Canaccord Genuity Gives a Hold Rating to Canadian Western Bank

By Ryan Adsit

The Financial sector company, Canadian Western Bank (TSX: CWB), has received a rating update from a Wall Street analyst today. The company received a Hold rating from Canaccord Genuity’s analyst Scott Chan CFA, with a C$35 price target.

According to TipRanks.com, CFA is a 3-star analyst with an average return of 5.1% and a 56.9% success rate. CFA covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, Goldman Sachs Group Inc, and Bank Of Nova Scotia.

Canadian Western Bank has an analyst consensus of Moderate Buy, with a price target consensus of C$36.44.

Based on Canadian Western Bank’s latest earnings report for the quarter ending July 31, the company posted quarterly revenue of C$278 million and quarterly net profit of C$59.87 million. In comparison, last year the company earned revenue of C$267 million and had a net profit of C$51.4 million.

Canadian Western Bank engages in the provision of business banking services for small and medium-sizes companies. The firm provides general commercial banking; equipment financing and leasing; commercial real estate financing; real estate construction financing; and energy lending.

The company’s shares closed on Wednesday at C$35.94, close to its 52-week high of C$37.36.