Barclays Maintains Their Hold Rating on CI Financial (CIX)

By Carrie Williams

The Financial sector company, CI Financial (CIXResearch Report), has received a rating update from a Wall Street analyst on May 10. The company received a Hold on May 10 from Barclays’ analyst John Aiken, with a C$21 price target.

According to TipRanks.com, Aiken is a 1-star analyst with an average return of -1.3% and a 42.1% success rate. Aiken covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, Manulife Financial Corp, and National Bank of Canada.

Currently, the analyst consensus on CI Financial is a Hold with an average price target of C$22.

Based on CI Financial’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of C$140 million. In comparison, last year the company had a net profit of C$159 million.

CI Financial Corp. engages in the business of management, marketing, distribution, and administration of investment funds. It operates in the Asset Management and Asset Administration segments. The Asset Management segment includes fees earned on the management of mutual, segregated, pooled and closed-end funds, structured products and discretionary accounts.

The company’s shares closed on Wednesday at C$20.75.