Insider Selling: CI Financial Corp. (TSE:CIX) Director Sells 340,000 Shares of Stock

CI Financial Corp. (TSE:CIX) Director Brigette Elizabeth Chang sold 340,000 shares of the stock in a transaction 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.

Brigette Elizabeth Chang also recently made the following trade(s):

• On Wednesday, April 9th, Brigette Elizabeth Chang sold 1,500 shares of CI Financial stock. The shares were sold at an average price of C$31.00, for a total transaction of C$46,500.00.

CI Financial Stock Performance

CI Financial stock opened at C$31.20 on Wednesday. The company has a debt-to-equity ratio of 506.88, a current ratio of 0.32 and a quick ratio of 0.17. The firm has a market capitalization of C$4.50 billion, a P/E ratio of -65.04, a price-to-earnings-growth ratio of 0.04 and a beta of 1.67. CI Financial Corp. has a 1-year low of C$13.87 and a 1-year high of C$31.48. The company’s 50-day moving average is C$31.21 and its 200 day moving average is C$28.26.

CI Financial Cuts Dividend

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

Wall Street Analyst Weigh In

Separately, Raymond James cut CI Financial from a “moderate buy” rating to a “strong sell” rating in a research note on Thursday, January 23rd. Two 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. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of C$27.94.

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.