CIBC Reiterates a Hold Rating on CI Financial (CIX)

By Carrie Williams

The Financial sector company, CI Financial (TSX: CIX), has received a rating update from a Wall Street analyst yesterday. Analyst Paul Holden from CIBC rated CI Financial (TSX: CIX) a Hold.

According to TipRanks.com, Holden is ranked #1751 out of 4850 analysts.

CI Financial has an analyst consensus of Hold, with a price target consensus of C$24.67, a 15.5% upside from current levels. In a report issued on July 27, Desjardins also reiterated a Hold rating on the stock with a C$25 price target.

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Based on CI Financial’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of C$159 million. In comparison, last year the company had a net profit of C$96.32 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 Friday at C$21.36, close to its 52-week low of C$21.10.