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TSE:NA

National Bank of Canada (NA.TO)

221.68
+1.27 (0.58%)
as of Jun 19, 2026, 8:00:00 pm Market Open.
338 watching
0
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.
HOLD

Canadian Banks including TD-T and RY-T. He wishes we had earnings out of the banks because we are flying blind. It is hard to see anything positive out of then. The stocks have fallen a lot. His preferred is NA-T. It is hard to be materially bullish on the Banks unless you are a long term investor. He would not add more to positions, just hold.

COMMENT
Reset preferreds of 2-year duration? Many investors have been burned by these preferreds. They look attractive, but none will be called as long as rates are this low, and the dividends may get cut. This is why these preferreds are so cheap now. Better to buy a bank stock that pays a stable dividend.
HOLD
He owns the other chartered banks. He regrets that since the shares have done really well against its peers. A large focus on technology loans, with a good dividend. He sees good things yet to come. At these valuations, he would continue to hold. (Analysts’ price target is $72.00)
BUY
It's one of the best looking bank stock. It looks more like an insurance stock. A nice 50% increase from the bottom with a good dividend. There could be more upside looking at the chart pattern. Not a very volatile stock.
HOLD
It has been a spectacular performer. It has a very profitable niche in Quebec. They have a strong wealth management business that has helped them as well. They are the largest custodian for large institutional investors. He would hold it here.
HOLD
Its multiple has expanded to match its bigger peers, so he's wary, since their quality of business isn't as high as those peers. This is a relative valuation call.
TOP PICK
It's his favourite bank. Always liked its cheap fundamentals, and it continues to dominate Quebec. Nice earnings. They've benefited from a vibrant real estate market in Montreal. (Analysts’ price target is $67.92)
BUY
Its rally will continue. He would buy all the Canadian banks. Great chart with lots of volume. It's built a base, so it can move higher.
TOP PICK
Trading at near all time highs, it has the best chart of the Canadian banks. The breakout above $64 was followed with good earnings being reported. Yield 4.01% (Analysts’ price target is $65.64)
COMMENT
Banks are defensive in an economic downturn. The stock over the past number of years has been doing well. They have delivered better in the capital market activity and have narrowed their spread with other banks. He doesn't own any Canadian financials due to interest rates. The dividend is safe.
HOLD
It's done very well, having grown beyond Quebec in the past 10 years and closed the valuation gap with the big banks. Problem is, can it continue to grow as much in the next 10 years? It lacks international diversification. NA is a decent hold, but he'd buy other banks.
BUY
More of a growth story than other banks. Has hung in there better than some other banks. They have the bulk of their activity in Eastern Canada which is a driving force right now. Overall, a good dividend stock. The market has been rewarding them.
COMMENT

NA or LB? He prefers NA-T as it is better quality and has a more diverse revenue base. He thinks LB-T is having issues and that will continue for some time to come.

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