CI Financial Corp. (NYSE:CIXX – Get Rating) has been assigned a consensus recommendation of “Buy” from the nine ratings firms that are currently covering the firm, MarketBeat reports. Two analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $23.75.
Several analysts have recently commented on CIXX shares. Scotiabank reduced their target price on shares of CI Financial from C$25.00 to C$21.00 in a research note on Friday, May 13th. Canaccord Genuity Group reduced their target price on shares of CI Financial from C$27.50 to C$23.50 in a research note on Monday, May 16th. TD Securities reduced their target price on shares of CI Financial from C$19.00 to C$16.00 in a research note on Friday, May 13th. Royal Bank of Canada cut shares of CI Financial from an “outperform” rating to a “sector perform” rating in a research note on Monday, May 16th. Finally, CIBC reduced their target price on shares of CI Financial from C$28.00 to C$23.00 in a research note on Monday, May 16th.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Power Corp of Canada purchased a new stake in CI Financial in the first quarter valued at approximately $29,000. NN Investment Partners Holdings N.V. purchased a new stake in CI Financial in the first quarter valued at approximately $89,000. Ilmarinen Mutual Pension Insurance Co purchased a new stake in CI Financial in the first quarter valued at approximately $207,000. Laurus Investment Counsel Inc. grew its holdings in CI Financial by 16.5% in the first quarter. Laurus Investment Counsel Inc. now owns 15,000 shares of the company’s stock valued at $239,000 after purchasing an additional 2,125 shares during the period. Finally, DGS Capital Management LLC purchased a new stake in CI Financial in the fourth quarter valued at approximately $245,000. Institutional investors and hedge funds own 43.66% of the company’s stock.
CI Financial (NYSE:CIXX – Get Rating) last issued its quarterly earnings data on Thursday, May 12th. The company reported $0.67 earnings per share (EPS) for the quarter. CI Financial had a net margin of 15.56% and a return on equity of 40.37%. The company had revenue of $500.33 million for the quarter. As a group, equities analysts expect that CI Financial will post 2.79 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued 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 4.48%. CI Financial’s dividend payout ratio (DPR) is presently 33.93%.
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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