CI Financial Corp. (TSE:CIX) Receives C$27.94 Consensus Target Price from Brokerages

Shares of CI Financial Corp. (TSE:CIX) have earned a consensus recommendation of “Hold” from the eight brokerages that are currently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is C$27.94.

Several equities analysts have commented on CIX shares. Raymond James lowered shares of CI Financial from a “moderate buy” rating to a “strong sell” rating in a report on Thursday, January 23rd. TD Securities lowered shares of CI Financial from a “buy” rating to a “sell” rating and raised their target price for the company from C$28.00 to C$32.00 in a report on Tuesday, November 26th. Keefe, Bruyette & Woods downgraded shares of CI Financial from an “outperform” rating to a “market perform” rating and raised their price target for the company from C$28.00 to C$31.50 in a research note on Tuesday, November 26th. Finally, CIBC raised their price target on shares of CI Financial from C$23.00 to C$32.00 in a research note on Tuesday, November 26th.

CI Financial Price Performance

CIX stock opened at C$31.15 on Friday. The company has a quick ratio of 0.17, a current ratio of 0.32 and a debt-to-equity ratio of 506.88. CI Financial has a 12 month low of C$13.87 and a 12 month high of C$31.48. The firm has a market cap of C$4.49 billion, a P/E ratio of -64.94, a P/E/G ratio of 0.04 and a beta of 1.67. The company’s 50-day moving average price is C$31.21 and its two-hundred day moving average price is C$26.11.

CI Financial Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, March 31st. This represents a $0.80 annualized dividend and a yield of 2.57%. CI Financial’s dividend payout ratio is presently -166.77%.

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.