National Bank of Canada (TSE:NA) Cut to “Neutral” at CIBC

CIBC cut shares of National Bank of Canada (TSE:NA) from an outperform rating to a neutral rating in a research report report published on Friday morning, BayStreet.CA reports.

A number of other research firms also recently issued reports on NA. Desjardins lifted their price objective on shares of National Bank of Canada from C$116.00 to C$118.00 and gave the company a hold rating in a report on Tuesday, August 6th. Royal Bank of Canada lifted their price objective on shares of National Bank of Canada from C$113.00 to C$116.00 in a report on Thursday, August 29th. Scotiabank lifted their price objective on shares of National Bank of Canada from C$120.00 to C$129.00 in a report on Thursday, August 29th. BMO Capital Markets lifted their price objective on shares of National Bank of Canada from C$115.00 to C$125.00 in a report on Thursday, August 29th. Finally, UBS Group set a C$123.00 price objective on shares of National Bank of Canada and gave the company a buy rating in a report on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average target price of C$122.64.

National Bank of Canada Stock Performance

Shares of NA stock opened at C$127.22 on Friday. The company has a market capitalization of C$43.30 billion, a P/E ratio of 12.39, a price-to-earnings-growth ratio of 17.04 and a beta of 1.12. The company’s 50 day moving average price is C$118.56 and its two-hundred day moving average price is C$114.41. 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 announced its earnings results on Wednesday, August 28th. The financial services provider reported C$2.68 EPS for the quarter, topping the consensus estimate of C$2.50 by C$0.18. The firm had revenue of C$2.98 billion for the quarter, compared to the consensus estimate of C$2.95 billion. National Bank of Canada had a net margin of 34.50% and a return on equity of 15.18%. 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 disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Monday, September 30th will be given a dividend of $1.10 per share. 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 3.46%. National Bank of Canada’s dividend payout ratio (DPR) is 42.84%.

Insiders Place Their Bets

In related news, Director Yvon Charest acquired 325 shares of National Bank of Canada stock in a transaction on Monday, August 19th. The stock was purchased at an average cost of C$117.24 per share, with a total value 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.