CI Financial (NYSE:CIXX) Sees Unusually-High Trading Volume

CI Financial Corp (NYSE:CIXX) saw unusually-strong trading volume on Wednesday . Approximately 2,549 shares traded hands during trading, a decline of 91% from the previous session’s volume of 29,410 shares.The stock last traded at $18.45 and had previously closed at $18.53.

CIXX has been the subject of a number of recent analyst reports. Scotiabank boosted their price objective on shares of CI Financial from C$22.00 to C$24.00 and gave the stock a “sector perform” rating in a report on Friday, May 14th. Barclays boosted their price target on CI Financial from C$23.00 to C$25.00 and gave the stock an “overweight” rating in a research note on Friday, May 14th. TD Securities increased their price objective on CI Financial from C$22.00 to C$24.00 and gave the company a “buy” rating in a research report on Friday, May 14th. BMO Capital Markets boosted their target price on CI Financial from C$23.00 to C$26.00 and gave the stock an “outperform” rating in a research report on Friday, May 14th. Finally, Canaccord Genuity raised their price target on shares of CI Financial from C$26.50 to C$27.50 and gave the company a “buy” rating in a report on Friday, May 14th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $24.31.

The stock has a market capitalization of $3.76 billion and a price-to-earnings ratio of 9.88. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a 50-day moving average price of $16.85.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Thursday, September 30th will be paid a $0.1488 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.29%. The ex-dividend date is Wednesday, September 29th. This is a boost from CI Financial’s previous quarterly dividend of $0.14.

Institutional investors and hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company bought a new position in CI Financial in the fourth quarter worth approximately $171,942,000. FIL Ltd bought a new position in CI Financial in the 4th quarter worth $106,177,000. Skandinaviska Enskilda Banken AB publ purchased a new position in CI Financial during the fourth quarter valued at $53,803,000. Norges Bank bought a new stake in CI Financial during the fourth quarter valued at about $33,557,000. Finally, Scheer Rowlett & Associates Investment Management Ltd. purchased a new stake in CI Financial in the fourth quarter worth about $29,467,000. 49.13% of the stock is currently owned by institutional investors.

CI Financial Company Profile (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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