CI Financial (TSE:CIX) Shares Pass Above 200 Day Moving Average – Here’s What Happened

CI Financial Corp. (TSE:CIX) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$26.74 and traded as high as C$31.32. CI Financial shares last traded at C$31.28, with a volume of 384,534 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Raymond James cut CI Financial from a “moderate buy” rating to a “strong sell” rating in a report on Thursday, January 23rd. CIBC increased their price objective on shares of CI Financial from C$23.00 to C$32.00 in a report on Tuesday, November 26th. TD Securities downgraded shares of CI Financial from a “buy” rating to a “sell” rating and boosted their target price for the stock from C$28.00 to C$32.00 in a research note on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods cut shares of CI Financial from an “outperform” rating to a “market perform” rating and increased their price target for the company from C$28.00 to C$31.50 in a research note on Tuesday, November 26th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, CI Financial presently has a consensus rating of “Hold” and an average price target of C$27.94.

CI Financial Stock Up 0.1 %

The firm’s 50 day moving average price is C$31.23 and its 200-day moving average price is C$26.74. The company has a current ratio of 0.32, a quick ratio of 0.17 and a debt-to-equity ratio of 506.88. The company has a market cap of C$4.51 billion, a P/E ratio of -65.21, a price-to-earnings-growth ratio of 0.04 and a beta of 1.67.

CI Financial Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th will be given a $0.20 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.80 annualized dividend and a dividend yield of 2.56%. CI Financial’s dividend payout ratio is currently -166.77%.

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.