Brokerages Set CI Financial Corp (TSE:CIX) Target Price at $36.94

CI Financial Corp (TSE:CIX) has earned an average recommendation of “Buy” from the eight brokerages that are presently covering the stock, Market Beat Ratings reports. One investment analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is C$36.94.

In other CI Financial Corp news, insider Stephen A. Macphail sold 49,733 shares of CI Financial Corp stock in a transaction on Friday, October 16th. The shares were sold at an average price of C$31.61, for a total transaction of C$1,572,040.24. Also, Director A. Winn Oughtred sold 50,000 shares of CI Financial Corp stock in a transaction on Tuesday, December 22nd. The stock was sold at an average price of C$30.52, for a total transaction of C$1,526,140.00.

Shares of CI Financial Corp (TSE:CIX) opened at 31.00 on Thursday. The firm has a market cap of $8.55 billion and a price-to-earnings ratio of 15.42. CI Financial Corp has a 52-week low of $27.84 and a 52-week high of $36.25. The company’s 50 day moving average is $31.02 and its 200 day moving average is $31.68.

The firm also recently announced a monthly dividend, which was paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 15th were given a $0.11 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date was Wednesday, November 25th.

CIX has been the subject of a number of recent analyst reports. RBC Capital lowered their price target on shares of CI Financial Corp from C$40.00 to C$37.00 and set an “outperform” rating for the company in a report on Friday, October 23rd. Canaccord Genuity decreased their price objective on shares of CI Financial Corp from C$39.00 to C$37.00 and set a “buy” rating for the company in a report on Thursday, September 3rd. BMO Capital Markets decreased their price objective on shares of CI Financial Corp from C$37.00 to C$36.00 and set an “outperform” rating for the company in a report on Friday, November 6th. Finally, CIBC decreased their price objective on shares of CI Financial Corp from C$38.00 to C$35.50 in a report on Monday, October 26th.

CI Financial Corp. (TSE:CIX) is a Canada-based wealth management and investment fund company. The Company is engaged in management, marketing, distribution and administration of mutual funds, segregated funds, structured products and other fee-earning investment products for Canadian investors. CI operates through two segments: Asset Management and Asset Administration. The Company’s Asset Management segment provides the majority of CI’s income and derives its revenue principally from the fees earned on the management of several families of mutual, segregated, pooled and closed-end funds, structured products and discretionary accounts. CI’s Asset Administration segment derives its revenue principally from commissions and fees earned on the sale of mutual funds and other financial products and ongoing service to clients. The Company’s products are distributed primarily through brokers, independent financial planners and insurance advisors, among others.

 

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