Cormark Has Optimistic Outlook of TSE:CWB FY2024 Earnings

Canadian Western Bank (TSE:CWB) – Research analysts at Cormark increased their FY2024 earnings per share estimates for shares of Canadian Western Bank in a note issued to investors on Monday, November 25th. Cormark analyst L. Persaud now expects that the company will earn $3.21 per share for the year, up from their previous estimate of $3.20. The consensus estimate for Canadian Western Bank’s current full-year earnings is $3.66 per share. Cormark also issued estimates for Canadian Western Bank’s Q4 2024 earnings at $0.87 EPS.

Canadian Western Bank (TSE:CWB) last issued its quarterly earnings data on Friday, August 30th. The company reported C$0.60 earnings per share for the quarter, missing analysts’ consensus estimates of C$0.87 by C($0.27). Canadian Western Bank had a net margin of 29.23% and a return on equity of 7.51%. The company had revenue of C$298.47 million for the quarter, compared to the consensus estimate of C$296.88 million.

Several other analysts have also commented on the company. Scotiabank increased their price objective on Canadian Western Bank from C$52.00 to C$62.00 in a report on Monday. Raymond James downgraded shares of Canadian Western Bank from a “moderate buy” rating to a “hold” rating and boosted their target price for the stock from C$52.00 to C$54.00 in a research report on Tuesday, September 3rd. CIBC raised their price target on shares of Canadian Western Bank from C$60.30 to C$63.50 in a report on Tuesday. BMO Capital Markets boosted their price objective on shares of Canadian Western Bank from C$52.00 to C$58.00 in a report on Monday, November 18th. Finally, Cibc World Mkts upgraded Canadian Western Bank to a “hold” rating in a research note on Tuesday, September 3rd. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of C$51.45.

Canadian Western Bank Stock Up 0.9 %

Shares of CWB opened at C$60.28 on Wednesday. The company has a 50 day moving average of C$56.18 and a two-hundred day moving average of C$46.22. Canadian Western Bank has a twelve month low of C$24.66 and a twelve month high of C$60.35. The company has a market cap of C$5.83 billion, a price-to-earnings ratio of 20.18, a price-to-earnings-growth ratio of 2.95 and a beta of 1.39.

Canadian Western Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Thursday, September 12th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $1.40 dividend on an annualized basis and a yield of 2.32%. Canadian Western Bank’s dividend payout ratio is currently 46.98%.

Insider Buying and Selling at Canadian Western Bank

In related news, Senior Officer Trent Albert Erickson sold 3,900 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of C$51.42, for a total transaction of C$200,538.00. 0.46% of the stock is owned by corporate insiders.

About Canadian Western Bank

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.