual report for 2023, net earnings were $1,148.9 million, which is $4.82 per share.
Earnings per share were $3.12 and $3.63 in 2019 and 2022, respectively.
IGM Financial declared dividends of $535.7 million, $2.25 per common share, further solidify its position as a reliable source of dividend income.
IGM Financial Diverse Investments
IGM Financial has expanded its investments such as:
1
In January 2023, IGM Financial increased its equity in China Asset Management Company (China AMC) in China to 27.8%.
2
In April 2023, IGM Financial made a 20.5% equity investment in Rockefeller Capital Management in the United States (U.S.).
3
IGM Financial is the largest shareholder in Wealthsimple in Canada, with 24.7% equity.
4
IGM Financial has a 56% stake in Northleaf in Canada.
These interests position IGM Financial for the future and ensure reliable dividend income.
IGM Financial's Chairman of the Board is R. Jeffrey Orr, and the president and chief executive officer (CEO) is James O'Sullivan.
IGM Financial's companies include:
Wealth Management
~ IG Wealth Management
~ Rockefeller Capital Management
~ Wealthsimple
Asset Management
~ Mackenzie Investments
~ China AMC
~ Northleaf Capital Partners
IGM Financial Stock Price and Dividend
IGM Financial's stock price closed at $35.12 and $47.17 on January 2nd and December 6th, 2024, respectively.
The annualized dividend yield for IGM Financial is 4.8%.
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