CI Financial Corp. (TSE:CIX) Receives C$19.50 Consensus Price Target from Brokerages

CI Financial Corp. (TSE:CIX) has earned an average recommendation of “Hold” from the nine analysts that are presently covering the stock, MarketBeat Ratings reports. Six analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is C$19.50.

CIX has been the topic of a number of recent research reports. Jefferies Financial Group raised their target price on CI Financial from C$19.00 to C$20.00 and gave the stock a “buy” rating in a report on Monday, February 26th. Scotiabank raised their price objective on CI Financial from C$19.00 to C$20.00 and gave the stock a “sector perform” rating in a research note on Monday, February 26th. TD Securities upgraded CI Financial from a “buy” rating to an “action list buy” rating and boosted their price objective for the company from C$21.00 to C$23.00 in a research note on Monday, February 26th. Raymond James set a C$19.00 target price on shares of CI Financial and gave the stock a “market perform” rating in a report on Thursday, February 22nd. Finally, CIBC lifted their price target on shares of CI Financial from C$15.00 to C$17.50 and gave the company a “neutral” rating in a report on Monday, January 29th.

CI Financial Price Performance

Shares of CIX opened at C$16.55 on Thursday. The firm has a market cap of C$2.55 billion, a PE ratio of 47.29, a P/E/G ratio of 0.96 and a beta of 1.64. CI Financial has a 1-year low of C$12.01 and a 1-year high of C$18.69. The company has a current ratio of 0.47, a quick ratio of 0.17 and a debt-to-equity ratio of 151.13. The firm has a fifty day simple moving average of C$16.71 and a two-hundred day simple moving average of C$15.41.

CI Financial (TSE:CIX) last posted its quarterly earnings data on Friday, February 23rd. The company reported C$0.81 EPS for the quarter, beating analysts’ consensus estimates of C$0.73 by C$0.08. CI Financial had a return on equity of 0.29% and a net margin of 0.16%. The company had revenue of C$715.60 million during the quarter, compared to analysts’ expectations of C$656.72 million. On average, equities analysts anticipate that CI Financial will post 3.5093946 EPS for the current year.

Hedge Funds Weigh In On CI Financial

Several hedge funds have recently modified their holdings of CIX. Geode Capital Management LLC lifted its position in shares of CI Financial by 3.6% in the fourth quarter. Geode Capital Management LLC now owns 21,471 shares of the company’s stock worth $396,000 after buying an additional 748 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of CI Financial by 3.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 31,055 shares of the company’s stock worth $505,000 after acquiring an additional 966 shares in the last quarter. Finally, BNP Paribas Arbitrage SNC raised its holdings in shares of CI Financial by 28.7% during the 1st quarter. BNP Paribas Arbitrage SNC now owns 6,449 shares of the company’s stock worth $117,000 after acquiring an additional 1,440 shares in 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.