CI Financial (NYSE:CIXX) Price Target Lowered to C$25.00 at Scotiabank

CI Financial (NYSE:CIXXGet Rating) had its price objective reduced by Scotiabank from C$27.00 to C$25.00 in a research report sent to investors on Tuesday morning, The Fly reports.

Several other brokerages have also recently issued reports on CIXX. Zacks Investment Research cut shares of CI Financial from a strong-buy rating to a hold rating in a report on Tuesday, January 11th. Royal Bank of Canada decreased their price objective on shares of CI Financial from C$34.00 to C$29.00 in a report on Wednesday, February 23rd. BMO Capital Markets decreased their price objective on shares of CI Financial from C$35.00 to C$32.00 in a report on Tuesday, February 22nd. Finally, TD Securities decreased their price objective on shares of CI Financial from C$28.00 to C$24.00 in a report on Wednesday, February 23rd. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Buy and an average target price of $28.50.

Shares of CI Financial stock opened at $13.05 on Tuesday. The company has a debt-to-equity ratio of 2.16, a current ratio of 0.68 and a quick ratio of 0.68. The stock has a market capitalization of $2.56 billion, a PE ratio of 8.16, a PEG ratio of 0.58 and a beta of 1.35. CI Financial has a 52-week low of $12.86 and a 52-week high of $24.52. The business has a 50-day moving average price of $15.37.

CI Financial (NYSE:CIXXGet Rating) last issued its earnings results on Tuesday, February 22nd. The company reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.01). The firm had revenue of $605.24 million during the quarter. CI Financial had a return on equity of 39.67% and a net margin of 15.02%. On average, research analysts forecast that CI Financial will post 2.79 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, June 30th will be given a dividend of $0.1413 per share. The ex-dividend date is Wednesday, June 29th. This represents a $0.57 dividend on an annualized basis and a dividend yield of 4.33%. CI Financial’s payout ratio is 35.63%.

Several hedge funds and other institutional investors have recently made changes to their positions in CIXX. Norges Bank purchased a new position in shares of CI Financial during the fourth quarter worth approximately $39,671,000. Point72 Asset Management L.P. lifted its position in shares of CI Financial by 597.0% in the fourth quarter. Point72 Asset Management L.P. now owns 1,123,592 shares of the company’s stock valued at $23,500,000 after acquiring an additional 962,392 shares in the last quarter. Lombard Odier Asset Management Switzerland SA boosted its position in shares of CI Financial by 129.8% during the 4th quarter. Lombard Odier Asset Management Switzerland SA now owns 1,500,000 shares of the company’s stock valued at $39,660,000 after acquiring an additional 847,191 shares during the last quarter. Wellington Management Group LLP acquired a new position in CI Financial during the 3rd quarter worth about $14,301,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in CI Financial by 10.8% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,391,568 shares of the company’s stock worth $133,699,000 after buying an additional 620,670 shares during the last quarter. Hedge funds and other institutional investors own 43.66% of the company’s stock.

CI Financial Company Profile (Get Rating)

CI Financial Corp. is a publicly owned asset management holding company. Through its subsidiaries, the firm manages separate client focused equity, fixed income, and alternative investments portfolios. It also manages mutual funds, hedge funds, and fund of funds for its clients through its subsidiaries.

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