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

CI Financial Corp. (NYSE:CIXXF) 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.

Analysts Set New Price Targets

Several brokerages have issued reports on CIXXF. TD Securities lowered shares of CI Financial from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, November 27th. Keefe, Bruyette & Woods lowered shares of CI Financial from a “moderate buy” rating to a “hold” rating in a research report on Monday, November 25th.

CI Financial Stock Performance

The company has a market cap of $3.09 billion, a P/E ratio of -64.91 and a beta of 1.43. The business has a fifty day moving average of $19.05 and a 200 day moving average of $14.62. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 4.53.

CI Financial Cuts Dividend

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