CI Financial (NYSE:CIXXF) Shares Gap Down - What's Next?

CI Financial Corp. (NYSE:CIXXF - Get Free Report)'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 traded.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CIXXF shares. 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. 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 9.8 %

The business's fifty day simple moving average is $19.05 and its 200 day simple moving average is $14.62. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of -58.79 and a beta of 1.43. The company has a current ratio of 0.32, a quick 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. 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.