CI Financial (TSE:CIX) was downgraded by Barclays from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Friday. They presently have a C$24.00 price objective on the stock, down from their prior price objective of C$29.00. Barclays’ target price points to a potential upside of 12.10% from the company’s current price.
A number of other equities analysts have also recently issued reports on the company. Desjardins lowered their target price on CI Financial from C$25.00 to C$24.00 in a report on Friday. Royal Bank of Canada decreased their price objective on CI Financial from C$25.00 to C$22.00 and set an “underperform” rating for the company in a report on Friday. BMO Capital Markets decreased their price objective on CI Financial from C$29.00 to C$26.00 in a report on Friday. TD Securities decreased their price objective on CI Financial from C$25.00 to C$24.00 in a report on Friday. Finally, Canaccord Genuity decreased their price objective on CI Financial from C$30.00 to C$27.00 in a report on Tuesday, July 31st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of C$25.75.
CI Financial traded down C$0.60, reaching C$21.41, during trading hours on Friday, Marketbeat reports. 836,082 shares of the stock were exchanged, compared to its average volume of 593,059. CI Financial has a 12 month low of C$21.10 and a 12 month high of C$30.23.
CI Financial (TSE:CIX) last released its earnings results on Thursday, May 10th. The company reported C$0.59 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of C$0.61 by C($0.02). The firm had revenue of C$573.50 million for the quarter. CI Financial had a return on equity of 28.22% and a net margin of 21.66%.
In related news, Director Roy Ratnavel acquired 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 16th. The stock was bought at an average price of C$25.00 per share, for a total transaction of C$250,000.00. Also, Director Peter W. Anderson acquired 15,000 shares of the firm’s stock in a transaction dated Monday, May 14th. The stock was bought at an average price of C$25.50 per share, with a total value of C$382,500.00.
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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