CI Financial (NYSE:CIXX) Sets New 52-Week High at $20.89

CI Financial Corp (NYSE:CIXX)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $20.89 and last traded at $20.89, with a volume of 11613 shares traded. The stock had previously closed at $20.59.

Several equities research analysts have issued reports on the company. TD Securities increased their target price on CI Financial from C$26.00 to C$28.00 and gave the stock a “buy” rating in a research report on Wednesday, August 11th. Royal Bank of Canada increased their target price on CI Financial from C$26.00 to C$30.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 11th. Zacks Investment Research downgraded CI Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, September 8th. BMO Capital Markets increased their target price on CI Financial from C$26.00 to C$30.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 11th. Finally, Scotiabank increased their target price on CI Financial from C$24.00 to C$26.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 20th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, CI Financial has an average rating of “Buy” and an average price target of $26.83.

The stock has a 50 day moving average price of $18.91 and a 200-day moving average price of $17.36. The stock has a market capitalization of $4.24 billion and a P/E ratio of 11.25. The company has a debt-to-equity ratio of 2.13, a current ratio of 1.21 and a quick ratio of 1.21.

CI Financial (NYSE:CIXX) last posted its earnings results on Tuesday, August 10th. The company reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.03. The firm had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $679.30 million. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. Research analysts predict that CI Financial Corp will post 2.44 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 14th. Shareholders of record on Friday, December 31st will be issued a $0.143 dividend. The ex-dividend date is Thursday, December 30th. This represents a $0.57 annualized dividend and a yield of 2.74%. CI Financial’s dividend payout ratio (DPR) is presently 32.79%.

A number of institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC lifted its holdings in CI Financial by 122.9% in the second quarter. FMR LLC now owns 7,614,509 shares of the company’s stock worth $139,747,000 after buying an additional 4,198,187 shares during the period. Vanguard Group Inc. lifted its holdings in CI Financial by 0.3% in the second quarter. Vanguard Group Inc. now owns 5,989,366 shares of the company’s stock worth $110,085,000 after buying an additional 17,084 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in CI Financial by 26.5% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 5,856,998 shares of the company’s stock worth $107,473,000 after buying an additional 1,226,860 shares during the period. Mackenzie Financial Corp increased its stake in shares of CI Financial by 34.8% during the second quarter. Mackenzie Financial Corp now owns 4,546,033 shares of the company’s stock valued at $83,351,000 after purchasing an additional 1,173,557 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of CI Financial by 29.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,139,872 shares of the company’s stock valued at $45,380,000 after purchasing an additional 707,359 shares in the last quarter. Institutional investors and hedge funds own 40.66% of the company’s stock.

CI Financial Company Profile (NYSE:CIXX)

CI Financial Corp. is an independent company offering global asset management and wealth management advisory services. It operates through the following business segments: Asset Management and Wealth Management. The Asset Management segment provides the majority of CI’s income and derives its revenue principally from the fees earned on the management of investment funds and other fee-earning investment products.

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