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CI Financial Corp (CIX.TO)
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Looking at the volume traded today (18M shares) plus the decent price rise (2.65%) and adding the short interest theory, maybe CIX is preparing to go up from here!
CI Financial aims for first Ethereum ETF...
Investment manager CI Financial is racing to cash in on the cryptocurrency craze by filing with regulators to launch one of the world’s first exchange-traded funds that tracks the price of Ether, after two Bitcoin ETFs saw more than $1-billion change hands in their first week of trading.
Both Bitcoin and Ether – the cryptocurrency of software platform Ethereum – are digital currencies that are not backed by any country’s central bank. They both typically trade through online exchanges, are stored in various cryptocurrency wallets and make use of blockchain, a transparent, distributed ledger technology.
If approved, the CI Galaxy Ethereum ETF will trade under the ticker ETHX and track the price of Ether using the Bloomberg Galaxy Ethereum Index. The Thursday filing is the second in less than a week for CI, which recently filed with regulators to launch a Bitcoin ETF. (Both funds are pending approval).
ETHX, which would trade on the Toronto Stock Exchange, could gain a significant first-mover advantage, similar to the launch of the two Bitcoin ETFs.
The Purpose Bitcoin ETF (BTCC), which launched on Feb. 11 and is managed by Purpose Investments Inc., saw millions of dollars flow into the fund when it hit the market the day before the launch of Evolve Funds Group Inc.’s Bitcoin ETF (EBIT)
“Despite the many unknowns of launching a world’s first product and the early days of digital currencies, Bitcoin ETFs launched smoothly with the benefits of the ETF structure shining bright and investors flocking to these ETFs,” said Andres Rincon, director and head of ETF sales and strategy at TD Asset Management, in a research note this week.
After its first week, BTCC has become the most actively traded Canadian ETF in history, with investors buying and selling more than $1.2-billion worth of shares. The fund has about $600-million in total assets, as of end of day on Feb. 25. Purpose has even added a currency-hedged version of BTCC, which began trading Wednesday.
EBIT currently has about $40-million in assets, which could grow quickly if investors begin to compare price tags. Earlier this week, Evolve dropped EBIT’s management fee to 0.75 per cent from its initial 1-per-cent fee, making it the cheapest Bitcoin ETF for investors.
“From a launch point of view, what was so interesting was the tremendous power of having that first-mover advantage,” said Matthew Goddard, managing director and head of ETFs and futures at BMO Capital Markets. “It likely played a big role in the difference in assets between two funds that, while aren’t exactly the same, are highly similar. It is very telling how much innovation does matter and how much one day can be a major advantage.”
Four other asset managers plan to join CI in launching Bitcoin ETFs once they receive regulatory approval. Horizons ETFs Management (Canada) Inc., 3iQ Corp., Accelerate Financial Technologies Inc. and Arxnovum Investments Inc. have all applied with regulators to list Bitcoin ETFs that would also trade on the TSX.
Other fund companies have entered the Bitcoin market with closed-end funds, which trade more like an initial public offering (IPO). Unlike ETFs, which were halted by regulators for years, closed-end funds were approved by the Ontario Securities Commission in 2019. But they can trade with large premiums for investors – in some cases as much as 40 per cent.
3iQ was the first to launch a closed-end fund in 2020 with the Bitcoin Fund, followed by CI with its CI Galaxy Bitcoin Fund. And just last month, alternative investment company Ninepoint Partners LP completed a $230-million IPO for its Bitcoin Trust.
Potential 24 percent return just for buying and holding. I think there is more
Listed below is a complete list of all 219 companies in the S&P/TSX composite index grouped by sector and ranked based on their expected price returns (excluding dividend or distribution income), according to Refinitiv data. The closing price is as of March 1 and the expected returns are based on these closing prices. All other data is as of Feb. 28.
BAM-A-T BROOKFIELD ASSET MANAGEMENT INC$52.21 $66.87 28% EFN-T ELEMENT FLEET MANAGEMENT CORP$12.50 $15.97 28% IFC-T INTACT FINANCIAL CORP$144.43 $181.78 26% ONEX-T ONEX CORPORATION$75.62 $93.75 24% CIX-T CI FINANCIAL CORP$17.87 $22.11 24% ECN-T ECN CAPITAL CORP$8.20 $9.95 21% HCG-T HOME CAPITAL GROUP INC$31.61 $38.14 21% X-T TMX GROUP LTD$121.88 $146.00 20% SLF-T SUN LIFE FINANCIAL INC$61.63 $68.36 11%
Results are out and they are very good!!
