National Bank of Canada (TSE:NA) Hits New 1-Year High After Analyst Upgrade

Key Points

• The National Bank of Canada reached a new 12-month high of C$148.12 and last traded at C$148.09, with a total volume of 878,603 shares.
• Wall Street analysts generally have a consensus rating of "Hold" for the stock, with target prices varying from C$126.00 to C$152.00.
• The bank recently increased its quarterly dividend to $1.18, representing an annualized yield of 3.2% and a payout ratio of 39.03%.

National Bank of Canada (TSE:NA - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday after Barclays raised their price target on the stock from C$141.00 to C$147.00. Barclays currently has an equal weight rating on the stock. National Bank of Canada traded as high as C$148.12 and last traded at C$148.09, with a volume of 878603 shares changing hands. The stock had previously closed at C$146.94.

A number of other analysts have also recently issued reports on NA. Canaccord Genuity Group increased their target price on National Bank of Canada from C$136.00 to C$138.00 and gave the stock a "hold" rating in a research note on Tuesday, June 24th. CIBC upped their price target on National Bank of Canada from C$125.00 to C$127.00 and gave the stock an "underperform" rating in a research report on Thursday, June 5th. Desjardins increased their price objective on National Bank of Canada from C$136.00 to C$150.00 and gave the company a "hold" rating in a report on Wednesday. Royal Bank Of Canada increased their price objective on National Bank of Canada from C$148.00 to C$152.00 and gave the company a "sector perform" rating in a report on Monday, June 9th. Finally, Cibc World Mkts raised National Bank of Canada from a "strong sell" rating to a "hold" rating in a report on Friday, August 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of C$140.08.

Insider Buying and Selling

In other news, Director Yvon Charest acquired 362 shares of National Bank of Canada stock in a transaction that occurred on Tuesday, May 20th. The stock was bought at an average price of C$127.93 per share, for a total transaction of C$46,310.66. Company insiders own 0.21% of the company's stock.

National Bank of Canada Stock Performance

The firm has a market cap of C$58.68 billion, a PE ratio of 13.35, a price-to-earnings-growth ratio of 7.14 and a beta of 1.12. The stock has a 50 day simple moving average of C$141.40 and a two-hundred day simple moving average of C$128.79.

National Bank of Canada Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Friday, August 1st were issued a dividend of $1.18 per share. The ex-dividend date of this dividend was Monday, June 30th. This is a positive change from National Bank of Canada's previous quarterly dividend of $1.14. This represents a $4.72 annualized dividend and a dividend yield of 3.1%. National Bank of Canada's dividend payout ratio is 39.03%.

National Bank of Canada Company Profile

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.