EQB (TSE:EQB) Stock Passes Below 200-Day Moving Average - Here's Why

Key Points

• EQB Inc. shares fell below the 200-day moving average during recent trading, reaching a low of C$92.30 before closing at C$94.03.
• Several analysts have lowered their target prices for EQB, with a consensus rating of "Hold" and an average target price of C$102.40.
• EQB has recently increased its quarterly dividend to $0.55, with a new annualized yield of 2.3%.

EQB Inc. (TSE:EQB - Get Free Report) shares passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$96.24 and traded as low as C$92.30. EQB shares last traded at C$94.03, with a volume of 117,235 shares trading hands.

Wall Street Analysts Forecast Growth

EQB has been the topic of several research analyst reports. TD Securities lowered their target price on shares of 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. CIBC lowered their target price on shares of EQB from C$126.00 to C$116.00 and set a "hold" rating on the stock in a research note on Friday, August 29th. Desjardins lowered their target price on shares of 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. Royal Bank Of Canada lowered their target price on shares of EQB from C$124.00 to C$112.00 and set an "outperform" rating on the stock in a research note on Friday, August 29th. Finally, Jefferies Financial Group lowered shares of EQB from a "buy" rating to a "hold" rating and reduced their price target for the company from C$119.00 to C$107.00 in a research report on Friday, August 29th. Two equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, EQB currently has a consensus rating of "Hold" and an average target price of C$102.40.

EQB Stock Performance

The stock has a market cap of C$3.61 billion, a PE ratio of 10.66, a price-to-earnings-growth ratio of 0.34 and a beta of 1.27. The company's 50-day moving average price is C$96.83 and its 200 day moving average price is C$96.24.

EQB Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 30th were issued a $0.55 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $2.20 annualized dividend and a yield of 2.3%. This is a positive change from EQB's previous quarterly dividend of $0.53. EQB's payout ratio is currently 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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