The Manufacturers Life Insurance Company Has $100.02 Million Stock Position in CI Financial Corp. (NYSE:CIXX)

The Manufacturers Life Insurance Company trimmed its stake in shares of CI Financial Corp. (NYSE:CIXXGet Rating) by 7.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,285,558 shares of the company’s stock after selling 475,084 shares during the quarter. The Manufacturers Life Insurance Company owned 3.21% of CI Financial worth $100,015,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Power Corp of Canada acquired a new position in shares of CI Financial in the 1st quarter worth approximately $29,000. NN Investment Partners Holdings N.V. acquired a new position in shares of CI Financial in the 1st quarter worth approximately $89,000. Ilmarinen Mutual Pension Insurance Co acquired a new position in shares of CI Financial in the 1st quarter worth approximately $207,000. Laurus Investment Counsel Inc. boosted its holdings in shares of 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 acquiring an additional 2,125 shares in the last quarter. Finally, Prudential PLC acquired a new position in shares of CI Financial in the 1st quarter worth approximately $312,000. 34.93% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently weighed in on CIXX shares. Canaccord Genuity Group dropped their price objective on shares of CI Financial from C$23.50 to C$19.50 in a research report on Thursday, July 28th. TD Securities boosted their price objective on shares of CI Financial from C$14.50 to C$15.50 in a research report on Friday, August 12th. Scotiabank dropped their price objective on shares of CI Financial from C$21.00 to C$18.00 in a research report on Tuesday, July 26th. Finally, BMO Capital Markets dropped their price objective on shares of CI Financial from C$25.00 to C$21.00 in a research report on Monday, August 1st.

CI Financial Stock Performance

Shares of CI Financial stock opened at $11.61 on Friday. The firm has a fifty day moving average of $11.28 and a two-hundred day moving average of $12.67. The stock has a market capitalization of $2.19 billion, a price-to-earnings ratio of 6.31, a PEG ratio of 0.58 and a beta of 1.34. CI Financial Corp. has a 52 week low of $9.92 and a 52 week high of $24.52. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.62 and a current ratio of 0.62.

CI Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 13th. Shareholders of record on Friday, December 30th will be given a dividend of $0.1411 per share. This is a boost from CI Financial’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Thursday, December 29th. This represents a $0.56 annualized dividend and a dividend yield of 4.86%. CI Financial’s payout ratio is presently 30.98%.

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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Institutional Ownership by Quarter for CI Financial (NYSE:CIXX)

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