Laurentian Bank of Canada (TSE:LB) Sets New 12-Month High - Here's What Happened

Key Points

• Shares of Laurentian Bank of Canada reached a new 52-week high of C$33.05 in mid-day trading, closing at C$32.95 with a trading volume of 460,047 shares.
• The bank's quarterly earnings report showed an EPS of C$0.73, which surpassed the consensus estimate of C$0.72, though it represented a decline from C$0.88 a year prior.
• A quarterly dividend of $0.47 per share will be paid on November 1st, which corresponds to an annualized dividend yield of 5.7%.

Shares of Laurentian Bank of Canada (TSE:LB - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as C$33.05 and last traded at C$32.95, with a volume of 460047 shares trading hands. The stock had previously closed at C$32.08.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on LB shares. CIBC boosted their price objective on shares of Laurentian Bank of Canada from C$33.00 to C$35.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Scotiabank increased their price objective on shares of Laurentian Bank of Canada from C$28.00 to C$32.00 and gave the company a "sector perform" rating in a report on Tuesday, June 3rd. National Bankshares lowered their price target on shares of Laurentian Bank of Canada from C$27.00 to C$26.00 and set an "underperform" rating for the company in a report on Tuesday, September 2nd. Jefferies Financial Group increased their price target on shares of Laurentian Bank of Canada from C$29.00 to C$31.00 in a report on Wednesday, August 13th. Finally, Veritas raised shares of Laurentian Bank of Canada to a "strong sell" rating in a research report on Monday, June 2nd. Four research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Laurentian Bank of Canada presently has an average rating of "Reduce" and an average price target of C$30.57.

Laurentian Bank of Canada Stock Up 2.7%

The company's 50 day moving average price is C$30.98 and its 200 day moving average price is C$28.96. The firm has a market capitalization of C$1.46 billion, a price-to-earnings ratio of 10.80, a P/E/G ratio of 0.76 and a beta of 1.54.

Laurentian Bank of Canada (TSE:LB - Get Free Report) last posted its quarterly earnings data on Friday, August 29th. The company reported C$0.73 EPS for the quarter, topping the consensus estimate of C$0.72 by C$0.01. Laurentian Bank of Canada had a negative net margin of 0.30% and a negative return on equity of 0.20%. During the same quarter in the prior year, the company earned $0.88 earnings per share. As a group, analysts expect that Laurentian Bank of Canada will post 3.8414986 earnings per share for the current year.

Laurentian Bank of Canada Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Saturday, November 1st. Investors of record on Wednesday, October 1st will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 5.7%. Laurentian Bank of Canada's dividend payout ratio (DPR) is presently 61.64%.

About Laurentian Bank of Canada

Laurentian Bank of Canada provides personal banking, business banking and real estate and commercial financing to its personal, business, and institutional customers across Canada and the United States. The company reports three operating segments: personal, business services, and capital markets. The personal segment offers financial services to retail clients.

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