CI Financial (NYSE:CIXX) Sees Large Volume Increase

CI Financial Corp. (NYSE:CIXX – Get Rating) saw unusually-high trading volume on Wednesday . Approximately 4,381 shares traded hands during trading, a decline of 94% from the previous session’s volume of 77,222 shares.The stock last traded at $11.22 and had previously closed at $11.62.

CIXX has been the topic of several research reports. Royal Bank of Canada downgraded CI Financial from an “outperform” rating to a “sector perform” rating in a report on Monday. TD Securities dropped their target price on CI Financial from C$19.00 to C$16.00 in a research report on Friday, May 13th. BMO Capital Markets dropped their target price on CI Financial from C$26.00 to C$25.00 in a research report on Friday, May 13th. CIBC dropped their target price on CI Financial from C$28.00 to C$23.00 in a research report on Monday. Finally, Scotiabank dropped their target price on CI Financial from C$25.00 to C$21.00 in a research report on Friday, May 13th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $24.44.

The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 2.12. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of 6.92, a PEG ratio of 0.52 and a beta of 1.35. The stock has a 50-day moving average price of $14.46 and a two-hundred day moving average price of $18.33.

CI Financial (NYSE:CIXX – Get Rating) last released its quarterly earnings data on Thursday, May 12th. The company reported $0.67 earnings per share for the quarter. CI Financial had a return on equity of 40.37% and a net margin of 15.56%. The business had revenue of $500.33 million during the quarter. Research analysts predict that CI Financial Corp. will post 2.79 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a $0.1391 dividend. The ex-dividend date is Thursday, September 29th. This represents a $0.56 annualized dividend and a dividend yield of 5.00%. CI Financial’s dividend payout ratio is presently 33.93%.

Hedge funds have recently bought and sold shares of the stock. Power Corp of Canada acquired a new stake in CI Financial in the 1st quarter worth about $29,000. NN Investment Partners Holdings N.V. acquired a new stake in CI Financial in the 1st quarter worth about $89,000. Ilmarinen Mutual Pension Insurance Co acquired a new position in shares of CI Financial during the 1st quarter worth approximately $207,000. Laurus Investment Counsel Inc. boosted its holdings in shares of CI Financial by 16.5% during the 1st quarter. Laurus Investment Counsel Inc. now owns 15,000 shares of the company’s stock worth $239,000 after purchasing an additional 2,125 shares during the last quarter. Finally, DGS Capital Management LLC acquired a new position in CI Financial in the fourth quarter valued at approximately $245,000. Institutional investors own 43.66% of the company’s stock.

About CI Financial (NYSE:CIXX)

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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