Scotiabank analyst Sumit Malhotra maintained a Buy rating on National Bank of Canada (NTIOF) today and set a price target of C$83.00. The company’s shares closed last Friday at $53.98, close to its 52-week high of $56.73.
According to TipRanks.com, Malhotra is a 5-star analyst with an average return of 12.4% and a 72.6% success rate. Malhotra covers the Financial sector, focusing on stocks such as Toronto Dominion Bank, Canadian Western Bank, and Royal Bank Of Canada.
National Bank of Canada has an analyst consensus of Moderate Buy, with a price target consensus of $53.56, implying a -0.8% downside from current levels. In a report released today, Credit Suisse also upgraded the stock to Buy.
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Based on National Bank of Canada’s latest earnings release for the quarter ending July 31, the company reported a quarterly revenue of $1.96 billion and net profit of $589 million. In comparison, last year the company earned revenue of $1.94 billion and had a net profit of $591 million.
Based on the recent corporate insider activity of 73 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of NTIOF in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
National Bank of Canada engages in the provision of commercial banking and financial services. It operates through the following segments: Personal and Commercial, Wealth Management, Financial Markets, US Specialty Finance and International (USSF&I), and Other. The Personal and Commercial segment involves in banking, financing, and investing services offered to individuals and businesses as well as insurance operations. The Wealth Management segment focuses on the investment solutions, trust and lending services, and other wealth management solutions offered through internal and third-party distribution networks. The Financial Markets segment includes banking and investment banking services and financial solutions for large and mid-size corporations, public sector organizations, and institutional investors. The USSF&I segment comprises specialty finance expertise activities of subsidiary ABA Bank, which offers financial products and services to individuals and businesses; and activities of targeted investments in certain emerging markets. The Other segment encompasses treasury activities such as asset and liability management, liquidity management and funding operations, certain non-recurring items, and unallocated portion of corporate services. The company was founded on May 4, 1859 and is headquartered in Montreal, Canada.
