CI Financial (NYSE:CIXX) Price Target Cut to C$26.00

CI Financial (NYSE:CIXXGet Rating) had its target price lowered by BMO Capital Markets from C$32.00 to C$26.00 in a research report report published on Thursday morning, The Fly reports.

CIXX has been the subject of a number of other reports. Zacks Investment Research lowered shares of CI Financial from a strong-buy rating to a hold rating in a research report on Tuesday, January 11th. TD Securities dropped their target price on shares of CI Financial from C$28.00 to C$24.00 in a research report on Wednesday, February 23rd. Scotiabank decreased their price target on shares of CI Financial from C$27.00 to C$25.00 in a research note on Tuesday. Royal Bank of Canada decreased their price target on shares of CI Financial from C$34.00 to C$29.00 in a research note on Wednesday, February 23rd. Finally, Canaccord Genuity Group decreased their target price on shares of CI Financial from C$32.00 to C$27.50 in a research note on Tuesday. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Buy and an average target price of $27.90.

NYSE:CIXX traded down $0.16 on Thursday, reaching $12.62. 775 shares of the company’s stock were exchanged, compared to its average volume of 60,050. 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 firm has a market cap of $2.47 billion, a price-to-earnings ratio of 7.99, a P/E/G ratio of 0.58 and a beta of 1.35. CI Financial has a 52 week low of $12.67 and a 52 week high of $24.52. The stock has a fifty day simple moving average of $15.25 and a 200-day simple moving average of $18.90.

CI Financial (NYSE:CIXXGet Rating) last issued its earnings results on Tuesday, February 22nd. The company reported $0.69 earnings per share for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.01). The business had revenue of $605.24 million for the quarter. CI Financial had a return on equity of 39.67% and a net margin of 15.02%. As a group, sell-side analysts predict that CI Financial will post 2.79 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be paid a $0.1413 dividend. This represents a $0.57 dividend on an annualized basis and a yield of 4.48%. The ex-dividend date is Wednesday, June 29th. CI Financial’s payout ratio is 35.63%.

Institutional investors have recently made changes to their positions in the stock. Laurus Investment Counsel Inc. boosted its stake in CI Financial by 16.5% in the 1st quarter. Laurus Investment Counsel Inc. now owns 15,000 shares of the company’s stock worth $239,000 after purchasing an additional 2,125 shares in the last quarter. DGS Capital Management LLC bought a new position in CI Financial in the 4th quarter worth about $245,000. Skylands Capital LLC bought a new position in CI Financial in the 1st quarter worth about $364,000. Waratah Capital Advisors Ltd. bought a new position in CI Financial in the 4th quarter worth about $449,000. Finally, Shell Asset Management Co. boosted its stake in CI Financial by 27.5% in the 4th quarter. Shell Asset Management Co. now owns 21,800 shares of the company’s stock worth $456,000 after purchasing an additional 4,700 shares in the last quarter. 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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