|Over a week ago|
Laurentian Bank price target lowered to C$49 from C$52 at RBC Capital » 12:1011/2411/24/21
RBC Capital analyst Darko…
RBC Capital analyst Darko Mihelic lowered the firm's price target on Laurentian Bank to C$49 from C$52 and keeps an Outperform rating on the shares.
Laurentian Bank price target lowered to C$46 from C$47 at TD Securities » 11:5311/2411/24/21
TD Securities analyst…
TD Securities analyst Mario Mendonca lowered the firm's price target on Laurentian Bank to C$46 from C$47 and keeps a Hold rating on the shares.
Laurentian Bank price target raised to C$48 from C$46 at Scotiabank » 11:1611/2311/23/21
Scotiabank analyst Meny…
Scotiabank analyst Meny Grauman raised the firm's price target on Laurentian Bank to C$48 from C$46 and keeps a Sector Perform rating on the shares.
Laurentian Bank updates timing on strategic plan, charges impacting Q4 » 07:3911/2311/23/21
Laurentian Bank of Canada…
Laurentian Bank of Canada announced that it expects to record certain charges in its fourth quarter and fiscal 2021 results in relation to its strategic review. The Bank also announced that it will hold a virtual Investor Day on December 10, 2021, to unveil its new strategic plan, under the leadership of its new President & CEO and management team. As a result of its strategic review, the Bank expects to record certain charges to its fiscal 2021 fourth quarter earnings, estimated to reduce reported earnings by $209 million pre-tax, or $163 million after tax, and adjusted earnings by $19 million pre-tax, or $14 million after tax. Reported diluted earnings per share are expected to be impacted by approximately $3.73 and adjusted diluted earnings per share2 by $0.33. The expected charges would also impact the Bank's Common Equity Tier 1 capital ratio3 by approximately 25 basis points which is expected to remain above 10%. The expected charges are divided into four categories: Personal Banking Segment Impairment, Future of Work, Technology and Credit Provisions. Annually, the Bank conducts a goodwill impairment test. As a result of this year's test, the Bank expects to record an impairment charge on the value of its Personal Banking segment. This expected impairment reflects the recent decline in assets and deposit volumes, which, combined with the Bank's limited digital capabilities to support the ongoing changing needs of customers during the pandemic, made it challenging to retain existing customers and acquire net new ones. In addition, the Bank has also previously commented on the fact that it currently has two digital platforms, resulting in an inconsistent customer experience. In order to simplify the structure of the Bank and improve the customer experience the Bank will consolidate its two digital platforms into one. As a result, the Bank expects to record an impairment charge of approximately $93 million as follows: goodwill for an amount of $35 million, software and intangible assets for $53 million and, premises and equipment for $6 million. The pandemic has shifted the way many people work. As a result, over the past few months, the Bank has been working to refine its future of work plans, considering both customer and employee expectations. The Bank has decided to pursue and will be adopting a hybrid model, where working from home will be the first approach for all tasks that can be performed remotely. This is in line with the Bank's new strategic plan to be a more customer and people-focused Bank and is a key differentiator to attracting new talent. Given the shift to work-from-home, the Bank expects to record a charge of approximately $49 million related to a 50 percent planned reduction in leased corporate office premises in Toronto, Burlington and Montreal. This will not impact the Bank's branch footprint. In pursuing a performance-oriented culture while simplifying the organizational structure, the Bank expects to record severance charges of approximately $9 million related to 64 positions across all levels, within different entities, and are split between roles in Ontario and Quebec. In 2016, the Bank began a multi-year program to replace its core-banking system over two phases. While Phase 1 of the program has been completed and deployed, the Bank reassessed, as part of its strategic review, the second phase of the project, which mostly included accounts and products from the retail branch network. Given the rapid evolution and advancement of technology, the Bank is looking to leverage new capabilities through partnerships to deliver products and services in a faster, more efficient way to market, while improving the overall customer experience. As a result, the Bank has made the decision to cease Phase 2 of the program and expects to record a charge of approximately $38 million. As part of the overall strategic review, the Bank reassessed the investment loan product design and adjusted its credit standards resulting in an acceleration of remediation of a portion of the investment loan portfolio. As a result, allowances and provisions for credit losses are expected to increase by approximately $19 million in the fourth quarter of 2021. This anticipated charge will not be designated as an adjusting item to calculate the Bank's adjusted results and ratios. The expected impact on expenses on a pre-tax basis, stemming from these decisions is estimated to generate approximately $4 million of cost reductions for the fourth quarter of 2021 and $20 million of ongoing cost reductions starting in 2022. These are mainly as a result of lower amortization charges and lower rent expenses.
