CI Financial (TSE:CIX) Price Target Cut to C$13.00

CI Financial (TSE:CIX) had its price target decreased by equities researchers at Scotiabank from C$26.00 to C$13.00 in a report issued on Tuesday, BayStreet.CA reports. Scotiabank’s price objective indicates a potential downside of 0.69% from the stock’s current price.

Several other equities analysts have also recently issued reports on CIX. Canaccord Genuity raised their price target on CI Financial from C$27.00 to C$29.00 in a report on Tuesday, February 18th. TD Securities increased their target price on CI Financial from C$25.00 to C$27.00 and gave the company a “hold” rating in a research note on Tuesday, February 18th. CIBC increased their target price on CI Financial from C$25.00 to C$26.00 in a research note on Tuesday, February 18th. Finally, Royal Bank of Canada increased their target price on CI Financial from C$26.00 to C$28.00 and gave the company a “sector perform” rating in a research note on Tuesday, February 18th.

CI Financial stock opened at C$13.09 on Tuesday. The business’s 50-day simple moving average is C$20.89 and its 200 day simple moving average is C$20.84. The stock has a market cap of $2.77 billion and a price-to-earnings ratio of 5.72. CI Financial has a 12-month low of C$11.12 and a 12-month high of C$25.81. The company has a quick ratio of 0.38, a current ratio of 0.70 and a debt-to-equity ratio of 111.85.

CI Financial (TSE:CIX) last posted its quarterly earnings results on Friday, February 14th. The company reported C$0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.63 by C$0.03. The firm had revenue of C$534.70 million during the quarter. As a group, sell-side analysts expect that CI Financial will post 2.6400002 EPS for the current year.

In other CI Financial news, Director William Thomas Holland sold 105,000 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of C$25.21, for a total value of C$2,646,693.00. Following the transaction, the director now owns 289,720 shares of the company’s stock, valued at C$7,302,856.15. Also, Director Sheila A. Murray sold 41,211 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of C$23.40, for a total value of C$964,230.25. Following the completion of the transaction, the director now directly owns 85,684 shares in the company, valued at approximately C$2,004,782.82. Insiders sold 171,211 shares of company stock worth $4,190,661 in the last three months.

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.

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