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

Shares of 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.

Wall Street Analyst Weigh In

A number of research firms have commented on CIXXF. TD Securities lowered CI Financial from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, November 27th. Keefe, Bruyette & Woods lowered CI Financial from a “moderate buy” rating to a “hold” rating in a research report on Monday, November 25th. Finally, Raymond James lowered CI Financial from a “moderate buy” rating to a “strong sell” rating in a research report on Thursday, January 23rd.

CI Financial Trading Down 4.7 %

The firm has a market cap of $3.00 billion, a P/E ratio of -63.06 and a beta of 1.42. The stock has a fifty day simple moving average of $21.65 and a 200 day simple moving average of $16.80. The company has a debt-to-equity ratio of 4.53, a quick ratio of 0.32 and a current ratio of 0.32.

CI Financial Cuts Dividend

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

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.