National Bank of Canada (NA) Reaches New 52-Week Low on Analyst Downgrade

National Bank of Canada (TSE:NA) shares hit a new 52-week low on Thursday after Barclays lowered their price target on the stock from C$65.00 to C$62.00. The stock traded as low as C$57.58 and last traded at C$58.01, with a volume of 942661 shares traded. The stock had previously closed at C$60.20.

Several other research analysts have also recently weighed in on the stock. Canaccord Genuity cut shares of National Bank of Canada from a “buy” rating to a “hold” rating and set a C$69.00 price target on the stock. in a research note on Thursday, August 30th. Desjardins lifted their price target on shares of National Bank of Canada from C$64.00 to C$66.00 in a research note on Thursday, August 30th. TD Securities dropped their price target on shares of National Bank of Canada from C$72.00 to C$68.00 and set a “hold” rating on the stock in a research note on Thursday. Finally, Eight Capital dropped their price target on shares of National Bank of Canada from C$70.00 to C$69.00 in a research note on Thursday. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of C$67.36.

In other news, Director Louis Vachon sold 11,200 shares of the firm’s stock in a transaction on Monday, September 17th. The shares were sold at an average price of C$65.00, for a total transaction of C$728,000.00. Insiders have sold a total of 104,300 shares of company stock worth $6,780,797 over the last 90 days.

The business also recently declared a quarterly dividend, which will be paid on Friday, February 1st. Shareholders of record on Monday, December 31st will be issued a $0.65 dividend. This is an increase from National Bank of Canada’s previous quarterly dividend of $0.62. This represents a $2.60 dividend on an annualized basis and a yield of 4.40%. National Bank of Canada’s payout ratio is currently 41.31%.

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About National Bank of Canada (TSE:NA)

National Bank of Canada provides various financial products and services to retail, commercial, corporate, and institutional clients in Canada and internationally. It operates through Personal and Commercial, Wealth Management, Financial Markets, and U.S. Specialty Finance and International segments.

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