Canadian Western Bank (TSE:CWB) Downgraded to Tender at CIBC

CIBC lowered shares of Canadian Western Bank (TSE:CWB) from a neutral rating to a tender rating in a research report report published on Tuesday, BayStreet.CA reports. CIBC currently has C$55.80 price target on the stock, up from their prior price target of C$30.00.

Several other analysts also recently commented on CWB. BMO Capital Markets downgraded Canadian Western Bank from an outperform rating to a market perform rating and raised their target price for the company from C$35.00 to C$52.00 in a research note on Wednesday, June 12th. Royal Bank of Canada downgraded Canadian Western Bank from an outperform rating to a sector perform rating and cut their price target for the company from C$32.00 to C$28.00 in a research note on Monday, June 3rd. Desjardins lifted their price target on Canadian Western Bank from C$32.00 to C$52.00 and gave the company a buy rating in a research note on Tuesday. Jefferies Financial Group lifted their price target on Canadian Western Bank from C$28.00 to C$52.00 and gave the company a hold rating in a research note on Thursday, June 13th. Finally, Scotiabank cut their price target on Canadian Western Bank from C$32.00 to C$30.00 and set an outperform rating for the company in a research note on Monday, June 3rd. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Canadian Western Bank has a consensus rating of Moderate Buy and an average price target of C$40.22.

Canadian Western Bank Price Performance

Shares of CWB opened at C$42.29 on Tuesday. The stock has a 50-day moving average of C$27.85 and a 200-day moving average of C$28.83. The company has a market cap of C$4.08 billion, a PE ratio of 12.82, a P/E/G ratio of 2.95 and a beta of 1.54. Canadian Western Bank has a one year low of C$23.21 and a one year high of C$44.00.

Canadian Western Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Thursday, June 6th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date of this dividend is Thursday, June 6th. This is a boost from Canadian Western Bank’s previous quarterly dividend of $0.34. Canadian Western Bank’s payout ratio is 40.61%.

Insider Buying and Selling

In related news, Senior Officer Supriya Anna Maria James sold 4,600 shares of Canadian Western Bank stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of C$27.00, for a total value of C$124,203.22. In related news, Senior Officer Supriya Anna Maria James sold 4,600 shares of Canadian Western Bank stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of C$27.00, for a total value of C$124,203.22. Also, Senior Officer Mark Stafford sold 1,708 shares of the business’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of C$27.94, for a total transaction of C$47,728.69. 0.32% of the stock is currently owned by insiders.

About Canadian Western Bank

Canadian Western Bank provides personal and business banking products and services in Western Canada. The company offers current, savings, US dollar, chequing, flex notice, organization, business trust, and trust fund investment accounts. It also offers commercial lending and real estate, equipment financing and leasing, aviation financing, and dealership financing products; agriculture lending products and AgriInvest savings account; variable and fixed rate mortgages; line of credit; registered retirement savings plan, consolidation, and vehicle loans; and credit cards.