The bank recently saw its quarterly net income decline on an annual basis
As of Friday (Sep. 23), National Bank of Canada garnered an average rating of “hold” from 12 brokerages that are covering the stock, according to Marketbeat.
“Three equities research analysts have rated the stock with a ‘hold’ rating and two have assigned a ‘buy’ rating to the company,” Marketbeat added. “The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is CA$104.75.”
The bank has also declared a quarterly dividend, to be paid on Nov. 1.
“Shareholders of record on Monday, Sep. 26, will be given a $0.92 dividend,” the firm said. “This represents a $3.68 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date is Friday, Sep. 2. National Bank of Canada’s dividend payout ratio (DPR) is 34.60%.”
Read more: National Bank reports Q2 earnings
The announcements came in the wake of the bank’s recent release of its Q3 2022 results, which saw net income decline from $839 million during the same period last year to $826 million this quarter.
The slowdown stemmed from larger provisions for credit losses amid sustained economic volatility, although National Bank said that its revenue grew from $2.3 billion to $2.4 billion.
“We continue to operate in an increasingly complex backdrop,” said Laurent Ferreira, CEO of National Bank. “Despite these challenges, the bank is in a solid position with strong capital levels and substantial allowances for credit losses which, along with our prudent positioning, gives us comfort in the current environment.”
