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

HOLD

It has over a 4% yield. On a valuation basis, it is not that much cheaper. They have diversified into the energy sector and built their wealth management business. It would not be his first pick in the space.

DON'T BUY

He thinks their plan to expand in Canada only provides limited opportunities. The Canadian economy is not exactly booming. The other banks are growing outside our country. He would look elsewhere in the Canadian space.

BUY

It's different from the big banks, because it's based on Quebec, so it's a play on Quebec where the real estate market is hot and the government has delivered five balanced budgets. NA is good for the long-term.

HOLD

No reason to sell this. Yield pays 4.2% and it is priced competitively vs. the big banks. The ROE has been creeping up a bit. It's a much better bank than years ago, though they do have a lot of oil exposure that they have scaled back.

PAST TOP PICK

(A Top Pick Feb 06/18, Up 3%) It was a value play. He is more excited now about the value of BNS-T and CM-T.

PAST TOP PICK

(A Top Pick Jan 26/18, Down 2%) Q4 was strong, capping off a great year. They had sector-leading ROE at 18.5%. Still trades at a discount to peers. Earnings will grow 7%, but Canadian debt is a worry. You can buy it now.

DON'T BUY

Because Canada runs a well-regulated banking oligopoly, he has no doubt that in due time, it will be a 150B company. But it's not worth this now. It's grown up, and is now playing in the big boys sandbox. They've accomplished a lot over the last 10 years. Most importantly, they've improved their ROE, the primary driver of valuation for a bank, and the market has recognized and rewarded this already. Prefers larger, more diversified banks.

PAST TOP PICK

(A Top Pick Jan 09/18, Down 6%) Can't control the market. Earnings were up 10% in 2018, dividends were raised twice. You have to own a bank, and this is their preferred one, trading at 9x earnings, grow earnings 6-7% this year. What's not to like?

HOLD

He thinks NA-T is doing a lot of good things outside of Quebec today. A forgotten sister of the big banks in Canada in an oligopolistic market in Canada. A good company to own.

PAST TOP PICK

(A Top Pick Jan 25/18, Down 9%) Banks in general had a rough year. Q4 was very strong for them. Trades at a discount compared to the group. He thinks it is going to grow at 8% annually. Still like it.

DON'T BUY

It is not that much chapter than TD-T but he seems more risk because they are so Canadian-centric. All the growth in Canadian banks will come from the US. He does not see anything specifically wrong with this one, however.

DON'T BUY

National Bank vs. Laurentian Bank Laurentian, because their mortgage debacle has dragged down the stock until it's now the cheapest Canadian bank. National isn't trading as much at a discount as its peers (as LB), and it also has the biggest exposure to Canadian oil, which is a red flag.

COMMENT

He likes Canadian banks. NA has done very well. Good management. NA is heavily exposed to Canada, so he prefers TD or BMO because of their US exposure.

BUY

A very good bank with better numbers (sometimes) than the big 5. It has a clearing corp that he uses; it settles the back-office trades for most of the independents in Canada, totalling $250 billion that NA settles for. Well-run. Weathered this correction well. Pays a higher dividend than the big 5. A very good hold. Sees no weaknesses.

BUY

It had a really nice trend and broke it. He would feel comfortable adding to it. It would be the strongest one next to BMO-T.

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