CI Financial (TSE:CIX) Stock Crosses Above 200 Day Moving Average of $15.39

Shares of CI Financial Corp. (TSE:CIX) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$15.39 and traded as high as C$16.47. CI Financial shares last traded at C$16.33, with a volume of 311,772 shares.

Analyst Upgrades and Downgrades

CIX has been the topic of a number of analyst reports. Jefferies Financial Group increased their price objective on shares of CI Financial from C$19.00 to C$20.00 and gave the stock a “buy” rating in a report on Monday, February 26th. Raymond James set a C$19.00 price objective on shares of CI Financial and gave the stock a “market perform” rating in a research note on Thursday, February 22nd. CIBC lifted their target price on shares of CI Financial from C$15.00 to C$17.50 and gave the company a “neutral” rating in a research note on Monday, January 29th. Royal Bank of Canada raised their price target on shares of CI Financial from C$18.00 to C$19.00 and gave the company a “sector perform” rating in a report on Monday, February 26th. Finally, Scotiabank raised their price target on shares of CI Financial from C$19.00 to C$20.00 and gave the company a “sector perform” rating in a report on Monday, February 26th. Six investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of C$19.50.

CI Financial Stock Up 1.1 %

The company has a debt-to-equity ratio of 151.13, a quick ratio of 0.17 and a current ratio of 0.47. The company has a market capitalization of C$2.51 billion, a price-to-earnings ratio of 46.66, a price-to-earnings-growth ratio of 0.96 and a beta of 1.64. The firm’s 50-day simple moving average is C$16.69 and its 200-day simple moving average is C$15.39.

CI Financial (TSE:CIX) last issued its earnings results on Friday, February 23rd. The company reported C$0.81 earnings per share for the quarter, beating the consensus estimate of C$0.73 by C$0.08. The business had revenue of C$715.60 million for the quarter, compared to analyst estimates of C$656.72 million. CI Financial had a net margin of 0.16% and a return on equity of 0.29%. Sell-side analysts forecast that CI Financial Corp. will post 3.5093946 earnings per share for the current year.

Hedge Funds Weigh In On CI Financial

A number of institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its stake in shares of CI Financial by 3.2% during the third quarter. Bank of New York Mellon Corp now owns 31,055 shares of the company’s stock worth $505,000 after buying an additional 966 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of CI Financial by 23.9% in the first quarter. Geode Capital Management LLC now owns 26,594 shares of the company’s stock valued at $481,000 after buying an additional 5,123 shares during the period. Finally, BNP Paribas Arbitrage SNC boosted its holdings in CI Financial by 28.7% during the first quarter. BNP Paribas Arbitrage SNC now owns 6,449 shares of the company’s stock worth $117,000 after purchasing an additional 1,440 shares during the last quarter. 10.11% of the stock is owned by institutional investors.

About CI Financial

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.