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

Shares of CI Financial Corp. (NYSE:CIXXF - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $21.61, but opened at $20.60. CI Financial shares last traded at $21.50, with a volume of 13,226 shares.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. TD Securities lowered CI Financial from a "strong-buy" rating to a "strong sell" rating in a report on Wednesday, November 27th. Keefe, Bruyette & Woods cut CI Financial from a "moderate buy" rating to a "hold" rating in a report on Monday, November 25th. Finally, Raymond James lowered shares of CI Financial from a "moderate buy" rating to a "strong sell" rating in a research note on Thursday, January 23rd.

CI Financial Stock Performance

The company has a debt-to-equity ratio of 4.53, a current ratio of 0.32 and a quick ratio of 0.32. The firm has a market capitalization of $3.12 billion, a PE ratio of -65.60 and a beta of 1.41. The company's fifty day simple moving average is $21.73 and its 200 day simple moving average is $18.74.

CI Financial Cuts Dividend

The business also recently announced a dividend, which was paid on Wednesday, January 15th. Shareholders of record on Wednesday, January 1st were issued a dividend of $0.1457 per share. This represents a yield of 2.71%. The ex-dividend date of this dividend was Tuesday, December 31st. CI Financial's payout ratio is presently -26.44%.

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.