CI Financial Corp (NYSE:CIXX) Given Consensus Recommendation of “Buy” by Analysts

CI Financial Corp (NYSE:CIXX) has received an average rating of “Buy” from the eight research firms that are presently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $21.17.

A number of brokerages recently weighed in on CIXX. Barclays raised CI Financial from an “underweight” rating to an “overweight” rating in a report on Tuesday, January 12th. Royal Bank of Canada raised CI Financial from a “sector perform” rating to an “outperform” rating in a report on Tuesday, February 16th. Scotiabank decreased their price objective on CI Financial from $22.00 to $21.00 and set a “sector perform” rating on the stock in a report on Friday, February 12th. CIBC raised their price target on CI Financial from $18.50 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, February 12th. Finally, BMO Capital Markets raised their price target on CI Financial from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, February 12th.

Hedge funds have recently modified their holdings of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new stake in shares of CI Financial in the 4th quarter worth approximately $4,995,000. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of CI Financial in the 4th quarter worth approximately $53,803,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of CI Financial in the 4th quarter worth approximately $2,554,000. CIBC World Markets Inc. bought a new stake in shares of CI Financial in the 4th quarter worth approximately $7,584,000. Finally, Scheer Rowlett & Associates Investment Management Ltd. bought a new stake in shares of CI Financial in the 4th quarter worth approximately $29,467,000. Hedge funds and other institutional investors own 0.09% of the company’s stock.

Shares of NYSE:CIXX traded up $0.30 on Friday, hitting $15.24. The company’s stock had a trading volume of 1,049 shares, compared to its average volume of 67,436. The firm’s 50-day moving average price is $14.45. CI Financial has a 1 year low of $9.17 and a 1 year high of $15.56.

CI Financial (NYSE:CIXX) last announced its quarterly earnings data on Thursday, February 11th. The company reported $0.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.02. The firm had revenue of $421.34 million for the quarter. As a group, equities analysts expect that CI Financial will post 1.84 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 15th. Stockholders of record on Wednesday, June 30th will be given a $0.1417 dividend. The ex-dividend date is Tuesday, June 29th. This represents a $0.57 dividend on an annualized basis and a dividend yield of 3.72%.

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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Analyst Recommendations for CI Financial (NYSE:CIXX)

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