5 Canadian Stocks to Buy Amid Rate Hikes

4. CI Financial Corp. (NYSE:CIXX)

Number of Hedge Fund Holders: 12

CI Financial Corp. (NYSE:CIXX) is a Toronto-based asset management holding company focused on equity, fixed income, and alternative investment portfolios. On May 20, CI Financial Corp. (NYSE:CIXX) reported Canadian wealth management assets of C$77.5 billion, and US wealth management assets of C$148.7 billion. The total assets amounted to C$354.6 billion, up compared to C$281.6 billion in the same month last year. CI Financial Corp. (NYSE:CIXX) also completed multiple acquisitions by the end of April 2022. 

On February 25, CI Financial Corp. (NYSE:CIXX) reported a $0.18 per share quarterly dividend, a 26.8% increase from its previous dividend of $0.14. The dividend is payable on July 15, to shareholders of record on June 30. As of June 10, the company’s dividend yield stands at 4.82%. 

On May 16, Canaccord analyst Scott Chan reiterated a Buy rating on CI Financial Corp. (NYSE:CIXX) but lowered the price target on the shares to C$23.50 from C$27.50. 

According to Insider Monkey’s database, 12 hedge funds reported long positions in CI Financial Corp. (NYSE:CIXX) at the end of March 2022, with combined stakes of $123.6 million. Arnaud Ajdler’s Engine Capital is the largest shareholder of the company, with 1.95 million shares worth $311 million.