CI Financial Reports Fourth Quarter and Annual Financial Results for 2020
Adjusted EPS1 reaches record levels of $0.71 for Q4 and $2.45 for 2020
Repurchased 1.8 million shares in Q4 for $29.8 million, and 14.0 million shares in 2020 for $258 million
Paid quarterly dividend of $0.18 a share, totalling $37.8 million in Q4 and $155.3 million in 2020
Continued expansion of North American wealth management platform through six acquisitions with $25 billion in assets in Q4; total of 14 acquisitions in 2020 almost doubles wealth assets to $96 billion
Total assets increased 19% in Q4 and 27% in 2020 to $231.5 billion
Acquisition announced after quarter-end expected to increase U.S. assets to $58 billion, total assets to $261 billion
Significantly diversified investor base through NYSE listing (ticker CIXX), successful U.S. debt issue that raised US$960 million
Completed corporate rebranding which included the rollout of CI Global Asset Management and alignment of in-house investment teams
All financial amounts in Canadian dollars unless otherwise stated.
February 11, 2021, 7:00 AM Eastern Standard Time
TORONTO--(BUSINESS WIRE)--CI Financial Corp. (“CI”) (TSX: CIX, NYSE: CIXX) today released financial results for the quarter and year ended December 31, 2020.
“We delivered a very successful fourth quarter, capping a transformative year for CI,” said Kurt MacAlpine, CI Chief Executive Officer. “In 2020, we made great progress in executing on our strategic priorities of modernizing asset management, expanding wealth management, and globalizing the firm. While we are still in the early stages of executing our strategy, CI is a fundamentally different company than it was just a year ago.
“We have almost doubled the size of our wealth management business, reaching $96 billion at the end of the year, and quickly built a significant presence in the United States,” Mr. MacAlpine said. “Our assets in the U.S. alone are nearing $60 billion with the completion of five acquisitions in the fourth quarter and an agreement this January to acquire Segall Bryant & Hamill, LLC of Chicago. The U.S. wealth management firms we acquired operate at strong margins and generated aggregate organic net new asset growth of 9% in 2020. These businesses are making important contributions to our results and we are committed to building on this progress in the coming year.
“We have diversified our investor base by listing on the New York Stock Exchange in November and issuing debt in the United States in December,” said Mr. MacAlpine. “With the re-opening of that offering in January, we have issued US$960 million in notes, demonstrating a high level of investor interest and confidence in CI and our strategy. While CI had no U.S. debt just two months ago, today over 50% of our bonds are issued in the U.S.
“In asset management, we have kept up the pace of enhancements to the business, rebranding CI Investments to CI Global Asset Management, and building on our leadership in alternative investments with the launch of the CI Galaxy Bitcoin Fund and, in January, launching a private equity product with Adams Street Partners for accredited investors,” Mr. MacAlpine said.
CI is the market leader in liquid alternatives in Canada, with $3.2 billion in assets under management in this category as at December 31, 2020, offered in both mutual fund and exchange-traded fund structures.
“We’re making these substantial investments in CI’s growth while achieving strong financial results, paying a quarterly dividend of $0.18 a share and continuing our share repurchase program,” Mr. MacAlpine said.
“As a result of growing wealth management revenues and prudent cost management, our earnings per share, on an adjusted basis1, were $0.71 for the fourth quarter, the highest in the company’s history. For the year, adjusted earnings were $2.45, also a record high for the company.”
CI reported earnings per share of $0.50 for the fourth quarter of 2020, compared to $0.62 in the previous quarter and $0.66 in the fourth quarter of 2019. Adjusted earnings per share1 for the fourth quarter were $0.71. This compares to adjusted earnings per share of $0.62 for the third quarter of 2020 and $0.66 for the same quarter a year ago. Adjusted earnings exclude a provision of $42.6 million ($55.8 million before tax) in the fourth quarter of 2020 for non-recurring items, including legal and restructuring charges, investment write-downs and losses from the early redemption of bonds.
For the year ended December 31, 2020, CI reported record adjusted earnings per share of $2.45, versus $2.41 for fiscal 2019. Adjusted earnings exclude provisions taken in the first and fourth quarters of 2020 and in the second quarter of 2019.
SG&A expenses for the fourth quarter were $116.7 million, up from $108.8 million in the prior quarter and $113.8 million in the same quarter of
Friday’s Insider Report: Chairman invests over $900,000 in this financial stock yielding over 4%
Listed below are stocks that have had recent buying activity reported by insiders.
CI Financial Corp.
On Feb. 17, chairman of the board Bill Holland invested over $912,000 in shares of CI. He acquired 50,000 shares at a cost per share of $18.25, increasing this specific account’s holdings to 606,920 shares.
The company pays its shareholders a quarterly dividend of 18 cents per share or 72 cents per share yearly, equating to a current ann
Ben From the North
That stock seems to be very good on paper. Whatsup with it? Is it worth it, why no one talking about it?
Finally starting to see some momentum here. Looking for another 4mm+ share buybacks and a dividend raise with earnings next week. I also expect we’ll announce we have surpassed $100b+ in wealth management assets.
EPS 2.30 (2020) to 2.64 (2021) maybe 2.85 (2022)
pe 7.5 6.5
this baby is priced for recession. It will eventually go back to PE 15, $40 2021 sept once the covid is lifted
Cannot understand investments. Negative sales and 2/3 of assets in the balance sheet as good will and intangible assets.
