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

CI Financial Corp. (TSE:CIX) shares crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred 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

Several equities analysts have issued reports on CIX shares. Jefferies Financial Group boosted their price objective on shares of CI Financial from C$19.00 to C$20.00 and gave the company a “buy” rating in a research note on Monday, February 26th. TD Securities raised shares of CI Financial from a “buy” rating to an “action list buy” rating and increased their target price for the stock from C$21.00 to C$23.00 in a research report on Monday, February 26th. Royal Bank of Canada upped their price target on CI Financial from C$18.00 to C$19.00 and gave the stock a “sector perform” rating in a report on Monday, February 26th. Raymond James set a C$19.00 target price on CI Financial and gave the company a “market perform” rating in a research note on Thursday, February 22nd. Finally, Scotiabank increased their target price on CI Financial from C$19.00 to C$20.00 and gave the company a “sector perform” rating in a research note on Monday, February 26th. Six research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of C$19.50.

CI Financial Price Performance

The stock 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 company has a debt-to-equity ratio of 151.13, a current ratio of 0.47 and a quick ratio of 0.17. The company has a 50-day simple moving average of C$16.69 and a two-hundred day simple moving average of C$15.39.

CI Financial (TSE:CIX) last released its earnings results on Friday, February 23rd. The company reported C$0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.73 by C$0.08. The firm had revenue of C$715.60 million for the quarter, compared to analyst estimates of C$656.72 million. CI Financial had a return on equity of 0.29% and a net margin of 0.16%. On average, equities research analysts predict 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 bought and sold shares of the stock. Geode Capital Management LLC grew its stake in shares of CI Financial by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 21,471 shares of the company’s stock valued at $396,000 after buying an additional 748 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in CI Financial by 3.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 31,055 shares of the company’s stock worth $505,000 after purchasing an additional 966 shares during the last quarter. Finally, BNP Paribas Arbitrage SNC lifted its holdings in CI Financial by 28.7% in the 1st 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. Hedge funds and other institutional investors own 10.11% of the company’s stock.

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.