CI Financial (CIX) Gets a Hold Rating from CIBC

By Austin Angelo

In a latest note to investors, a research analyst has provided a rating update for the CI Financial (CIXResearch Report). CIBC’s analyst Paul Holden reiterates their Hold rating on the shares, with a C$21 price target.

According to TipRanks.com, Holden is a 2-star analyst with an average return of 0.4% and a 46.5% success rate. Holden covers the Financial sector, focusing on stocks such as Fairfax Financial Holdings, Manulife Financial Corp, and Sun Life Financial.

CI Financial has an analyst consensus of Hold, with a price target consensus of C$21.75.

Based on CI Financial’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of C$158 million. In comparison, last year the company had a net profit of C$129 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 Monday at C$17.71, close to its 52-week low of C$16.47.