CI Financial (TSE:CIX) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

CI Financial Corp. (TSE:CIX) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$26.15 and traded as high as C$31.21. CI Financial shares last traded at C$31.20, with a volume of 534,619 shares.

Wall Street Analyst Weigh In

A number of analysts have commented on CIX shares. CIBC upped their price objective on shares of CI Financial from C$23.00 to C$32.00 in a research note on Tuesday, November 26th. Raymond James downgraded shares of CI Financial from a “moderate buy” rating to a “strong sell” rating in a research report on Thursday, January 23rd. TD Securities lowered shares of CI Financial from a “buy” rating to a “sell” rating and raised their price objective for the stock from C$28.00 to C$32.00 in a research note on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods downgraded shares of CI Financial from an “outperform” rating to a “market perform” rating and boosted their target price for the company from C$28.00 to C$31.50 in a research note on Tuesday, November 26th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of C$27.94.

CI Financial Stock Performance

The firm’s fifty day moving average is C$31.21 and its 200 day moving average is C$26.25. The firm has a market capitalization of C$4.50 billion, a price-to-earnings ratio of -65.06, a PEG ratio of 0.04 and a beta of 1.67. The company has a debt-to-equity ratio of 506.88, a current ratio of 0.32 and a quick ratio of 0.17.

CI Financial Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date of this dividend is Monday, March 31st. CI Financial’s dividend payout ratio (DPR) is currently -166.77%.

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.