BUY
Results were so-so, but affected by a 1-time issue. Stick with the banks that continue to knock it out of the park. Happy to continue buying. He doesn't foresee a really bad recession in Canada in 2023. Banks can offset a lot of their mortgages. They do have exposure, but it's not as huge as you think. Live and die with wealth management and investment banking operations, so they need the economy to improve.
banks
HOLD
Still likes. Earnings were fine. Balance sheet in good shape. Tough quarter for trading. Solid as a rock, more dividend increases to come.
banks
BUY
Stock's outperformed. Canadian banks don't have high multiples, but good dividend yields. Only issue is retail doesn't have the broad base of a TD or a RY. In this environment, strong retail gives you better net interest income. Would benefit from doing an acquisition.
banks
WEAK BUY
NA vs. CWB Between these and the Big 5, he'd prefer one of the 5. Between CWB and this, he'd prefer NA. Better diversified in lines of business and geographically. Better scale advantage, management, and capitalized. Its dividend increases may pause if credit losses get too high. Otherwise, high single-digit dividend increases are pretty reliable.
banks
PARTIAL SELL
Sell half of NA to buy BMO? This trade makes sense. Canadian banks have been under pressure given economic slowdown. All the banks grow earnings nicely and return excess capital to shareholders via buybacks and dividends. BMO has done a great job with Bank of the West acquisition. He's tilting toward more US exposure, as the US consumer is in better shape and the economy is less reliant on housing.
banks
BUY
He likes Canadian banks. NA has less of a national footprint compared to its peers and less of a presence in wealth management. But NA specializes in the custody business. Great management and solid dividend. He prefers the larger footprint of its peers.
banks
TOP PICK
It is the 6th largest bank in Canada and smaller than the other five. It is the number one bank in share price appreciation, grows its dividends and has a higher profitability level. It is mostly in Canada and has a good presence in Quebec. There is less competition in Canada than in the U.S. Also there is a higher dividend yield because of the lower valuation and it can buy back more stock. Buy 7, Hold 4, Sell 2. (Analysts’ price target is $104.85)
banks
BUY
A great performer compared to its peers. They are a dominant ETF service provider in Canada. Well-managed. The banks here move as a pack, and the leader and laggard often rotate. He owns TD and BNS which offers opportunities in the US and Latin America respectively.
banks
TOP PICK
Next to no loan losses. One of the best revenue growers of any of the Canadian banks in Q2. Payout of 30%. Cambodian asset is doing amazing. Very well run. He's not worried about a recession. Best Canadian bank to own. Yield is 3.78%. (Analysts’ price target is $104.85)
banks
DON'T BUY
NA vs. BNS Prefers BNS. Refocused, sold off non-core international geographies. Well positioned. Gives you exposure to international and Latin American economies, which may be uneven but represent more attractive long-term growth.
banks
PAST TOP PICK
(A Top Pick Jun 04/21, Up 12%) Still his #1 Canadian bank pick. NA has little competition in Quebec, compared to the rest of Canada. Are very successful in managing wealth and proprietory trading. Will benefit from rising interest rates. A solid pick.
banks
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.
banks
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.
banks
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.

banks
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)
banks
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National Bank of Canada(NA-T) Rating

Ranking : 4 out of 5

Bullish - Buy Signals / Votes : 6

Neutral - Hold Signals / Votes : 1

Bearish - Sell Signals / Votes : 2

Total Signals / Votes : 9

Stockchase rating for National Bank of Canada is calculated according to the stock experts' signals. A high score means experts mostly recommend to buy the stock while a low score means experts mostly recommend to sell the stock.

National Bank of Canada(NA-T) Frequently Asked Questions

What is National Bank of Canada stock symbol?

National Bank of Canada is a Canadian stock, trading under the symbol NA-T on the Toronto Stock Exchange (NA-CT). It is usually referred to as TSX:NA or NA-T

Is National Bank of Canada a buy or a sell?

In the last year, 9 stock analysts published opinions about NA-T. 6 analysts recommended to BUY the stock. 2 analysts recommended to SELL the stock. The latest stock analyst recommendation is . Read the latest stock experts' ratings for National Bank of Canada.

Is National Bank of Canada a good investment or a top pick?

National Bank of Canada was recommended as a Top Pick by on . Read the latest stock experts ratings for National Bank of Canada.

Why is National Bank of Canada stock dropping?

Earnings reports or recent company news can cause the stock price to drop. Read stock experts’ recommendations for help on deciding if you should buy, sell or hold the stock.

Is National Bank of Canada worth watching?

9 stock analysts on Stockchase covered National Bank of Canada In the last year. It is a trending stock that is worth watching.

What is National Bank of Canada stock price?

On 2023-02-03, National Bank of Canada (NA-T) stock closed at a price of $100.93.