National Bank of Canada (TSE:NA) Downgraded by Cibc World Mkts to Hold

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

Other equities analysts also recently issued research reports about the company. Cormark lifted their price objective on National Bank of Canada from C$122.00 to C$128.00 in a research report on Thursday, August 29th. Jefferies Financial Group boosted their price objective on shares of National Bank of Canada from C$119.00 to C$126.00 in a research note on Thursday, August 29th. Scotiabank increased their price target on National Bank of Canada from C$120.00 to C$129.00 in a research note on Thursday, August 29th. TD Securities raised their price target on National Bank of Canada from C$123.00 to C$129.00 in a report on Thursday, August 29th. Finally, BMO Capital Markets increased their target price on National Bank of Canada from C$115.00 to C$125.00 in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of C$122.64.

National Bank of Canada Stock Performance

National Bank of Canada stock opened at C$127.48 on Friday. National Bank of Canada has a one year low of C$84.27 and a one year high of C$128.37. The firm has a market capitalization of C$43.39 billion, a P/E ratio of 12.41, a P/E/G ratio of 17.04 and a beta of 1.12. The company has a 50-day simple moving average of C$118.84 and a 200-day simple moving average of C$114.55.

National Bank of Canada (TSE:NA) last posted its quarterly earnings results on Wednesday, August 28th. The financial services provider reported C$2.68 EPS for the quarter, beating the consensus estimate of C$2.50 by C$0.18. The business had revenue of C$2.98 billion for 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%. As a group, sell-side analysts forecast that National Bank of Canada will post 10.8549488 earnings per share for the current year.

National Bank of Canada Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Monday, September 30th will be given a dividend of $1.10 per share. The ex-dividend date is Friday, September 27th. This represents a $4.40 annualized dividend and a dividend yield of 3.45%. National Bank of Canada’s payout ratio is 42.84%.

Insiders Place Their Bets

In related news, Director Yvon Charest acquired 325 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were 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.