Canadian Western Bank (TSE:CWB) to Post FY2024 Earnings of $3.50 Per Share, Cormark Forecasts

Canadian Western Bank (TSE:CWB) – Equities research analysts at Cormark dropped their FY2024 earnings estimates for shares of Canadian Western Bank in a report issued on Tuesday, August 20th. Cormark analyst L. Persaud now forecasts that the company will post earnings of $3.50 per share for the year, down from their previous estimate of $3.51. The consensus estimate for Canadian Western Bank’s current full-year earnings is $3.72 per share. Cormark also issued estimates for Canadian Western Bank’s FY2025 earnings at $3.75 EPS.

Canadian Western Bank (TSE:CWB) last posted its quarterly earnings results on Friday, May 31st. The company reported C$0.81 EPS for the quarter, missing the consensus estimate of C$0.86 by C($0.05). Canadian Western Bank had a net margin of 32.29% and a return on equity of 8.66%. The business had revenue of C$285.92 million during the quarter, compared to analyst estimates of C$290.33 million.

Several other brokerages also recently weighed in on CWB. Royal Bank of Canada downgraded shares of Canadian Western Bank from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from C$32.00 to C$28.00 in a research report on Monday, June 3rd. CIBC downgraded shares of Canadian Western Bank from a “neutral” rating to a “tender” rating and lifted their price objective for the company from C$30.00 to C$55.80 in a research report on Tuesday, June 18th. Jefferies Financial Group lifted their price objective on shares of Canadian Western Bank from C$28.00 to C$52.00 and gave the company a “hold” rating in a research report on Thursday, June 13th. Desjardins lifted their price objective on shares of Canadian Western Bank from C$52.00 to C$53.00 and gave the company a “buy” rating in a research report on Tuesday, August 6th. Finally, BMO Capital Markets downgraded shares of Canadian Western Bank from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from C$35.00 to C$52.00 in a research report on Wednesday, June 12th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of C$40.29.

Canadian Western Bank Stock Performance

TSE CWB opened at C$48.94 on Thursday. Canadian Western Bank has a one year low of C$24.66 and a one year high of C$49.34. The company has a 50-day simple moving average of C$45.39 and a 200-day simple moving average of C$33.85. The firm has a market capitalization of C$4.72 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 2.95 and a beta of 1.39.

Canadian Western Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Investors of record on Thursday, June 6th were issued a $0.35 dividend. This is an increase from Canadian Western Bank’s previous quarterly dividend of $0.34. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend was Thursday, June 6th. Canadian Western Bank’s payout ratio is presently 41.67%.

Insider Buying and Selling

In related news, Senior Officer Jenny Siman sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of C$46.05, for a total value of C$46,050.00. In other news, Senior Officer Trent Albert Erickson purchased 4,312 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were acquired at an average price of C$41.44 per share, for a total transaction of C$178,680.66. Also, Senior Officer Jenny Siman sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of C$46.05, for a total transaction of C$46,050.00. Insiders own 0.46% of the company’s stock.

Canadian Western Bank Company Profile

Canadian Western Bank provides personal and business banking products and services in Western Canada. The company offers current, savings, US dollar, chequing, flex notice, organization, business trust, and trust fund investment accounts. It also offers commercial lending and real estate, equipment financing and leasing, aviation financing, and dealership financing products; agriculture lending products and AgriInvest savings account; variable and fixed rate mortgages; line of credit; registered retirement savings plan, consolidation, and vehicle loans; and credit cards.