National Bank of Canada (NA.TO) Buy, Sell or…

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National Bank of Canada (NA.TO)

220.41

+2.77 (1.27%)

as of Jun 18, 2026, 8:00:00 pm Market Open.

549 watching

Investor Insights

Jun 18, 2026, 12:00 am

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

National Bank of Canada (NA) is viewed positively by experts, emphasizing its strategic focus on wealth management and capital markets, particularly following its acquisition of Canadian Western Bank. The bank's consistent performance, alongside a strong return on equity (ROE) and recurring high fees, positions it as a long-term compounder. Despite concerns regarding potential economic downturns and high valuations across the banking sector, many analysts predict double-digit earnings growth and a favorable annual return of around 10%. The bank's ability to cross-sell services thanks to its national presence further enhances its growth prospects, making it a compelling candidate for both new and existing investors. Overall, analysts maintain a cautious optimism about the bank's future, fostering a positive outlook amidst market volatility.

Consensus

Positive

Valuation

Fair Value

Similar

TD, TD

PAST TOP PICK

(A Top Pick Jun 04/21, Up 7%) It's one of the best Canadian banks. There's room for the dividend to rise. They make a lot of money from wealth management and they will benefit from higher interest rates. This month, the banks are outperforming tech.

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DON'T BUY

NA vs. TD He prefers TD over NA and advocates taking profits if a position has become overweight. Opportunity in TD looks better for 2022. TD is over-capitalized the most. TD's US-centric footprint is more net-margin sensitive than Canadian banks. With interest rates poised to rise, this should advantage TD. TD's capital markets business (with lots of operating leverage) is less important to its earnings than NA, and this will weigh on NA. NA's CEO is new, whereas TD's is seasoned.

COMMENT

New CEO. About as textbook a succession planning as you'll ever see. Louis Vachon leaves pretty big shoes. It's been the best performer of the big 6 banks under his tenure. New CEO has been the COO, career NA employee for 23 years, digitally savvy, ran capital markets, known to the board and investors. Business as usual under his watch.

TOP PICK

Used to be slammed with exposure to Quebec, but their economic backdrop is better in Quebec than elsewhere. Wealth management business is doing well. Owns the platform that portfolio manager uses. At 11.5x earnings with 3.5% dividend yield. Thinks it is attractively priced. (Analysts’ price target is $100.42)

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TOP PICK

Question: Which major Canadian bank has performed the best year-to-date. TD? Royal? Nope. National Bank. Shares have climbed over 32%, just ahead of the Bank of Nova Scotia. The bigger siblings may get the love, but National Bank is prospering in the shadows. This despite NB disappointing the street last week when it released its Q2. Profits topped estimates, but revenue in the financial markets unit slipped 5.2% from a year ago. Then again, investors had high expectations going into this report, and NB's report was overall strong. YOY, overall net income more than doubled to $801 million or $2.25 per share. The company beat the expected $2.00 EPS by 25 cents, marking NB's fourth-straight beat. Problem is, NB shares have run up fast this year and the street sees only 4.21% upside ahead at a price target of $98.25 (based on four holds and four buys). If you already own, you better be DRIPping, and newbies can enter on even a modest dip.

TOP PICK

Best operating leverage in its business model of the Canadian banks. 6% dividend growth. Good exposure to a new business cycle. Yield is 3.23%. (Analysts’ price target is $88.67)

BUY

Thinks of best business first, and then country second. His clients own National Bank, TD, RY, and JPM. Best banks with the best management teams. Jaime Dimon at JPM is the very best. In Canada, his favourite is always National, with smart acquisitions and growing in wealth management. All Canadian banks are under-levered. You have to be there.

BUY

Tough year for the banks. Q4 will be released in a few weeks, and you never know what you're going to get. Brighter days are ahead, and the market's already figured that out. BMO is not his favourite. Prefers National, TD, Royal. You'll do fine with the Canadian banks. Some concerns around fintech. Low interest rates will be a problem, but offset by recovering economy. Good time to add for dividend seekers.

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STRONG BUY

Along with TD and Royal, three of the greatest Canadian banks. Fee-generating machines. Investing in wealth management side. Big improvement in earnings in 2021. No hesitation in buying.

TOP PICK

Very steady, despite Covid. Healthy capital, continues to pay dividend. Deferred payments have dropped. Well placed as the economy recovers. Trading at 12x earnings. Big enough to not go up and down like a cork. Yield is 3.95%. (Analysts’ price target is $69.27)

HOLD

Has done quite well. Capital markets have been an area of strength lately, so this will be in its favour. Reserves went up quite a bit last quarter, and they were conservative in their estimates. They can weather this downturn.

BUY ON WEAKNESS

It is the second highest valuation of Canadian bank stocks. He thinks it will ultimately be headed back towards $45, even though his model calls for $69. He would like to see a pullback before buying in. He thinks all the Canadian banks will revisit the lows back in March.

HOLD

NA has done incredibly well relative to the Canadian banks. The hard part has been to be considered a non-Quebec bank. He likes how they have grown their investment bank activities. They have not shown growth outside of Canada, like the larger chartered banks have.

HOLD

Dividend cut? It has done well relative to the Canadian peers. She feels it has a higher capital markets component, which makes its earnings more variable compared to its peers. NA was very conservative in their increases in loan loss provisions, which she finds hopeful. They provide a good dividend. In a prior period they did cut their dividend, but she thinks the dividend should be safe.

BUY

Low interest rates are not good for banks and makes investing in banks much more challenging. The core earnings from banks last quarter look pretty good. His feeling is that the banks have been very conservative in their loan loss provisions so we will see some unwinding and therefore some upside. NA-T is more of a facilitator of wealth management. This would be the better place to go if you believe the markets are going to recover.

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National Bank of Canada (NA.TO)