CI Financial Corp. (NYSE:CIXX) to Issue $0.14 Quarterly Dividend

CI Financial Corp. (NYSE:CIXX – Get Rating) declared a quarterly dividend on Friday, May 13th, Wall Street Journal reports. Shareholders of record on Friday, September 30th will be paid a dividend of 0.1391 per share on Friday, October 14th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.81%. The ex-dividend date is Thursday, September 29th.

Shares of NYSE CIXX opened at $11.56 on Friday. The stock has a market cap of $2.26 billion, a PE ratio of 6.88, a PEG ratio of 0.50 and a beta of 1.35. The business has a fifty day moving average of $14.62 and a two-hundred day moving average of $18.46. CI Financial has a 52-week low of $10.66 and a 52-week high of $24.52. The company has a debt-to-equity ratio of 2.16, a quick ratio of 0.68 and a current ratio of 0.68.

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

CIXX has been the subject of a number of analyst reports. Royal Bank of Canada cut their price objective on CI Financial from C$34.00 to C$29.00 in a report on Wednesday, February 23rd. Canaccord Genuity Group cut their price target on CI Financial from C$32.00 to C$27.50 in a report on Tuesday, May 3rd. TD Securities cut their price target on CI Financial from C$19.00 to C$16.00 in a report on Friday. Scotiabank cut their price target on CI Financial from C$25.00 to C$21.00 in a report on Friday. Finally, BMO Capital Markets cut their price target on CI Financial from C$26.00 to C$25.00 in a report on Friday. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, CI Financial has an average rating of “Buy” and an average price target of $26.60.

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in CI Financial by 0.5% in the first quarter. Vanguard Group Inc. now owns 6,172,019 shares of the company’s stock worth $98,134,000 after purchasing an additional 29,137 shares during the period. Renaissance Technologies LLC grew its position in shares of CI Financial by 179.9% during the 1st quarter. Renaissance Technologies LLC now owns 1,203,100 shares of the company’s stock worth $19,141,000 after buying an additional 773,239 shares during the period. Allianz Asset Management GmbH grew its position in shares of CI Financial by 90.0% during the 1st quarter. Allianz Asset Management GmbH now owns 406,607 shares of the company’s stock worth $6,464,000 after buying an additional 192,644 shares during the period. Alliancebernstein L.P. acquired a new position in shares of CI Financial during the 4th quarter worth about $3,599,000. Finally, Bank of New York Mellon Corp grew its position in shares of CI Financial by 7.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 110,547 shares of the company’s stock worth $2,252,000 after buying an additional 7,959 shares during the period. 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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