National Bank of Canada (NA) Sets New 52-Week High Following Analyst Upgrade
Shares of National Bank of Canada (TSE:NA) reached a new 52-week high during trading on Monday after CSFB raised their price target on the stock from C$61.00 to C$64.00. The company traded as high as C$65.68 and last traded at C$65.08, with a volume of 1395581 shares changing hands. The stock had previously closed at C$64.39.
NA has been the subject of a number of other reports. Canaccord Genuity upped their price objective on shares of National Bank of Canada from C$62.00 to C$66.00 in a research note on Wednesday, November 1st. CIBC upped their price objective on shares of National Bank of Canada from C$62.00 to C$68.00 in a research note on Monday, November 13th. Barclays lowered shares of National Bank of Canada from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, December 19th. Desjardins upped their price objective on shares of National Bank of Canada from C$62.00 to C$64.00 in a research note on Monday, December 4th. Finally, Royal Bank of Canada upped their price objective on shares of National Bank of Canada from C$65.00 to C$70.00 and gave the company an “outperform” rating in a research note on Monday, December 4th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of C$65.45.
In other news, insider Ricardo Pascoe sold 48,340 shares of the stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of C$63.25, for a total value of C$3,057,505.00. Also, Director Louis Vachon sold 100,000 shares of the stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of C$64.18, for a total transaction of C$6,418,000.00. Insiders sold 239,772 shares of company stock valued at $15,288,811 over the last three months.
National Bank of Canada (TSE:NA) last released its quarterly earnings data on Friday, December 1st. The financial services provider reported C$1.40 EPS for the quarter, topping analysts’ consensus estimates of C$1.38 by C$0.02. National Bank of Canada had a return on equity of 18.34% and a net margin of 30.93%.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, December 27th will be issued a $0.60 dividend. The ex-dividend date is Friday, December 22nd. This represents a $2.40 dividend on an annualized basis and a yield of 3.69%. This is an increase from National Bank of Canada’s previous quarterly dividend of $0.58. National Bank of Canada’s dividend payout ratio is currently 42.38%.
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About National Bank of Canada
National Bank of Canada (the Bank) is an integrated group, which provides financial services to consumers, small- and medium-sized enterprises (SMEs) and large corporations in its domestic market and also offers specialized services internationally. The Bank’s segments are Personal and Commercial, which includes the banking, financing and investing services offered to individuals and businesses, as well as insurance operations; Wealth Management, which consists of investment solutions, trust services, banking services, lending services and other wealth management solutions offered through internal and third-party distribution networks; Financial Markets, which includes banking services, investment banking services and financial solutions for institutional clients, and Other, which includes treasury operations, including the Bank’s asset and liability management, liquidity management and funding operations; certain non-recurring items, and the unallocated portion of corporate units.
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