CIBC upgraded shares of Laurentian Bank of Canada (TSE:LB) from an underperform rating to a neutral rating in a research report sent to investors on Tuesday morning, BayStreet.CA reports. They currently have C$49.00 price target on the stock, up from their previous price target of C$43.00.
A number of other research firms also recently commented on LB. TD Securities lifted their target price on Laurentian Bank of Canada from C$47.00 to C$49.00 and gave the company a hold rating in a research report on Friday, May 31st. Canaccord Genuity reduced their target price on Laurentian Bank of Canada from C$35.00 to C$34.00 in a research report on Wednesday, May 15th. Barclays downgraded Laurentian Bank of Canada from an overweight rating to an equal weight rating and lifted their target price for the company from C$45.00 to C$46.00 in a research report on Tuesday, June 11th. CSFB set a C$41.00 target price on Laurentian Bank of Canada and gave the company an underperform rating in a research report on Thursday, May 16th. Finally, National Bank Financial lifted their target price on Laurentian Bank of Canada from C$36.00 to C$38.00 and gave the company an underperform rating in a research report on Friday, May 31st. Two research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. Laurentian Bank of Canada currently has an average rating of Hold and a consensus target price of C$43.70.
TSE:LB opened at C$44.30 on Tuesday. Laurentian Bank of Canada has a 52 week low of C$36.21 and a 52 week high of C$48.41. The company has a market capitalization of $1.84 billion and a P/E ratio of 10.58. The stock’s fifty day moving average is C$45.04 and its two-hundred day moving average is C$43.28.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Tuesday, July 2nd were paid a $0.66 dividend. The ex-dividend date was Friday, June 28th. This is a boost from Laurentian Bank of Canada’s previous quarterly dividend of $0.65. This represents a $2.64 dividend on an annualized basis and a dividend yield of 5.96%. Laurentian Bank of Canada’s payout ratio is presently 61.59%.
About Laurentian Bank of Canada
Laurentian Bank of Canada, together with its subsidiaries, provides banking services to individuals, small and medium-sized enterprises, and independent advisors in Canada and the United States. It operates through four segments: Retail Services, Business Services, B2B Bank, and Capital Markets. The company offers transactional products and current accounts, term deposits, and investment accounts; personal line of credit, personal loans, student loans, and registered retirement savings plans; financing for agriculture, real estate, and commercial industries, as well as small and medium-sized enterprises; mortgage solutions, such as variable-rate mortgage, fixed-rate mortgage, equity line of credit, mortgage insurance, and retirement line of credit; and credit and business cards, as well as equipment finance solutions.
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