CI Financial (NYSE:CIXXF) Shares Gap Down – Here’s Why

Shares of CI Financial Corp. (NYSE:CIXXF) gapped down prior to trading on Wednesday . The stock had previously closed at $21.84, but opened at $20.81. CI Financial shares last traded at $20.81, with a volume of 1,100 shares.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CIXXF shares. TD Securities cut shares of CI Financial from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, November 27th. Raymond James downgraded shares of CI Financial from a “moderate buy” rating to a “strong sell” rating in a research note on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods cut shares of CI Financial from a “moderate buy” rating to a “hold” rating in a report on Monday, November 25th.

CI Financial Price Performance

The company has a market cap of $3.14 billion, a PE ratio of -66.00 and a beta of 1.42. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 4.53. The stock has a fifty day simple moving average of $21.62 and a two-hundred day simple moving average of $16.87.

CI Financial Cuts Dividend

The company also recently declared a dividend, which was paid on Wednesday, January 15th. Shareholders of record on Wednesday, January 1st were paid a dividend of $0.1457 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a yield of 2.71%. CI Financial’s dividend payout ratio is presently -169.69%.

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.