Canadian Western Bank (TSE:CWB) shares hit a new 52-week high during mid-day trading on Friday following a dividend announcement from the company. The company traded as high as C$37.61 and last traded at C$37.12, with a volume of 310528 shares changing hands. The stock had previously closed at C$35.94.

The newly announced dividend which will be paid on Thursday, January 4th. Investors of record on Friday, December 15th will be issued a $0.24 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.53%. Canadian Western Bank’s dividend payout ratio (DPR) is presently 40.35%.

A number of analysts recently weighed in on CWB shares. Scotiabank increased their price objective on shares of Canadian Western Bank from C$28.00 to C$30.00 and gave the stock a “sector perform” rating in a report on Monday, August 21st. BMO Capital Markets increased their price objective on shares of Canadian Western Bank from C$28.00 to C$29.00 and gave the stock a “market perform” rating in a report on Friday, September 1st. Canaccord Genuity increased their price objective on shares of Canadian Western Bank from C$29.00 to C$30.00 in a report on Friday, September 1st. CIBC increased their price objective on shares of Canadian Western Bank from C$31.00 to C$33.00 in a report on Friday, September 1st. Finally, National Bank Financial increased their price objective on shares of Canadian Western Bank from C$28.00 to C$32.00 and gave the stock a “sector perform” rating in a report on Friday, September 1st. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of C$38.69.

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About Canadian Western Bank

Canadian Western Bank (CWB) is a Canada-based bank engaged in offering a range of financial services. The Bank specializes in mid-market commercial banking, real estate and construction financing, and equipment financing and leasing. The Bank offers financing solutions through CWB Equipment Financing, National Leasing, CWB Maxium Financial, CWB Franchise Finance and CWB Optimum Mortgage, trust services through Canadian Western Trust and wealth advisory services through CWB Wealth Management.

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