Laurentian Bank of Canada (LB) has received a rating update from a Wall Street analyst on May 31. The company received a Hold on May 31 from Scotiabank’s analyst Sumit Malhotra, with a C$44 price target.
According to TipRanks.com, Malhotra is a 4-star analyst with an average return of 7.1% and a 62.6% success rate. Malhotra covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, Manulife Financial Corp, and National Bank of Canada.
The word on The Street in general, suggests a Moderate Sell analyst consensus rating for Laurentian Bank of Canada with a C$41.25 average price target, implying a -6.3% downside from current levels. In a report issued on May 30, Desjardins also reiterated a Hold rating on the stock with a C$43 price target.
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Based on Laurentian Bank of Canada’s latest earnings release for the quarter ending January 31, the company reported a quarterly net profit of C$40.26 million. In comparison, last year the company had a net profit of C$59.2 million.
Laurentian Bank of Canada engages in the provision of financial services. It operates through the following segments: Retail Services, Business Services, Business-to-Business (B2B) Bank, and Capital Markets. The Retail Services segment offers savings, investment, and financing products.
The company’s shares closed on Wednesday at C$44.02.
