Canaccord Genuity Group (TSE:CF) Shares Pass Above 200 Day Moving Average - Here's What Happened

Key Points

• Canaccord Genuity Group shares climbed above their 200-day moving average, reaching C$14.20 and closing near C$14.10, compared with the C$13.34 long-term average.
• Analysts remain bullish: five research firms rate the stock a Buy, with a consensus price target of C$17.50. TD and ATB Cormark recently raised their targets to C$18.00 and C$19.50, respectively.
• The company reported quarterly revenue of C$577.43 million and EPS of C$0.36, while declaring a C$0.10 quarterly dividend, equivalent to an annualized yield of about 2.8%.

Canaccord Genuity Group Inc. (TSE:CF - Get Free Report)'s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$13.34 and traded as high as C$14.20. Canaccord Genuity Group shares last traded at C$14.10, with a volume of 214,037 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. TD upped their target price on shares of Canaccord Genuity Group from C$16.00 to C$18.00 and gave the stock a "buy" rating in a report on Tuesday, August 11th. ATB Cormark Capital Markets lifted their price target on shares of Canaccord Genuity Group from C$18.25 to C$19.50 and gave the company an "outperform" rating in a report on Monday, August 10th. Raymond James Financial lowered shares of Canaccord Genuity Group from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, August 10th. Finally, Ventum Financial upped their price objective on shares of Canaccord Genuity Group from C$15.50 to C$16.50 and gave the stock a "buy" rating in a research note on Friday, June 5th. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of C$17.50.

Canaccord Genuity Group Trading Down 0.1%

The company has a debt-to-equity ratio of 179.85, a quick ratio of 1.05 and a current ratio of 8.03. The stock has a market cap of C$1.44 billion, a P/E ratio of -13.43, a P/E/G ratio of 0.54 and a beta of 1.35. The company has a 50-day simple moving average of C$14.56 and a 200-day simple moving average of C$13.34.

Canaccord Genuity Group (TSE:CF - Get Free Report) last announced its earnings results on Thursday, August 6th. The financial services provider reported C$0.36 EPS for the quarter. Canaccord Genuity Group had a negative return on equity of 12.68% and a negative net margin of 3.95%.The company had revenue of C$577.43 million for the quarter. On average, sell-side analysts forecast that Canaccord Genuity Group Inc. will post 0.8618357 EPS for the current fiscal year.

Canaccord Genuity Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Thursday, September 10th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, August 28th. This represents a $0.40 dividend on an annualized basis and a yield of 2.8%. Canaccord Genuity Group's dividend payout ratio is currently -33.81%.

Insider Buying and Selling

In other Canaccord Genuity Group news, Director Donald Duncan Macfayden sold 20,000 shares of the business's stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of C$14.59, for a total value of C$291,800.00. Following the completion of the transaction, the director directly owned 141,705 shares of the company's stock, valued at approximately C$2,067,475.95. The trade was a 12.37% decrease in their ownership of the stock. 4.61% of the stock is currently owned by corporate insiders.

About Canaccord Genuity Group

Canaccord Genuity Group Inc, a full-service financial services company, provides investment products, and investment banking and brokerage services to institutional, corporate, and private clients. It operates in two segments, Canaccord Genuity Capital Markets and Canaccord Genuity Wealth Management. The Canaccord Genuity Capital Markets segment offers investment banking, advisory, research, merger and acquisition, sales, and trading services. The Canaccord Genuity Wealth Management segment provides wealth management solutions, and brokerage and financial planning services to individual investors, private clients, charities, and intermediaries.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source