Swiss National Bank Sells 7,000 Shares of CI Financial Corp. (NYSE:CIXX)

Swiss National Bank reduced its stake in CI Financial Corp. (NYSE:CIXXGet Rating) by 1.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 448,200 shares of the company’s stock after selling 7,000 shares during the quarter. Swiss National Bank’s holdings in CI Financial were worth $4,751,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Metis Global Partners LLC bought a new position in CI Financial in the 2nd quarter worth $352,000. Y Intercept Hong Kong Ltd grew its position in CI Financial by 128.8% in the second quarter. Y Intercept Hong Kong Ltd now owns 56,668 shares of the company’s stock worth $602,000 after acquiring an additional 31,900 shares in the last quarter. Scheer Rowlett & Associates Investment Management Ltd. grew its position in CI Financial by 31.1% in the second quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 2,306,336 shares of the company’s stock worth $24,492,000 after acquiring an additional 547,340 shares in the last quarter. Scotia Capital Inc. grew its position in CI Financial by 158.2% in the second quarter. Scotia Capital Inc. now owns 676,260 shares of the company’s stock worth $7,176,000 after acquiring an additional 414,311 shares in the last quarter. Finally, abrdn plc lifted its stake in CI Financial by 25.0% in the second quarter. abrdn plc now owns 1,000,000 shares of the company’s stock worth $10,730,000 after purchasing an additional 200,000 shares during the last quarter. 34.93% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CIXX. BMO Capital Markets reduced their price objective on shares of CI Financial from C$21.00 to C$19.00 in a research note on Thursday, October 27th. TD Securities lifted their price target on shares of CI Financial from C$15.00 to C$16.00 in a report on Friday, November 11th. Canaccord Genuity Group cut their price target on shares of CI Financial from C$23.50 to C$19.50 in a report on Thursday, July 28th. Finally, Scotiabank dropped their price objective on shares of CI Financial from C$18.00 to C$17.00 in a report on Monday, October 31st.

CI Financial Price Performance

Shares of CIXX opened at $10.71 on Friday. The firm has a market capitalization of $2.01 billion, a PE ratio of 6.19, a price-to-earnings-growth ratio of 0.56 and a beta of 1.24. The company has a debt-to-equity ratio of 2.19, a current ratio of 0.60 and a quick ratio of 0.60. CI Financial Corp. has a 1-year low of $8.50 and a 1-year high of $23.85. The company’s fifty day moving average price is $10.15 and its 200-day moving average price is $10.94.

CI Financial Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 14th. Shareholders of record on Friday, March 31st will be given a $0.1335 dividend. The ex-dividend date is Thursday, March 30th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 4.99%. CI Financial’s dividend payout ratio (DPR) is currently 31.79%.

CI Financial Company Profile

(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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