Canadian Western Bank (TSE:CWB) Reaches New 52-Week High After Analyst Upgrade

Shares of Canadian Western Bank (TSE:CWB) hit a new 52-week high during mid-day trading on Monday after BMO Capital Markets raised their price target on the stock from C$52.00 to C$58.00. The company traded as high as C$58.70 and last traded at C$58.44, with a volume of 136659 shares. The stock had previously closed at C$57.93.

Other research analysts have also issued reports about the company. Jefferies Financial Group boosted their price target on Canadian Western Bank from C$52.00 to C$57.00 and gave the stock a “hold” rating in a research report on Tuesday, September 3rd. Raymond James lowered Canadian Western Bank from a “moderate buy” rating to a “hold” rating and boosted their price target for the stock from C$52.00 to C$54.00 in a research report on Tuesday, September 3rd. Cibc World Mkts raised Canadian Western Bank to a “hold” rating in a research report on Tuesday, September 3rd. Desjardins increased their price target on Canadian Western Bank from C$53.00 to C$57.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Finally, CIBC raised their target price on Canadian Western Bank from C$55.80 to C$60.30 and gave the stock a “neutral” rating in a research note on Tuesday, September 3rd. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of C$48.57.

Insiders Place Their Bets

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

Canadian Western Bank Stock Performance

The stock has a market capitalization of C$5.67 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 2.95 and a beta of 1.39. The business has a 50-day moving average of C$55.32 and a 200-day moving average of C$44.97.

Canadian Western Bank (TSE:CWB) last announced its earnings results on Friday, August 30th. The company reported C$0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$0.87 by C($0.27). The firm had revenue of C$298.47 million during the quarter, compared to analyst estimates of C$296.88 million. Canadian Western Bank had a net margin of 29.23% and a return on equity of 7.51%. On average, research analysts predict that Canadian Western Bank will post 3.656168 earnings per share for the current fiscal year.

Canadian Western Bank Announces Dividend

The business also recently disclosed 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 2.39%. Canadian Western Bank’s payout ratio is 46.98%.

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.