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

CI Financial Corp. (NYSE:CIXXF)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $21.51, but opened at $19.65. CI Financial shares last traded at $19.65, with a volume of 155 shares changing hands.

Analysts Set New Price Targets

A number of analysts have commented on the company. TD Securities downgraded CI Financial from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, November 27th. Keefe, Bruyette & Woods cut shares of CI Financial from a “moderate buy” rating to a “hold” rating in a research note on Monday, November 25th.

CI Financial Stock Down 9.8 %

The business’s fifty day simple moving average is $18.98 and its 200 day simple moving average is $14.59. 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 market cap of $2.80 billion, a price-to-earnings ratio of -58.79 and a beta of 1.43.

CI Financial Cuts Dividend

The firm also recently disclosed a dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Wednesday, January 1st will be issued a dividend of $0.1457 per share. This represents a dividend yield of 2.71%. The ex-dividend date is Tuesday, December 31st. CI Financial’s dividend payout ratio (DPR) is presently -178.79%.

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.