Laurentian Bank of Canada was Upgraded to a Hold Rating at Barclays

By Jason Carr

In a latest note to investors, a research analyst has provided a rating update for the Financial sector company, Laurentian Bank of Canada (TSX: LB). Barclays’ analyst John Aiken upgraded LB to Hold on May 23 , with a C$58 price target.

According to TipRanks.com, Aiken is ranked 0 out of 5 stars with an average return of -4.1% and a 34.5% success rate. Aiken covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, National Bank of Canada, and Toronto Dominion Bank.

Laurentian Bank of Canada has an analyst consensus of Hold, with a price target consensus of C$59.80.

Based on Laurentian Bank of Canada’s latest earnings report for the quarter ending January 31, the company posted quarterly revenue of C$391 million and quarterly net profit of C$48.46 million. In comparison, last year the company earned revenue of C$368 million and had a net profit of C$45.71 million.

Laurentian Bank of Canada is a banking institution that offers financial services across Canada. It offers its products to a network of independent financial intermediaries through B2B Trust, as well as full-service brokerage solutions through Laurentian Bank Securities. The company operates through the following segments Personal & Commercial, B2B Bank, Laurentian Bank Securities and Capital Markets. Personal & Commercial segment caters to the financial needs of business clients across Canada and retail clients in Québec. The Bank serves retail clients mainly through a network of branches and ATMs, providing a full range of savings, investment and financing products. The B2B Bank segment supplies banking and financial products to independent financial advisors and non-bank financial institutions across Canada. The Laurentian Bank Securities and Capital Markets business segment provides full-service brokerage services to retail and institutional clients and manages bank-related capital market activities. This segment’s Institutional Fixed Income division has a particularly strong presence in government and corporate underwriting, as well as in secondary markets. Its institutional services group largely serves small and mid-sized money managers and brokerage firms. The Other segment includes the activities of the Bank’s various corporate support sectors, mainly treasury, credit, finance, risk management, technology, operations, corporate affairs and human resources. Treasury operations such as securitization activities, liquidity management and other corporate activities are reported in this segment. Laurentian Bank of Canada was founded by Monsignor Ignace Bourget on May 26, 1846 and is headquartered in Montreal, Canada.

The company’s shares closed last Wednesday at $53.