Canaccord Genuity Group Cuts CI Financial (NYSE:CIXX) Price Target to C$23.50

CI Financial (NYSE:CIXXGet Rating) had its price objective reduced by Canaccord Genuity Group from C$27.50 to C$23.50 in a research note published on Monday morning, The Fly reports.

Several other research firms also recently issued reports on CIXX. CIBC dropped their price objective on CI Financial from C$28.00 to C$23.00 in a report on Monday. BMO Capital Markets dropped their price objective on CI Financial from C$26.00 to C$25.00 in a report on Friday. Royal Bank of Canada downgraded CI Financial from an outperform rating to a sector perform rating in a report on Monday. Scotiabank lowered their price target on CI Financial from C$25.00 to C$21.00 in a report on Friday. Finally, TD Securities lowered their price target on CI Financial from C$19.00 to C$16.00 in a report on Friday. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, CI Financial has a consensus rating of Buy and a consensus target price of $24.44.

Shares of NYSE CIXX traded down $0.42 during midday trading on Monday, hitting $11.14. The stock had a trading volume of 7,921 shares, compared to its average volume of 75,979. The company has a fifty day moving average price of $14.62 and a 200 day moving average price of $18.46. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of 6.63, a PEG ratio of 0.52 and a beta of 1.35. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 2.16. CI Financial has a 1-year low of $10.66 and a 1-year high of $24.52.

CI Financial (NYSE:CIXXGet Rating) last released its quarterly earnings results on Thursday, May 12th. The company reported $0.67 EPS for the quarter. The firm had revenue of $500.33 million for the quarter. CI Financial had a return on equity of 40.40% and a net margin of 15.56%. On average, research analysts forecast that CI Financial will post 2.79 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors 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 yield of 4.99%. CI Financial’s payout ratio is currently 33.93%.

A number of institutional investors and hedge funds have recently modified their holdings of CIXX. Connor Clark & Lunn Investment Management Ltd. boosted its position 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 acquiring an additional 620,670 shares during the period. Vanguard Group Inc. boosted its position in CI Financial by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 6,172,019 shares of the company’s stock worth $98,134,000 after acquiring an additional 29,137 shares during the period. Bank of Montreal Can boosted its position in CI Financial by 11.2% during the 1st quarter. Bank of Montreal Can now owns 3,887,719 shares of the company’s stock worth $63,577,000 after acquiring an additional 391,519 shares during the period. Intact Investment Management Inc. boosted its position in CI Financial by 8.6% during the 3rd quarter. Intact Investment Management Inc. now owns 2,959,580 shares of the company’s stock worth $75,943,000 after acquiring an additional 234,580 shares during the period. Finally, Invesco Ltd. boosted its position in CI Financial by 2.1% during the 1st quarter. Invesco Ltd. now owns 2,587,048 shares of the company’s stock worth $41,135,000 after acquiring an additional 54,400 shares during the period. Hedge funds and other institutional investors own 43.66% of the company’s stock.

About CI Financial (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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