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

CI Financial Corp. (NYSE:CIXXF) gapped down before the market opened 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 changing hands.

Analyst Ratings Changes

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

CI Financial Stock Down 4.7 %

The company has a 50-day moving average price of $21.65 and a 200 day moving average price of $16.80. The firm has a market capitalization of $3.00 billion, a PE ratio of -63.06 and a beta of 1.42. The company has a debt-to-equity ratio of 4.53, a current ratio of 0.32 and a quick ratio of 0.32.

CI Financial Cuts Dividend

The company also recently announced a dividend, which was paid on Wednesday, January 15th. Stockholders of record on Wednesday, January 1st were issued a $0.1457 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a dividend yield of 2.71%. CI Financial’s dividend payout ratio (DPR) is -166.67%.

CI Financial Company Profile

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.