Canadian Imperial Bank of Commerce Forecasts Strong Price Appreciation for EQB (TSE:EQB) Stock

EQB (TSE:EQB) had its target price boosted by analysts at Canadian Imperial Bank of Commerce from C$151.00 to C$165.00 in a research note issued on Wednesday,BayStreet.CA reports. The brokerage currently has an “outperformer” rating on the stock. Canadian Imperial Bank of Commerce’s price objective points to a potential upside of 19.20% from the company’s previous close.

Several other research analysts have also issued reports on EQB. National Bank Financial raised their target price on EQB from C$120.00 to C$143.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 13th. Desjardins raised their price target on shares of EQB from C$132.00 to C$155.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Raymond James Financial boosted their price objective on EQB from C$123.00 to C$136.00 and gave the company a “sector perform” rating in a report on Thursday, August 13th. Jefferies Financial Group lifted their price target on EQB from C$122.00 to C$129.00 and gave the company a “hold” rating in a research note on Thursday, August 13th. Finally, Scotiabank upped their target price on shares of EQB from C$122.00 to C$125.00 and gave the stock a “sector perform” rating in a research note on Monday, June 1st. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$138.10.

EQB Price Performance

EQB stock traded up C$0.22 during midday trading on Wednesday, hitting C$138.42. The company’s stock had a trading volume of 33,752 shares, compared to its average volume of 117,468. The company has a market cap of C$4.90 billion, a price-to-earnings ratio of 27.19, a PEG ratio of 0.34 and a beta of 0.92. The company has a 50-day moving average price of C$135.12 and a two-hundred day moving average price of C$122.42. EQB has a 1-year low of C$83.93 and a 1-year high of C$150.32.

EQB (TSE:EQB) last released its earnings results on Wednesday, May 27th. The company reported C$2.03 EPS for the quarter. EQB had a net margin of 6.61% and a return on equity of 6.16%. The firm had revenue of C$302.36 million for the quarter. Sell-side analysts forecast that EQB will post 12.5988235 EPS for the current year.

Insider Buying and Selling at EQB

In other news, Director Daniel Broten sold 1,500 shares of EQB stock in a transaction that occurred on Friday, July 3rd. The shares were sold at an average price of C$141.74, for a total value of C$212,610.00. Following the completion of the sale, the director directly owned 5,033 shares in the company, valued at C$713,377.42. The trade was a 22.96% decrease in their ownership of the stock. Also, insider Loblaw Companies Limited purchased 8,000 shares of the stock in a transaction dated Monday, July 20th. The shares were purchased at an average cost of C$141.57 per share, for a total transaction of C$1,132,560.00. Following the completion of the acquisition, the insider directly owned 1,250,100 shares in the company, valued at approximately C$176,976,657. This trade represents a 0.64% increase in their ownership of the stock. In the last 90 days, insiders purchased 38,100 shares of company stock valued at $5,407,348 and sold 7,484 shares valued at $1,069,719. Company insiders own 29.02% of the company’s stock.

About EQB

EQB Inc formerly Equitable Group Inc trades on the Toronto Stock Exchange TSX: EQB and EQB.PR.C and serves over 360000 Canadians through its wholly owned subsidiary Equitable Bank Canadas Challenger Bank. Equitable Bank has grown to become the countrys eighth largest independent Schedule I bank with a clear mandate to drive real change in Canadian banking to enrich peoples lives. At Equitable Bank we are as invested in our employees as we are in our business. Thats why we are consistently recognized as one of Canadas Top Employers a rating that comes from our 1300+ employees.