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

CI Financial Corp. (NYSE:CIXXF)’s share price gapped up prior to trading on Friday . The stock had previously closed at $19.40, but opened at $21.38. CI Financial shares last traded at $21.38, with a volume of 120 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts recently issued reports 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 report on Monday, November 25th.

CI Financial Stock Up 10.4 %

The business has a 50 day simple moving average of $19.17 and a 200 day simple moving average of $14.73. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of -64.91 and a beta of 1.43. 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 will be paid on Wednesday, January 15th. Investors of record on Wednesday, January 1st will be paid a dividend of $0.1457 per share. This represents a yield of 2.71%. The ex-dividend date of this dividend is Tuesday, December 31st. CI Financial’s payout ratio is -178.79%.

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.