CI Financial (TSE:CIX) had its price target cut by analysts at Royal Bank of Canada from C$25.00 to C$22.00 in a research note issued to investors on Friday. The brokerage presently has an “underperform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 3.00% from the stock’s current price.

Several other analysts also recently issued reports on CIX. Barclays cut their price objective on CI Financial from C$32.00 to C$31.00 in a report on Thursday, April 12th. CIBC dropped their target price on CI Financial from C$33.00 to C$32.00 in a report on Friday, April 27th. BMO Capital Markets dropped their target price on CI Financial from C$32.00 to C$29.00 in a report on Friday, May 11th. Desjardins dropped their target price on CI Financial from C$27.00 to C$26.00 in a report on Friday, May 11th. Finally, Canaccord Genuity dropped their target price on CI Financial from C$32.00 to C$30.00 in a report on Friday, May 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. CI Financial presently has an average rating of “Hold” and an average target price of C$25.75.

CI Financial opened at C$21.36 on Friday, according to MarketBeat Ratings. 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 posted its quarterly earnings data on Thursday, May 10th. The company reported C$0.59 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of C$0.61 by C($0.02). The company had revenue of C$573.50 million for the quarter. CI Financial had a return on equity of 28.22% and a net margin of 21.66%.

In other CI Financial news, Director Peter W. Anderson bought 15,000 shares of the company’s stock in a transaction dated Friday, August 10th. The shares were bought at an average price of C$21.50 per share, for a total transaction of C$322,500.00. Also, Director Roy Ratnavel bought 10,000 shares of the company’s 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. Insiders bought a total of 40,000 shares of company stock worth $955,000 in the last quarter.

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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