Can someone explain?
what is holding this stock back... the company is absolutely killing it.
CI Financial Kickstarts 2021 with Acquisition of Chicago-based Segall Bryant & Hamill, a Leading High-Net-Worth RIA and Institutional Asset Manager with US$23 Billion in Assets
Acquisition continues ambitious cross-border growth initiative and will boost CI’s total assets to C$261 billion
January 25, 2021, 4:05 PM Eastern Standard Time
TORONTO & CHICAGO--(BUSINESS WIRE)--CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX), a diversified global asset and wealth management company, and Segall Bryant & Hamill, LLC (“SBH”) today announced an agreement under which CI will acquire SBH, a leading high-net-worth-focused registered investment advisor and multi-office institutional investment management firm headquartered in Chicago.
The addition of SBH, once completed, is expected to double CI’s total U.S.-based assets to US$46.1 billion1 and demonstrates the firm's commitment to continued cross-border growth and unwavering belief in the importance of financial advice, planning and investment management.
SBH is both a registered investment advisor (“RIA”) and an institutional asset manager. On a stand-alone basis, SBH’s US$6.0 billion2 wealth management platform is CI’s largest U.S. acquisition to date by asset size. CI is also excited to build on the strong momentum of SBH’s institutional platform, which offers a broad array of both traditional and alternative investment strategies.
“Acquiring Segall Bryant & Hamill is a major step forward as we continue our U.S. expansion,” said Kurt MacAlpine, CI Chief Executive Officer. “SBH has built an incredible business and formed a committed team that embodies the characteristics we look for in our acquisitions. SBH has also displayed a proven ability to adapt to changing market dynamics to deliver a consistently superior level of client service and investment performance through deep fundamental research. I am pleased to announce that the SBH team will remain intact and be a key driver of CI’s growth in the U.S.”
With US$23.1 billion2,3 in assets on its platform and 122 employees, SBH serves a broad array of wealth management, intermediary and institutional clients from offices in Chicago, Denver, Philadelphia, St. Louis and Naples, Florida. Since its founding in 1994, SBH has specialized in providing strong risk-adjusted returns across multiple asset classes to deliver clients customized portfolio solutions and an exceptional client experience.
“The interests of our clients have been at the center of every strategic decision we have made since the firm’s founding over 25 years ago,” said Philip Hildebrandt, Chief Executive Officer of SBH. “Our clients will benefit from the synergies that result when like-minded organizations leverage their talents and resources to enhance the client experience. CI is a strong strategic partner for SBH, providing the capital resources of a large, global investment firm while allowing us to retain our client-centric approach. We are excited to become part of the growing CI family of companies.”
With this acquisition, CI has established a significant presence in U.S. wealth management, both in asset size and geographic reach. It marks CI’s 14th U.S. acquisition (including acquisitions by CI-affiliated RIAs) since January 2020. Following the completion of the SBH transaction, CI’s total North American wealth management assets are expected to be approximately US$82 billion (C$104 billion) and total assets are expected to reach approximately US$205 billion (C$261 billion).1
Cambridge International Partners served as the exclusive financial advisor to SBH. This transaction is expected to close in the second quarter of 2021, subject to regulatory, stock exchange and other customary closing conditions. Financial terms of this transaction were not disclosed.
About Segall Bryant & Hamill
Segall Bryant & Hamill, LLC is an independent investment firm headquartered in Chicago, with offices in Denver, Philadelphia, St. Louis, and Naples, Florida. The firm was established in 1994 and had over US$23 billion3 in assets under management/assets under advisement as at December 31, 2020. SBH offers a range of investment strategies and customized solutions for institutional, advisor and wealth management clients, including domestic, international and global equity, fixed income and alternatives.
I'm really optimistic about the upcoming earnings report to get this to at least an 8 P/E. Trading at only 6.4x earnings at this stage of economic optimism makes this company a real outlier. Bring on February!!!
I bought back in like I said I would, for life
It should be $25 and higher. What you think?
I really dont get why this is still at 2009 levels... why is this not 20????
What caused the huge jump today? I expected good news, but a 6% jump is surprising.
Yahoo Finance Insights
CIXX reached an all time high at 14.90
Another great U.S. wealth management acquisition!!!
I find it unusual the market had such a strong negative reaction to the launch of their bitcoin fund. That seems to be the only news that would have triggered the (4.65%) day today. Very odd. I see this as a net positive for both CI and BTC, as institutional support only adds weight to it as a value store for investment purposes.
I've been watching this for a while, and today picked up a position of just over 600 shares. Lot's of growth drivers here based on management's discussion in the last quarterly report made me sit up and take notice. They are moving hard into wealth management through U.S. and Global acquisitions, and these stocks typically trade at a much higher P/E multiple. Currently, the stock is trading at only 6.7x earnings. With this purchase, this company represents my lowest P/E valuation, and my portfolio is very value driven with 40 positions. This is a bargain at this price, and I fully expect 25%+ growth in the next 12 months at this share price.
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