Brokerages Set CI Financial Corp (CIX) Price Target at $29.43

CI Financial Corp (TSE:CIX) has been given an average rating of “Hold” by the eight ratings firms that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is C$29.71.

Several analysts recently commented on CIX shares. CIBC raised their target price on CI Financial Corp from C$32.00 to C$34.00 and gave the company an “outperform” rating in a research report on Tuesday, October 3rd. BMO Capital Markets restated a “market perform” rating and issued a C$29.00 target price on shares of CI Financial Corp in a research report on Monday, September 18th. Scotiabank raised their target price on CI Financial Corp from C$28.00 to C$30.00 and gave the company a “sector perform” rating in a research report on Friday, August 11th. TD Securities raised their target price on CI Financial Corp from C$28.00 to C$29.00 and gave the company a “hold” rating in a research report on Friday, August 11th. Finally, Barclays PLC raised their target price on CI Financial Corp from C$30.00 to C$32.00 in a research report on Monday.

In other news, Director Roy Ratnavel purchased 10,000 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was purchased at an average cost of C$26.76 per share, with a total value of C$267,600.00. Also, insider Douglas J.R. Jamieson purchased 1,000 shares of the firm’s stock in a transaction on Tuesday, October 17th. The shares were purchased at an average cost of C$28.00 per share, with a total value of C$28,000.00. Over the last ninety days, insiders have acquired 26,000 shares of company stock valued at $698,500.

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CI Financial Corp (TSE CIX) traded up 0.13% on Friday, reaching $28.34. The company’s stock had a trading volume of 268,355 shares. The firm’s 50 day moving average price is $27.70 and its 200-day moving average price is $27.21. CI Financial Corp has a 52 week low of $23.52 and a 52 week high of $29.94. The company has a market capitalization of $7.31 billion and a price-to-earnings ratio of 15.42.

The company also recently declared a monthly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 15th will be paid a dividend of $0.1175 per share. This is a positive change from CI Financial Corp’s previous monthly dividend of $0.12. This represents a $1.41 dividend on an annualized basis and a yield of 4.95%. The ex-dividend date is Monday, October 30th.

About CI Financial Corp

CI Financial Corp. (CI) is a wealth management and investment fund company. The Company is engaged in management, marketing, distribution and administration of mutual funds, segregated funds, exchange-traded funds, structured products and other fee-earning investment products for Canadian investors. CI operates through two segments: Asset Management and Asset Administration.

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