National Bank of Canada (OTCMKTS:NTIOF) Upgraded by Canadian Imperial Bank of Commerce to Strong-Buy Rating

Key Points

• Canadian Imperial Bank of Commerce upgraded National Bank of Canada from “hold” to “strong buy,” while the broader analyst consensus remains “moderate buy.”
• National Bank’s shares opened at $160.54, down 2.4%, with a market capitalization of $61.63 billion and a 12-month trading range of $103.35 to $171.47.
• The bank exceeded quarterly expectations, reporting EPS of $2.36 versus a $2.29 consensus and revenue of $2.87 billion versus $2.81 billion expected.

National Bank of Canada (OTCMKTS:NTIOF - Get Free Report) was upgraded by Canadian Imperial Bank of Commerce from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Tuesday,Zacks.com reports.

NTIOF has been the subject of a number of other reports. Zacks Research lowered shares of National Bank of Canada from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Raymond James Financial restated a "market perform" rating on shares of National Bank of Canada in a report on Tuesday, May 12th. Desjardins downgraded shares of National Bank of Canada from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, August 4th. Royal Bank Of Canada reiterated a "sector perform" rating on shares of National Bank of Canada in a research note on Thursday, May 28th. Finally, National Bank Financial upgraded National Bank of Canada from a "hold" rating to an "outperform" rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy".

National Bank of Canada Stock Down 2.4%

National Bank of Canada stock opened at $160.54 on Tuesday. The firm has a market cap of $61.63 billion, a price-to-earnings ratio of 19.63, a PEG ratio of 1.49 and a beta of 0.87. The stock has a fifty day simple moving average of $159.98 and a two-hundred day simple moving average of $146.46. National Bank of Canada has a 12 month low of $103.35 and a 12 month high of $171.47. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.11.

National Bank of Canada (OTCMKTS:NTIOF - Get Free Report) last released its quarterly earnings data on Wednesday, May 27th. The financial services provider reported $2.36 EPS for the quarter, beating the consensus estimate of $2.29 by $0.07. National Bank of Canada had a return on equity of 15.99% and a net margin of 14.49%.The company had revenue of $2.87 billion for the quarter, compared to analysts' expectations of $2.81 billion. Equities analysts predict that National Bank of Canada will post 9.21 EPS for the current fiscal year.

Institutional Investors Weigh In On National Bank of Canada

A hedge fund recently bought a new stake in National Bank of Canada stock. Public Employees Retirement System of Ohio purchased a new position in shares of National Bank of Canada (OTCMKTS:NTIOF - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 63,587 shares of the financial services provider's stock, valued at approximately $2,825,000. Institutional investors own 0.06% of the company's stock.

About National Bank of Canada

National Bank of Canada OTCMKTS: NTIOF is a full‑service Canadian financial institution headquartered in Montreal, Quebec. The bank offers a broad range of products and services for personal, commercial and institutional clients, including deposit accounts, mortgages and consumer lending, small‑ and medium‑sized business banking, corporate lending, and cash management solutions.

In addition to traditional banking, National Bank provides wealth management and brokerage services through its private banking and advisory channels, and operates an investment banking and capital markets platform that delivers underwriting, advisory, trading and research services.

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