Cormark Research Analysts Lift Earnings Estimates for Canadian Western Bank (TSE:CWB)

Canadian Western Bank (TSE:CWB – Get Rating) – Analysts at Cormark increased their FY2023 EPS estimates for shares of Canadian Western Bank in a research report issued on Tuesday, May 23rd. Cormark analyst L. Persaud now forecasts that the company will post earnings per share of $3.64 for the year, up from their previous forecast of $3.58. The consensus estimate for Canadian Western Bank’s current full-year earnings is $3.60 per share.

Canadian Western Bank (TSE:CWB – Get Rating) last posted its earnings results on Thursday, March 2nd. The company reported C$1.02 EPS for the quarter, beating analysts’ consensus estimates of C$0.89 by C$0.13. The business had revenue of C$272.89 million for the quarter, compared to the consensus estimate of C$275.10 million. Canadian Western Bank had a net margin of 32.57% and a return on equity of 9.18%.

CWB has been the topic of a number of other reports. Scotiabank lowered their price target on shares of Canadian Western Bank from C$29.00 to C$28.00 in a report on Friday, February 17th. Barclays lowered their target price on shares of Canadian Western Bank from C$29.00 to C$27.00 in a research note on Tuesday, May 9th. CIBC lowered their target price on shares of Canadian Western Bank from C$30.00 to C$28.00 in a research note on Tuesday, May 16th. TD Securities decreased their price objective on shares of Canadian Western Bank from C$34.00 to C$33.00 and set a “buy” rating for the company in a research note on Friday, March 3rd. Finally, Royal Bank of Canada decreased their price objective on shares of Canadian Western Bank from C$36.00 to C$35.00 and set a “sector perform” rating for the company in a research note on Friday, March 3rd. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of C$30.08.

Canadian Western Bank Stock Performance

TSE CWB opened at C$24.39 on Wednesday. The company has a market capitalization of C$2.35 billion, a price-to-earnings ratio of 7.17, a price-to-earnings-growth ratio of 2.95 and a beta of 1.70. The company’s 50-day simple moving average is C$24.22 and its two-hundred day simple moving average is C$25.36. Canadian Western Bank has a one year low of C$21.21 and a one year high of C$33.33.

Insider Buying and Selling

In related news, Senior Officer Azfar Karimuddin sold 1,050 shares of the business’s stock in a transaction on Tuesday, March 21st. The shares were sold at an average price of C$24.19, for a total value of C$25,401.50. 0.37% of the stock is owned by insiders.

Canadian Western Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 23rd. Investors of record on Thursday, March 9th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 5.25%. The ex-dividend date of this dividend was Wednesday, March 8th. Canadian Western Bank’s payout ratio is presently 37.65%.

About Canadian Western Bank

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Canadian Western Bank provides personal and business banking products and services primarily in Western Canada. The company offers current, savings, notice, cash management, US dollar, and chequing accounts, as well as organization, business trust, and trust fund investment accounts. It also offers commercial lending and real estate, and equipment financing and leasing products; agriculture lending products; mortgages; lines of credits; registered retirement savings loans; consolidation, and vehicle loans; and credit cards.