CIBC Raises CI Financial (NYSE:CIXX) Price Target to C$23.00

CI Financial (NYSE:CIXX) had its price objective increased by CIBC from C$21.00 to C$23.00 in a report released on Friday morning, The Fly reports. They currently have a neutral rating on the stock.

Other equities analysts have also recently issued research reports about the company. Royal Bank of Canada boosted their target price on CI Financial from C$24.00 to C$25.00 and gave the stock an outperform rating in a research report on Friday. Zacks Investment Research lowered CI Financial from a buy rating to a hold rating in a research note on Tuesday, April 13th. Canaccord Genuity increased their target price on CI Financial from $24.00 to $25.00 and gave the stock a buy rating in a research report on Friday, February 12th. BMO Capital Markets raised their target price on CI Financial from $22.00 to $23.00 and gave the company an outperform rating in a research note on Friday, February 12th. Finally, Scotiabank lifted their price target on CI Financial from C$22.00 to C$24.00 and gave the stock a sector perform rating in a research note on Friday. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $23.81.

CIXX opened at $17.99 on Friday. CI Financial has a 12 month low of $11.68 and a 12 month high of $18.05. The business’s fifty day moving average is $15.63.

CI Financial (NYSE:CIXX) last posted its earnings results on Thursday, February 11th. The company reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.02. The firm had revenue of $421.34 million during the quarter. Analysts anticipate that CI Financial will post 1.84 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Thursday, September 30th will be paid a dividend of $0.1488 per share. This represents a $0.60 annualized dividend and a yield of 3.31%. This is a boost from CI Financial’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Wednesday, September 29th.

A number of hedge funds and other institutional investors have recently made changes to their positions in CIXX. Benjamin Edwards Inc. acquired a new stake in CI Financial in the first quarter worth $28,000. Barclays PLC lifted its stake in CI Financial by 44.8% in the first quarter. Barclays PLC now owns 2,523 shares of the company’s stock valued at $36,000 after acquiring an additional 781 shares during the last quarter. Hilton Capital Management LLC acquired a new stake in shares of CI Financial during the 1st quarter worth about $145,000. Unigestion Holding SA acquired a new stake in shares of CI Financial during the 1st quarter worth about $161,000. Finally, Guinness Asset Management LTD acquired a new stake in shares of CI Financial during the 4th quarter worth about $152,000. Institutional investors and hedge funds own 0.09% of the company’s stock.

CI Financial Company Profile

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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