CI Financial (NYSE:CIXX) Sees Large Volume Increase

CI Financial Corp (NYSE:CIXX) saw an uptick in trading volume on Wednesday . 2,549 shares changed hands during mid-day 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.

Several research analysts have issued reports on the company. Royal Bank of Canada boosted their target price on CI Financial from C$24.00 to C$25.00 and gave the company an “outperform” rating in a research report on Friday, May 14th. Canaccord Genuity boosted their price objective on CI Financial from C$26.50 to C$27.50 and gave the company a “buy” rating in a report on Friday, May 14th. BMO Capital Markets increased their target price on CI Financial from C$23.00 to C$26.00 and gave the stock an “outperform” rating in a research note on Friday, May 14th. TD Securities lifted their target price on CI Financial from C$22.00 to C$24.00 and gave the stock a “buy” rating in a research report on Friday, May 14th. Finally, Zacks Investment Research upgraded shares of CI Financial from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a report on Monday, May 17th. Two equities research analysts have rated the stock with a hold rating and six have given 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 company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.42. The company has a fifty day simple moving average of $16.85. The stock has a market cap of $3.76 billion and a price-to-earnings ratio of 9.88.

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

A number of institutional investors have recently modified their holdings of the business. Barclays PLC increased its position in CI Financial by 44.8% during the 1st quarter. Barclays PLC now owns 2,523 shares of the company’s stock valued at $36,000 after purchasing an additional 781 shares during the period. Guinness Asset Management LTD increased its holdings in CI Financial by 7.3% during the first quarter. Guinness Asset Management LTD now owns 13,200 shares of the company’s stock valued at $191,000 after buying an additional 900 shares during the period. Benjamin Edwards Inc. bought a new position in CI Financial in the first quarter worth approximately $28,000. Amundi Asset Management US Inc. purchased a new stake in CI Financial during the first quarter worth $66,000. Finally, Lingohr & Partner Asset Management GmbH boosted its position in CI Financial by 39.7% during the 1st quarter. Lingohr & Partner Asset Management GmbH now owns 30,708 shares of the company’s stock valued at $443,000 after acquiring an additional 8,734 shares in the last quarter. Institutional investors own 49.13% of the company’s stock.

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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