CI Financial (NYSE:CIXX) Announces Quarterly Earnings Results

CI Financial (NYSE:CIXXGet Rating) released its quarterly earnings data on Thursday. The company reported $0.67 EPS for the quarter, reports. CI Financial had a return on equity of 40.40% and a net margin of 15.56%. The company had revenue of $500.33 million during the quarter.

Shares of NYSE:CIXX traded up $0.57 during mid-day trading on Friday, reaching $11.56. 92,199 shares of the company traded hands, compared to its average volume of 72,612. The company’s 50 day moving average price is $14.62 and its 200-day moving average price is $18.46. The firm has a market cap of $2.26 billion, a PE ratio of 6.88, a PEG ratio of 0.49 and a beta of 1.35. The company has a debt-to-equity ratio of 2.16, a current ratio of 0.68 and a quick ratio of 0.68. CI Financial has a 52 week low of $10.66 and a 52 week high of $24.52.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a dividend of $0.1391 per share. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.81%. CI Financial’s dividend payout ratio is currently 33.93%.

Several large investors have recently made changes to their positions in the stock. NN Investment Partners Holdings N.V. purchased a new position in CI Financial in the 1st quarter worth approximately $89,000. Ilmarinen Mutual Pension Insurance Co purchased a new position in CI Financial in the 1st quarter worth approximately $207,000. Laurus Investment Counsel Inc. lifted its holdings 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 purchased a new position in CI Financial in the 4th quarter worth approximately $245,000. Finally, Prudential PLC purchased a new position in CI Financial in the 1st quarter worth approximately $312,000. Institutional investors own 43.66% of the company’s stock.

Several equities research analysts recently commented on CIXX shares. TD Securities reduced their price objective on CI Financial from C$19.00 to C$16.00 in a report on Friday. Royal Bank of Canada reduced their price objective on CI Financial from C$34.00 to C$29.00 in a report on Wednesday, February 23rd. BMO Capital Markets reduced their price objective on CI Financial from C$26.00 to C$25.00 in a report on Friday. Canaccord Genuity Group reduced their price objective on CI Financial from C$32.00 to C$27.50 in a report on Tuesday, May 3rd. Finally, Scotiabank cut their price target on CI Financial from C$25.00 to C$21.00 in a research note on Friday. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $26.69.

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.

Further Reading

Earnings History for CI Financial (NYSE:CIXX)

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