EQB (TSE:EQB) Share Price Passes Below 200 Day Moving Average - Here's What Happened

Key Points

• EQB Inc. shares fell below their 200-day moving average of C$96.33, trading as low as C$92.63, before closing at C$93.98 on Wednesday.
• Several analysts downgraded EQB's stock ratings and lowered their price targets, with the consensus rating now at "Hold" and an average target price of C$102.40.
• EQB recently declared a quarterly dividend of $0.55 per share, up from the previous $0.53, reflecting an annualized dividend yield of 2.3%.

Shares of EQB Inc. (TSE:EQB - Get Free Report) passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$96.33 and traded as low as C$92.63. EQB shares last traded at C$93.98, with a volume of 144,311 shares.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on EQB. Raymond James Financial downgraded EQB from a "moderate buy" rating to a "hold" rating and dropped their price target for the stock from C$108.00 to C$93.00 in a research note on Thursday, August 28th. TD Securities dropped their price target on EQB from C$110.00 to C$100.00 and set a "hold" rating on the stock in a research note on Thursday, August 28th. National Bankshares dropped their price target on EQB from C$104.00 to C$89.00 and set a "sector perform" rating on the stock in a research note on Thursday, August 28th. Desjardins dropped their price target on EQB from C$110.00 to C$103.00 and set a "buy" rating on the stock in a research note on Friday, August 29th. Finally, Scotiabank dropped their price target on EQB from C$103.00 to C$94.00 and set a "sector perform" rating on the stock in a research note on Friday, August 29th. Two equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of C$102.40.

EQB Price Performance

The firm has a market capitalization of C$3.61 billion, a PE ratio of 10.66, a PEG ratio of 0.34 and a beta of 1.27. The firm's fifty day moving average is C$98.21 and its two-hundred day moving average is C$96.33.

EQB Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 30th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Monday, September 15th. This is a positive change from EQB's previous quarterly dividend of $0.53. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.3%. EQB's dividend payout ratio (DPR) is 22.68%.

About EQB

EQB Inc formerly Equitable Group Inc trades on the Toronto Stock Exchange TSX: EQB and EQB.PR.C and serves over 360000 Canadians through its wholly owned subsidiary Equitable Bank Canadas Challenger Bank. Equitable Bank has grown to become the countrys eighth largest independent Schedule I bank with a clear mandate to drive real change in Canadian banking to enrich peoples lives.

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