Barclays Downgrades CI Financial (CIX) to Equal Weight

Barclays lowered shares of CI Financial (TSE:CIX) from an overweight rating to an equal weight rating in a research note published on Friday morning. They currently have C$24.00 price objective on the stock, down from their prior price objective of C$29.00.

Other equities research analysts also recently issued reports about the stock. TD Securities lowered their price objective on shares of CI Financial from C$25.00 to C$24.00 in a research note on Friday. Canaccord Genuity lowered their price objective on shares of CI Financial from C$32.00 to C$30.00 in a research note on Friday, May 11th. CIBC lowered their price objective on shares of CI Financial from C$33.00 to C$32.00 in a research note on Friday, April 27th. Royal Bank of Canada lowered their price objective on shares of CI Financial from C$25.00 to C$22.00 and set an underperform rating for the company in a research note on Friday. Finally, Desjardins lowered their price objective on shares of CI Financial from C$25.00 to C$24.00 in a research note on Friday. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of Hold and an average target price of C$25.75.

TSE:CIX opened at C$21.53 on Friday. CI Financial has a 12 month low of C$21.01 and a 12 month high of C$30.23.

The firm also recently announced a monthly dividend, which will be paid on Wednesday, August 15th. Investors of record on Wednesday, August 15th will be given a dividend of $0.1175 per share. The ex-dividend date is Monday, July 30th. This represents a $1.41 dividend on an annualized basis and a yield of 6.55%.

In other CI Financial news, Director Roy Ratnavel bought 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 16th. The stock was bought at an average cost of C$25.00 per share, for a total transaction of C$250,000.00. Also, Director William Thomas Holland bought 56,500 shares of the firm’s stock in a transaction that occurred on Monday, August 13th. The shares were acquired at an average price of C$21.04 per share, with a total value of C$1,188,760.00. Insiders have purchased 81,500 shares of company stock valued at $1,761,260 over the last 90 days.

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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Analyst Recommendations for CI Financial (TSE:CIX)

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