Cormark Has Positive Forecast for TSE:CWB FY2024 Earnings

Canadian Western Bank (TSE:CWB) – Equities researchers at Cormark upped their FY2024 earnings per share (EPS) estimates for shares of Canadian Western Bank in a report issued on Monday, November 25th. Cormark analyst L. Persaud now anticipates that the company will post earnings of $3.21 per share for the year, up from their previous forecast 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 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 company had revenue of C$298.47 million for the quarter, compared to the consensus estimate of C$296.88 million. Canadian Western Bank had a return on equity of 7.51% and a net margin of 29.23%.

Other equities research analysts also recently issued reports about the company. Raymond James downgraded Canadian Western Bank from a “moderate buy” rating to a “hold” rating and lifted their target price for the stock from C$52.00 to C$54.00 in a research report on Tuesday, September 3rd. Cibc World Mkts upgraded Canadian Western Bank to a “hold” rating in a research report on Tuesday, September 3rd. Royal Bank of Canada boosted their price objective on Canadian Western Bank from C$51.00 to C$52.00 and gave the company a “sector perform” rating in a research report on Tuesday, September 3rd. Jefferies Financial Group raised their target price 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. Finally, CIBC boosted their price target on shares of Canadian Western Bank from C$60.30 to C$63.50 in a report on Tuesday. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Canadian Western Bank presently has an average rating of “Hold” and a consensus price target of C$51.45.

Canadian Western Bank Stock Performance

TSE:CWB opened at C$59.74 on Wednesday. The firm’s 50-day moving average is C$56.06 and its 200-day moving average is C$46.12. The company has a market cap of C$5.78 billion, a price-to-earnings ratio of 20.05, a PEG ratio of 2.95 and a beta of 1.39. Canadian Western Bank has a 52-week low of C$24.66 and a 52-week high of C$60.35.

Insider Buying and Selling at Canadian Western Bank

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

Canadian Western Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Thursday, September 12th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.34%. The ex-dividend date was Thursday, September 12th. Canadian Western Bank’s dividend payout ratio is currently 46.98%.

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.