Scotiabank Brokers Decrease Earnings Estimates for TSE:CTS

Converge Technology Solutions Corp. (TSE:CTS) – Research analysts at Scotiabank cut their FY2024 earnings estimates for Converge Technology Solutions in a note issued to investors on Wednesday, January 8th. Scotiabank analyst D. Goyal now forecasts that the company will post earnings of $0.55 per share for the year, down from their prior estimate of $0.61. Scotiabank currently has a “Hold” rating on the stock. The consensus estimate for Converge Technology Solutions’ current full-year earnings is $0.69 per share. Scotiabank also issued estimates for Converge Technology Solutions’ FY2025 earnings at $0.56 EPS and FY2026 earnings at $0.65 EPS.

Other analysts have also issued reports about the company. Ventum Financial increased their target price on Converge Technology Solutions from C$5.20 to C$6.00 and gave the stock a “buy” rating in a report on Friday, January 3rd. Cormark downgraded shares of Converge Technology Solutions from a “moderate buy” rating to a “hold” rating in a research note on Friday, October 25th. National Bankshares lowered shares of Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from C$6.00 to C$4.50 in a report on Friday, October 25th. CIBC decreased their price objective on shares of Converge Technology Solutions from C$5.00 to C$4.00 in a research note on Friday, October 25th. Finally, Canaccord Genuity Group cut their target price on Converge Technology Solutions from C$6.25 to C$6.00 in a research note on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of C$5.93.

Converge Technology Solutions Price Performance

Shares of CTS opened at C$3.51 on Friday. The company has a quick ratio of 0.68, a current ratio of 1.00 and a debt-to-equity ratio of 99.08. The company has a 50 day moving average of C$3.38 and a 200-day moving average of C$3.97. The stock has a market capitalization of C$685.15 million, a P/E ratio of -4.39, a P/E/G ratio of 0.14 and a beta of 1.81. Converge Technology Solutions has a twelve month low of C$2.90 and a twelve month high of C$6.06.

Converge Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Saturday, December 28th. Stockholders of record on Saturday, December 28th were paid a dividend of $0.015 per share. The ex-dividend date was Tuesday, December 10th. This represents a $0.06 annualized dividend and a dividend yield of 1.71%. Converge Technology Solutions’s dividend payout ratio (DPR) is presently -7.50%.

About Converge Technology Solutions

Converge Technology Solutions Corp. provides software-enabled IT and cloud solutions in the United States and Canada. Its solutions approach delivers advanced analytics, artificial intelligence, application modernization, cloud, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries.