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TSE:NA

National Bank of Canada (NA.TO)

223.37
+2.96 (1.34%)
as of Jun 19, 2026, 3:45:00 pm Market Open.
549 watching
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Investor Insights
star iconJun 19, 2026, 12:00 am

This summary was created by AI, based on 12 opinions in the last 12 months.

Experts have a generally positive outlook on the National Bank of Canada (NA), highlighting its strong focus on wealth management and capital markets, which have proven lucrative amid market volatility. Analysts appreciate the bank's recent acquisitions, particularly that of Canadian Western Bank, which enhances its national presence and cross-selling opportunities. Despite a backdrop of economic concerns including high P/E ratios and the potential for a recession or credit cycle, many believe NA is well-positioned for long-term growth with expected double-digit earnings growth and a possible increase in dividends. Overall, while there are cautionary notes regarding high valuations and market conditions, the sentiment leans towards viewing NA as a strong player in the Canadian banking sector with a strong potential for continued profitability.

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Consensus
Positive
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Valuation
Fair Value
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Similar
TD,TD
PAST TOP PICK
(A Top Pick Sept 2/08. Up 26.5%.) Most profitable bank in Canada. Looks like it can continue to expand in its niche. Potential to raise dividends. Trading at 9X earnings versus its peers at 11X or 12X. Still inexpensive.
PAST TOP PICK
(A Top Pick Sept 2/08. Up 23.18%.) Liked it because of the little they had to do with the US. Have done very well with her brokerage and trading. Wealth management share in Quebec is very strong.
BUY ON WEAKNESS
Had some issues with asset-backed paper. Was probably totally undervalued when it collapsed. Somewhat limited to the Quebec area with limited franchises in other areas. Made some changes and is becoming better run. Will always trade at a discount to the other banks. Prefers Toronto Dominion (TD-T) and Royal (RY-T).
TOP PICK
A little bearish on the US$ versus Canadian. This bank literally has no exposure to the US. Would sell if it reached its old high of $55.
WAIT
Likes because of Quebec exposure and no US and limited western Canada exposure. Quebec’s economy seems to be more resilient. Yield is in line with piers but better earnings momentum and ROE.
HOLD
In all the Canadian banks, it has the least risk regarding bad loan portfolios and bad assets. No US exposure. Not buying any of the other banks yet because expects immediate future will be showing loan losses. 6.4% yield.
BUY
A wonderful investment if you are holding for the long-term. 6% yield. His favourite banks would be Toronto Dominion (TD-T) with a 5.5% yield and Royal (RY-T) with a 5.3% yield.
DON'T BUY
Ran into some trouble with their asset-backed commercial paper program but have been fairly clean in regards to their write-down relating to the US subprime sector. Like any Canadian bank, they are going to have trouble with increased loan-loss provisions.
BUY
Preferred Shares. Like the other banks, they have issued preferred shares with a yield of 6.6%, which is pretty attractive.
BUY
(Market Call Minute.) Good supportive dividend yield. Low dividend payout ratio relative to earnings. Sees some good attractive upside from here.
PAST TOP PICK
(A Top Pick Jan 2/08. Down 32.2%.) Liked it because had taken the asset-backed commercial paper off and expected a rebound. Earnings growth will be quite good. 7.5% yield. Buy.
COMMENT
ABCP settlement has been a big overhang on the stock but looks like it is going to get done. Trading at a very substantial discount on an earnings multiple compared to the other 5 major banks so will play a little bit of catch-up. 7.25% yield should be safe.
BUY
(Market Call Minute.) Any of the Canadian banks are Buys and this one is not a bad name.
DON'T BUY
The model price is $39.17, a 38% positive differential. Wouldn't buy it just yet.
DON'T BUY
Although they have cut dividends in the past, he doesn't think they are at risk here. Most of their business is in Quebec, which will be hit at least as hard as Ontario. Prefers others.
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