04:26:32 EDT Sun 12 May 2024
Enter Symbol
or Name
USA
CA



Laurentian Bank of Canada
Symbol LB
Shares Issued 43,646,678
Close 2023-12-22 C$ 27.00
Market Cap C$ 1,178,460,306
Recent Sedar Documents

Globe says Laurentian made for a questionable target

2023-12-27 08:40 ET - In the News

The Globe and Mail reports in its Saturday, Dec. 23, edition that it is sad when a "strategic review" fails to find a buyer. The Globe's Tim Shufelt writes that the sad sack, of course, is Laurentian Bank of Canada. For years, it struggled to grow, which itself is tough to pull off in the cozy oligopoly that is Canadian banking. Its financial limitations made it a questionable target when Laurentian put itself on the auction block in July. The process was called off in September for lack of interest. Then, a disastrous technology upgrade saw the bank's systems crash. The chief executive officer was ousted soon after, followed by the departure of the chairman. The year capped off with a terrible earnings report. The lesson here: Before pursuing a serious relationship, work on your own self-worth. The Globe reported on Nov. 22 and Dec. 6 that National Bank Financial analyst Gabriel Dechaine had reaffirmed his "underperform" call for Laurentian Bank of Canada. The shares could then be had for $25.90 and $26.39. The Globe reported on Dec. 8 that Scotia Capital analyst Meny Grauman had reiterated his "sector perform" ranking for Laurentian Bank of Canada. The shares were then worth $25.84.

© 2024 Canjex Publishing Ltd. All rights reserved.