Laurentian Bank to focus donations on grass root giving » 08:3411/1811/18/21
As a part of its…
As a part of its year-long 175th anniversary celebrations, Laurentian Bank of Canada has launched a new initiative which empowers employees in its retail branches and Commercial Banking business centers to give back to the communities where its employees and customers live and work. Thanks to the "Laurentian Bank in the Community" program, almost 70 local organizations have received an additional financial boost to help them deliver on their important missions. The Covid-19 pandemic has had a significant impact on the ability of many local charitable and non-profit organizations to raise funds. To really serve our communities, we look beyond the numbers to meet the needs of the communities in which we live and work. That is the reason why team members in the Bank's 67 branches and business centers in Quebec and across the country were given the opportunity to identify the recipient organizations.
|Over a quarter ago|
Laurentian Bank price target raised to C$45 from C$43 at CIBC » 11:5909/0209/02/21
CIBC analyst Paul Holden…
CIBC analyst Paul Holden raised the firm's price target on Laurentian Bank to C$45 from C$43 and keeps an Underperformer rating on the shares.
Laurentian Bank price target raised to C$52 from C$51 at RBC Capital » 10:5709/0209/02/21
RBC Capital analyst Darko…
RBC Capital analyst Darko Mihelic raised the firm's price target on Laurentian Bank to C$52 from C$51 and keeps an Outperform rating on the shares.
Laurentian Bank price target raised to C$44 from C$42 at Credit Suisse » 10:5609/0209/02/21
Credit Suisse analyst…
Credit Suisse analyst Mike Rizvanovic raised the firm's price target on Laurentian Bank to C$44 from C$42 and keeps an Underperform rating on the shares.
Laurentian Bank price target raised to C$47 from C$46 at National Bank » 10:5509/0209/02/21
National Bank analyst…
National Bank analyst Gabriel Dechaine raised the firm's price target on Laurentian Bank to C$47 from C$46 and keeps a Sector Perform rating on the shares.
Laurentian Bank reports Q3 adjusted EPS C$1.25 vs. C$1.02 last year » 07:3809/0109/01/21
Reports Q3 revenue…
Reports Q3 revenue C$254.9M vs. C$248.6M last year. Return on common shareholders' equity was 9.4% for the third quarter of 2021, compared with 5.8% for the third quarter of 2020. Adjusted return on common shareholders' equity was 8.9% for the third quarter of 2021, compared with 7.7% a year ago. The Bank's book value per common share was C$56.61 as at July 31, 2021 compared to $53.74 as at October 31, 2020. The Common Equity Tier 1 capital ratio stood at 10.3% as at July 31, 2021, compared with 9.6% as at October 31, 2020. "The momentum that we have been building over the first half of the year continued into the third quarter with strong performance in Real Estate Financing, another solid quarter from Capital Markets, lower provision for credit losses and our continued focus on cost discipline. Going forward, we remain focused on enhancing the customer experience while continuing to identify structural cost opportunities. Overall, I am pleased with our progress, and I am excited about the journey ahead as we fully realize the results of our actions." said Rania Llewellyn, President and Chief Executive Officer.