Other equities analysts have also recently issued reports about the company. CIBC dropped their price objective on CI Financial from C$28.00 to C$23.00 in a research note on Monday, May 16th. Scotiabank dropped their price objective on CI Financial from C$21.00 to C$18.00 in a research note on Tuesday, July 26th. TD Securities dropped their price objective on CI Financial from C$19.00 to C$16.00 in a research note on Friday, May 13th. Canaccord Genuity Group lowered their target price on CI Financial from C$23.50 to C$19.50 in a research note on Thursday, July 28th. Finally, Royal Bank of Canada cut CI Financial from an outperform rating to a sector perform rating in a research note on Monday, May 16th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, CI Financial presently has a consensus rating of Moderate Buy and a consensus target price of $22.93.
CI Financial Stock Performance
NYSE CIXX opened at $11.42 on Monday. The company has a fifty day simple moving average of $11.32 and a 200 day simple moving average of $14.18. CI Financial has a 12-month low of $9.92 and a 12-month high of $24.52. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 2.12. The company has a market cap of $2.19 billion, a P/E ratio of 6.80, a PEG ratio of 0.59 and a beta of 1.36.
CI Financial Cuts Dividend
The company 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 $0.1391 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 4.87%. The ex-dividend date is Thursday, September 29th. CI Financial’s dividend payout ratio is currently 33.93%.
Institutional Investors Weigh In On CI Financial
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. raised its stake in CI Financial by 10.8% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,391,568 shares of the company’s stock valued at $133,699,000 after acquiring an additional 620,670 shares during the period. Vanguard Group Inc. raised its stake in CI Financial by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 6,172,019 shares of the company’s stock valued at $98,134,000 after acquiring an additional 29,137 shares during the period. Bank of Montreal Can raised its stake in CI Financial by 11.2% in the 1st quarter. Bank of Montreal Can now owns 3,887,719 shares of the company’s stock valued at $63,577,000 after acquiring an additional 391,519 shares during the period. Invesco Ltd. grew its holdings in CI Financial by 2.1% during the 1st quarter. Invesco Ltd. now owns 2,587,048 shares of the company’s stock valued at $41,135,000 after buying an additional 54,400 shares in the last quarter. Finally, AGF Investments Inc. grew its holdings in CI Financial by 157.8% during the 1st quarter. AGF Investments Inc. now owns 2,563,499 shares of the company’s stock valued at $40,724,000 after buying an additional 1,569,057 shares in the last quarter. 43.66% of the stock is currently 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.
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