Brokerages Set CI Financial Corp. (TSE:CIX) PT at C$27.94

CI Financial Corp. (TSE:CIX) has earned an average recommendation of “Hold” from the eight ratings firms that are currently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is C$27.94.

Separately, Raymond James cut CI Financial from a “moderate buy” rating to a “strong sell” rating in a research note on Thursday, January 23rd.

CI Financial Price Performance

CI Financial stock opened at C$30.90 on Thursday. The company has a debt-to-equity ratio of 506.88, a quick ratio of 0.17 and a current ratio of 0.32. The company has a market capitalization of C$4.45 billion, a price-to-earnings ratio of -64.42, a price-to-earnings-growth ratio of 0.04 and a beta of 1.67. The company’s 50 day simple moving average is C$31.25 and its 200-day simple moving average is C$27.57. CI Financial has a 1 year low of C$13.87 and a 1 year high of C$31.48.

CI Financial Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.80 dividend on an annualized basis and a yield of 2.59%. CI Financial’s dividend payout ratio is presently -166.77%.

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.