Scotiabank Has Lowered Expectations for EQB (TSE:EQB) Stock Price

Key Points

• Scotiabank lowered EQB’s price target to C$135 from C$141, implying approximately 6.64% upside from the stock’s prior close.
• Analyst sentiment remains mixed: six analysts rate EQB a Buy, four Hold, and one Sell, resulting in an overall “Hold” consensus and an average target of C$139.30.
• EQB shares rose 0.8% to C$126.59 in Monday trading. Recent insider activity was net positive, with insiders purchasing substantially more shares than they sold over the past three months.

EQB (TSE:EQB - Get Free Report) had its price objective lowered by equities research analysts at Scotiabank from C$141.00 to C$135.00 in a note issued to investors on Monday,BayStreet.CA reports. Scotiabank's price target would suggest a potential upside of 6.64% from the stock's previous close.

Other research analysts also recently issued reports about the company. Jefferies Financial Group lifted their price target on EQB from C$122.00 to C$129.00 and gave the company a "hold" rating in a report on Thursday, August 13th. National Bank Financial raised their price objective on EQB from C$120.00 to C$143.00 and gave the company a "sector perform" rating in a research report on Thursday, August 13th. Canadian Imperial Bank of Commerce reduced their target price on shares of EQB from C$165.00 to C$154.00 and set an "outperformer" rating for the company in a report on Friday. TD increased their price target on shares of EQB from C$123.00 to C$154.00 and gave the company a "buy" rating in a research report on Friday, August 14th. Finally, Desjardins cut their price objective on shares of EQB from C$155.00 to C$150.00 and set a "buy" rating on the stock in a research report on Friday. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of C$139.30.

EQB Stock Up 0.8%

Shares of TSE EQB traded up C$0.99 during midday trading on Monday, reaching C$126.59. 99,586 shares of the company's stock traded hands, compared to its average volume of 120,780. The stock's 50 day simple moving average is C$136.98 and its 200-day simple moving average is C$123.66. EQB has a one year low of C$83.93 and a one year high of C$150.32. The company has a market cap of C$5.39 billion, a price-to-earnings ratio of -452.11, a P/E/G ratio of 0.34 and a beta of 0.92.

EQB (TSE:EQB - Get Free Report) last issued its quarterly earnings data on Wednesday, August 26th. The company reported C$2.12 earnings per share (EPS) for the quarter. The company had revenue of C$393.04 million for the quarter. EQB had a negative net margin of 0.08% and a negative return on equity of 0.07%. Equities analysts predict that EQB will post 12.5988235 EPS for the current fiscal year.

Insider Activity at EQB

In other EQB news, Director Darren Lorimer sold 750 shares of the firm's stock in a transaction on Thursday, July 16th. The shares were sold at an average price of C$149.24, for a total value of C$111,930.00. Following the completion of the transaction, the director owned 6,988 shares of the company's stock, valued at approximately C$1,042,889.12. This trade represents a 9.69% decrease in their ownership of the stock. Also, insider Loblaw Companies Limited acquired 16,000 shares of the stock in a transaction dated Thursday, August 27th. The shares were bought at an average price of C$124.91 per share, with a total value of C$1,998,560.00. Following the completion of the purchase, the insider directly owned 1,474,100 shares of the company's stock, valued at approximately C$184,129,831. This trade represents a 1.10% increase in their position. In the last three months, insiders have acquired 78,100 shares of company stock worth $10,641,748 and have sold 7,484 shares worth $1,069,719. 29.02% of the stock is currently owned by insiders.

About EQB

EQB Inc TSX: EQB is a leading Canadian financial services company with approximately $151 billion in combined assets under management and administration. It is the parent company of Equitable Bank, the country's seventh largest Schedule I bank by assets, which operates EQ Bank, Canada's Challenger Bank. Our purpose is to remake banking so every Canadian gets ahead, every day. Since 1970, we have built thoughtful financial solutions that serve more than 4 million customers, turning everyday moments into meaningful progress.

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