CIBC Downgrades Canadian Western Bank (TSE:CWB) to Hold

CIBC cut shares of Canadian Western Bank (TSE:CWBGet Rating) from an outperform rating to a hold rating in a report issued on Monday, Marketbeat Ratings reports. They currently have C$38.00 target price on the stock, down from their previous target price of C$45.00.

Several other research firms also recently commented on CWB. BMO Capital Markets lifted their price objective on Canadian Western Bank from C$42.00 to C$42.50 in a report on Monday, February 28th. National Bankshares boosted their price target on Canadian Western Bank from C$43.00 to C$44.00 and gave the company a sector perform rating in a research note on Tuesday, March 1st. Raymond James boosted their price target on Canadian Western Bank from C$41.00 to C$43.00 and gave the company an outperform rating in a research note on Monday, February 28th. Finally, TD Securities boosted their price target on Canadian Western Bank from C$43.00 to C$47.00 in a research note on Tuesday, February 15th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Buy and a consensus target price of C$42.86.

CWB opened at C$34.28 on Monday. The stock has a 50-day moving average price of C$37.32 and a 200-day moving average price of C$37.80. The firm has a market cap of C$3.09 billion and a PE ratio of 9.04. Canadian Western Bank has a 1 year low of C$31.68 and a 1 year high of C$41.56.

Canadian Western Bank (TSE:CWBGet Rating) last released its quarterly earnings data on Friday, February 25th. The company reported C$0.99 EPS for the quarter, topping the consensus estimate of C$0.95 by C$0.04. The business had revenue of C$265.98 million during the quarter, compared to the consensus estimate of C$268.45 million. As a group, equities analysts anticipate that Canadian Western Bank will post 4.2694841 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 24th. Investors of record on Thursday, March 10th were issued a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, March 9th. This represents a $1.20 dividend on an annualized basis and a yield of 3.50%. Canadian Western Bank’s dividend payout ratio is presently 30.87%.

In other news, Senior Officer Kirby Trent Hill sold 5,370 shares of the company’s stock in a transaction that occurred on Thursday, January 13th. The stock was sold at an average price of C$40.42, for a total transaction of C$217,055.40. Also, Senior Officer Darrell Robert Jones sold 2,854 shares of the company’s stock in a transaction that occurred on Thursday, March 3rd. The stock was sold at an average price of C$37.60, for a total value of C$107,310.40. Following the sale, the insider now directly owns 21,094 shares in the company, valued at C$793,134.40.

Canadian Western Bank Company Profile (Get Rating)

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

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