Equitable Group (TSE:EQB) Lifted to Outperform at Royal Bank of Canada

Royal Bank of Canada upgraded shares of Equitable Group (TSE:EQB) from a sector perform rating to an outperform rating in a research report report published on Monday morning, BayStreet.CA reports. They currently have C$96.00 price target on the stock, up from their prior price target of C$84.00.

Several other brokerages have also issued reports on EQB. CIBC boosted their price objective on Quebecor from C$34.00 to C$35.00 in a research report on Friday, May 10th. National Bank Financial boosted their price objective on MCAN Mortgage from C$12.00 to C$13.00 and gave the company an underperform rating in a research report on Tuesday, April 30th. TD Securities decreased their price objective on Ritchie Bros. Auctioneers from $30.00 to $28.00 and set a reduce rating for the company in a research report on Monday, May 13th. Finally, BMO Capital Markets boosted their price objective on Air Products & Chemicals to $235.00 and gave the company an outperform rating in a research report on Monday, May 13th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of C$87.83.

Equitable Group stock opened at C$77.73 on Monday. The firm has a market cap of $1.30 billion and a price-to-earnings ratio of 7.97. Equitable Group has a 1 year low of C$56.12 and a 1 year high of C$80.28. The stock’s 50-day moving average is C$72.69.

Equitable Group (TSE:EQB) last issued its quarterly earnings data on Thursday, May 9th. The company reported C$2.72 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of C$2.77 by C($0.05). The company had revenue of C$112.24 million during the quarter, compared to analyst estimates of C$110.70 million. As a group, sell-side analysts anticipate that Equitable Group will post 12.8700005 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 28th were given a $0.31 dividend. The ex-dividend date was Thursday, June 13th. This is a positive change from Equitable Group’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 1.60%. Equitable Group’s payout ratio is currently 11.49%.

In related news, Director Daniel Lee Dickinson sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of C$71.15, for a total value of C$213,450.00. Following the completion of the transaction, the director now directly owns 654 shares in the company, valued at approximately C$46,532.10. Also, Director Brian Leland sold 1,936 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of C$72.50, for a total value of C$140,360.00. Following the completion of the transaction, the director now owns 402 shares of the company’s stock, valued at C$29,145. Insiders sold a total of 7,741 shares of company stock valued at $558,345 over the last quarter.

About Equitable Group

Equitable Group Inc, through its subsidiary, Equitable Bank, provides various financial services to retail and commercial customers in Canada. The company accepts term deposits and guaranteed investment certificates (GICs), high interest savings accounts (HISAs), tax-free savings accounts, and institutional deposit notes.

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Analyst Recommendations for Equitable Group (TSE:EQB)

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