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Summary
- Stocks of Laurentian Bank are flying today after the group reported an attractive profit of 39 per cent year-over-year.
- The financial stock is up 23 per cent this year, surpassing the sector that has risen by 7.63 per cent YTD.
- The financial group has also announced a quarterly dividend of C$ 0.40 per common share, with a favorable current dividend yield of 4.38 per cent.
Laurentian Bank of Canada‘s (TSX:LB) stock soared almost 7 per cent today after the group reported net income growth of 39 per cent on a year-over-year basis for the first fiscal quarter of 2021. The company’s earnings is in-line with the top six banks.
Laurentian Bank Financial Group posted a profit of C$ 44.8 million, up from C$ 32.2 million a year ago. The diluted earnings per share (EPS) was C$ 0.96 for Q1 FY21, rising from C$ 0.68 in Q1 FY20.
Its top line amounted to C$ 247.4 million in Q1 FY21, as against C$ 238.7 million same period last year.
However, the bank recorded a higher provision for credit losses of C$ 16.8 million for the quarter versus C$ 14.9 million a year ago, led by higher allowances on reduced commercial loans.
Let us look at the Montreal-based bank’s stock performance:
Laurentian Bank of Canada (TSX:LB)
The mid-cap bank has delivered more than 23 per cent return year-to-date (YTD), outshining the financial index and the financial sector’s YTD growth of 10.80 per cent and 7.63 per cent, respectively, as per Refinitiv data.
The bank also holds a good dividend yield of 4.38 per cent and offers a quarterly dividend of C$ 0.40 per common share.
The lender’s latest stock price is C$39.09, marginally up against its previous 52-week high of C$ 39. It has improved by 49.57 per cent from its 52-week low of C$ 25.74 per share.
Year-To-Date Stock Performance Of Laurentian Bank of Canada. (Chart Source: Refinitiv)
Its current EPS is C$ 2.37, and return on equity is 4.33 per cent, as TMX data. Its present market cap is C$ 1.65 billion.
Laurentian Bank held total asset of C$ 45.2 billion at the end of Q1 FY20, a rise of 2 per cent against C$ 44.2 billion as of October 31, 2020, propelled by the liquid assets.
