CI Financial (CIX) Downgraded by Barclays

CI Financial (TSE:CIX) was downgraded by research analysts at Barclays from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Friday. They currently have a C$24.00 price objective on the stock, down from their prior price objective of C$29.00. Barclays’ price objective points to a potential upside of 11.89% from the company’s previous close.

CIX has been the topic of a number of other reports. BMO Capital Markets cut their price objective on CI Financial from C$32.00 to C$29.00 in a report on Friday, May 11th. Canaccord Genuity cut their price objective on CI Financial from C$32.00 to C$30.00 in a report on Friday, May 11th. Desjardins cut their price objective on CI Financial from C$27.00 to C$26.00 in a report on Friday, May 11th. Royal Bank of Canada cut their price objective on CI Financial from C$26.00 to C$25.00 and set an “underperform” rating on the stock in a report on Friday, May 11th. Finally, CIBC cut their price objective on CI Financial from C$33.00 to C$32.00 in a report on Friday, April 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of C$25.75.

Shares of CI Financial stock traded down C$0.56 during trading hours on Friday, reaching C$21.45. The stock had a trading volume of 732,567 shares, compared to its average volume of 592,473. CI Financial has a 1 year low of C$21.10 and a 1 year high of C$30.23.

CI Financial (TSE:CIX) last released its quarterly earnings data on Thursday, May 10th. The company reported C$0.59 EPS for the quarter, missing analysts’ consensus estimates of C$0.61 by C($0.02). The firm had revenue of C$573.50 million during 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 bought 10,000 shares of the stock in a transaction dated Wednesday, May 16th. The stock was acquired at an average price of C$25.00 per share, for a total transaction of C$250,000.00. Also, Director Peter W. Anderson bought 15,000 shares of the 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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