CI Financial (TSE:CIX) Shares Pass Above 200-Day Moving Average - Here's Why

CI Financial Corp. (TSE:CIX - Get Free Report) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$28.70 and traded as high as C$31.19. CI Financial shares last traded at C$31.14, with a volume of 1,108,901 shares.

Wall Street Analyst Weigh In

Separately, Raymond James downgraded CI Financial from a "moderate buy" rating to a "strong sell" rating in a report on Thursday, January 23rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, CI Financial presently has a consensus rating of "Hold" and an average price target of C$27.94.

CI Financial Price Performance

The firm has a market cap of C$4.50 billion, a PE ratio of -65.15, a P/E/G ratio of 0.04 and a beta of 1.67. The firm's fifty day simple moving average is C$31.19 and its two-hundred day simple moving average is C$29.19. The company has a quick ratio of 0.17, a current ratio of 0.32 and a debt-to-equity ratio of 506.88.

CI Financial Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date of this dividend was Monday, March 31st. CI Financial's dividend payout ratio (DPR) is -166.77%.

Insiders Place Their Bets

In other news, Director Brigette Elizabeth Chang sold 340,000 shares of CI Financial stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of C$31.20, for a total transaction of C$10,608,000.00. In the last quarter, insiders sold 401,600 shares of company stock worth $12,529,620. Corporate insiders own 15.83% of the company's stock.

CI Financial Company Profile

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.