Cormark Brokers Cut Earnings Estimates for Laurentian Bank of Canada (TSE:LB)

Laurentian Bank of Canada (TSE:LB – Get Rating) – Investment analysts at Cormark lowered their Q2 2023 EPS estimates for Laurentian Bank of Canada in a research note issued on Tuesday, May 23rd. Cormark analyst L. Persaud now expects that the company will post earnings of $1.15 per share for the quarter, down from their previous forecast of $1.16. The consensus estimate for Laurentian Bank of Canada’s current full-year earnings is $4.74 per share. Cormark also issued estimates for Laurentian Bank of Canada’s FY2023 earnings at $4.83 EPS and FY2024 earnings at $5.10 EPS.

Laurentian Bank of Canada (TSE:LB – Get Rating) last released its quarterly earnings data on Tuesday, February 28th. The company reported C$1.15 earnings per share for the quarter, beating the consensus estimate of C$1.12 by C$0.03. Laurentian Bank of Canada had a net margin of 22.90% and a return on equity of 8.15%. The firm had revenue of C$260.07 million during the quarter, compared to analysts’ expectations of C$259.00 million.

Other analysts have also issued reports about the stock. Scotiabank cut their target price on shares of Laurentian Bank of Canada from C$39.00 to C$38.00 in a research report on Friday, February 17th. CIBC cut their target price on shares of Laurentian Bank of Canada from C$40.00 to C$37.00 in a research report on Tuesday, May 16th. National Bankshares cut their target price on shares of Laurentian Bank of Canada from C$42.00 to C$39.00 in a research report on Thursday, May 18th. Barclays cut their target price on shares of Laurentian Bank of Canada from C$36.00 to C$34.00 in a research report on Tuesday, May 9th. Finally, CSFB cut their target price on shares of Laurentian Bank of Canada from C$35.00 to C$32.00 in a research report on Tuesday, May 16th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of C$39.55.

Laurentian Bank of Canada Stock Down 0.9 %

LB opened at C$30.44 on Wednesday. The firm has a 50 day moving average price of C$31.56 and a 200-day moving average price of C$32.96. Laurentian Bank of Canada has a twelve month low of C$28.23 and a twelve month high of C$43.32. The stock has a market capitalization of C$1.32 billion, a price-to-earnings ratio of 6.30, a PEG ratio of 0.76 and a beta of 1.15.

Laurentian Bank of Canada Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 1st. Stockholders of record on Monday, May 1st were paid a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 6.04%. The ex-dividend date of this dividend was Friday, March 31st. Laurentian Bank of Canada’s dividend payout ratio is currently 38.10%.

Laurentian Bank of Canada Company Profile

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Laurentian Bank of Canada, together with its subsidiaries, provides various financial services to personal, business, and institutional customers in Canada and the United States. It operates through three segments: Personal Banking, Commercial Banking, and Capital Markets. The Personal Banking segment offers financial services, such as financial advisory services to financial intermediaries; and operates digital direct-to-customer platform to retail clients.