What is Scotiabank’s Forecast for TSE:CTS FY2024 Earnings?

Converge Technology Solutions Corp. (TSE:CTS) – Investment analysts at Scotiabank lowered their FY2024 EPS estimates for shares of Converge Technology Solutions in a research note issued on Wednesday, January 8th. Scotiabank analyst D. Goyal now expects that the company will post earnings of $0.55 per share for the year, down from their prior forecast of $0.61. Scotiabank currently has a “Hold” rating on the stock. The consensus estimate for Converge Technology Solutions’ current full-year earnings is $0.69 per share. Scotiabank also issued estimates for Converge Technology Solutions’ FY2025 earnings at $0.56 EPS and FY2026 earnings at $0.65 EPS.

CTS has been the subject of a number of other reports. National Bankshares downgraded Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from C$6.00 to C$4.50 in a research note on Friday, October 25th. National Bank Financial lowered shares of Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. TD Securities reduced their price objective on shares of Converge Technology Solutions from C$5.00 to C$4.50 in a research note on Wednesday, November 13th. Cormark cut shares of Converge Technology Solutions from a “moderate buy” rating to a “hold” rating in a research note on Friday, October 25th. Finally, Ventum Financial increased their price target on Converge Technology Solutions from C$5.20 to C$6.00 and gave the stock a “buy” rating in a research note on Friday, January 3rd. Six research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$5.93.

Converge Technology Solutions Stock Performance

TSE:CTS opened at C$3.62 on Friday. The stock has a 50-day simple moving average of C$3.36 and a two-hundred day simple moving average of C$3.98. The company has a debt-to-equity ratio of 99.08, a quick ratio of 0.68 and a current ratio of 1.00. Converge Technology Solutions has a 52-week low of C$2.90 and a 52-week high of C$6.06. The firm has a market capitalization of C$706.62 million, a PE ratio of -4.53, a P/E/G ratio of 0.14 and a beta of 1.81.

Converge Technology Solutions Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Saturday, December 28th. Investors of record on Saturday, December 28th were given a $0.015 dividend. The ex-dividend date of this dividend was Tuesday, December 10th. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.66%. Converge Technology Solutions’s dividend payout ratio is currently -7.50%.

About Converge Technology Solutions

Converge Technology Solutions Corp. provides software-enabled IT and cloud solutions in the United States and Canada. Its solutions approach delivers advanced analytics, artificial intelligence, application modernization, cloud, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries.