National Bank of Canada (TSE:NA) Cut to “Hold” at Cibc World Mkts

Cibc World Mkts downgraded shares of National Bank of Canada (TSE:NA) from a strong-buy rating to a hold rating in a research note released on Friday, Zacks.com reports.

Other analysts also recently issued reports about the stock. Jefferies Financial Group raised their target price on shares of National Bank of Canada from C$119.00 to C$126.00 in a report on Thursday, August 29th. Cormark raised their price objective on shares of National Bank of Canada from C$122.00 to C$128.00 in a report on Thursday, August 29th. TD Securities upped their target price on shares of National Bank of Canada from C$123.00 to C$129.00 in a research note on Thursday, August 29th. Desjardins increased their target price on National Bank of Canada from C$116.00 to C$118.00 and gave the stock a hold rating in a report on Tuesday, August 6th. Finally, Canaccord Genuity Group boosted their price target on National Bank of Canada from C$113.00 to C$123.00 in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, National Bank of Canada presently has a consensus rating of Hold and a consensus price target of C$122.64.

National Bank of Canada Stock Performance

Shares of TSE:NA opened at C$127.48 on Friday. The company has a 50 day moving average price of C$118.84 and a two-hundred day moving average price of C$114.55. The company has a market capitalization of C$43.39 billion, a PE ratio of 12.41, a PEG ratio of 17.04 and a beta of 1.12. National Bank of Canada has a 52 week low of C$84.27 and a 52 week high of C$128.37.

National Bank of Canada (TSE:NA) last released its quarterly earnings data on Wednesday, August 28th. The financial services provider reported C$2.68 EPS for the quarter, beating analysts’ consensus estimates of C$2.50 by C$0.18. The business had revenue of C$2.98 billion during the quarter, compared to analysts’ expectations of C$2.95 billion. National Bank of Canada had a net margin of 34.50% and a return on equity of 15.18%. On average, sell-side analysts forecast that National Bank of Canada will post 10.8549488 earnings per share for the current year.

National Bank of Canada Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Monday, September 30th will be paid a $1.10 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $4.40 dividend on an annualized basis and a yield of 3.45%. National Bank of Canada’s dividend payout ratio is 42.84%.

Insider Transactions at National Bank of Canada

In other news, Director Yvon Charest purchased 325 shares of the business’s stock in a transaction on Monday, August 19th. The stock was purchased at an average price of C$117.24 per share, for a total transaction of C$38,103.00. Company insiders own 0.21% of the company’s stock.

About National Bank of Canada

National Bank of Canada provides financial services to individuals, businesses, institutional clients, and governments in Canada and internationally. It operates through four segments: Personal and Commercial, Wealth Management, Financial Markets, and U.S. Specialty Finance and International. The Personal and Commercial segment offers personal banking services, including transaction solutions, mortgage loans and home equity lines of credit, consumer loans, payment solutions, and savings and investment solutions; various insurance products; and commercial banking services, such as credit, and deposit, investment solutions, international trade, foreign exchange transactions, payroll, cash management, insurance, electronic transactions, and complimentary services.