CI Financial stock outlook after total assets increased to a record C$331.1 billion

on Dec 15, 2021
  • CI Financial shares on Tuesday edged slightly lower despite reporting record AUM in November.
  • The company reported a preliminary AUM of C$149.4B and wealth management assets of C$188.7B.
  • The company wrapped up the acquisition of McCutchen Group and Matrix Capital Advisors last month.

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On Tuesday, CI Financial Corp (TSE:CIX) shares declined by 1.78% despite reporting record assets for November. The company announced a preliminary AUM of C$149.4 billion and wealth management assets of C$188.7 billion, bringing the total assets as of the 30th of November 2021 to a record C$331.1 billion.

CI Financial’s management assets benefitted from an injection of $5.5 billion after completing the acquisition of McCutchen Group and Matrix Capital Advisors.

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However, although core assets under management, primarily from Canada and Australia, increased by 11.1% from November last year, the figure was slightly lower by 0.7% from October 2021, falling to C$141.7 billion.

Its US assets in November rocketed by 42.6% from the same month last year to C$7.7 billion, reflecting a sequential growth of 4.1% from October 2021.

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Is it time to buy CI Financial stock?

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From an investment perspective, CI Financial shares trade at an attractive trailing 12-month P/E ratio of 14.10, thus making the stock a compelling option for value investors. 

In addition, CI Financial is a dividend-paying stock, currently reflecting a forward yield of 2.72%. Therefore, it could also be an exciting option for dividend investors.

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Although the stock has pulled back by more than 13% since the 22nd of November, shares are still up more than 75% this year.

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Source – TradingView

Technically, CI Financial shares seem to be trading within a descending channel formation in the intraday chart. As a result, the stock has pulled back to find the trendline support, falling closer to the oversold conditions of the 14-day RSI.

Therefore, investors could target potential rebounds at about $21.00, or higher at $21.81, while $19.47 and $18.74, are crucial support levels.

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