National Bank of Canada (OTCMKTS:NTIOF) Sees Significant Decrease in Short Interest

National Bank of Canada (OTCMKTS:NTIOF) was the recipient of a significant drop in short interest in October. As of October 15th, there was short interest totaling 3,721,380 shares, a drop of 34.3% from the September 30th total of 5,666,222 shares. Based on an average daily volume of 54,737 shares, the days-to-cover ratio is currently 68.0 days. Approximately 1.0% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NTIOF. Desjardins cut National Bank of Canada from a “moderate buy” rating to a “hold” rating in a report on Tuesday, August 4th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of National Bank of Canada in a report on Thursday, August 27th. National Bank Financial upgraded shares of National Bank of Canada from a “hold” rating to an “outperform” rating in a report on Tuesday, August 18th. TD Securities reiterated a “hold” rating on shares of National Bank of Canada in a research report on Wednesday, August 12th. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of National Bank of Canada in a report on Thursday, September 3rd. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold”.

Hedge Funds Weigh In On National Bank of Canada

A hedge fund recently bought a new stake in National Bank of Canada stock. Public Employees Retirement System of Ohio acquired a new position in National Bank of Canada (OTCMKTS:NTIOF) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 63,587 shares of the financial services provider’s stock, valued at approximately $2,825,000. 0.06% of the stock is currently owned by institutional investors.

National Bank of Canada Stock Performance

OTCMKTS NTIOF opened at $152.07 on Wednesday. The company has a market capitalization of $58.06 billion, a price-to-earnings ratio of 16.72, a PEG ratio of 1.18 and a beta of 0.86. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.11. National Bank of Canada has a twelve month low of $110.97 and a twelve month high of $171.47. The stock has a fifty day simple moving average of $148.61 and a 200 day simple moving average of $145.91.

National Bank of Canada (OTCMKTS:NTIOF) last announced its earnings results on Wednesday, August 26th. The financial services provider reported $2.43 EPS for the quarter, topping the consensus estimate of $2.32 by $0.11. National Bank of Canada had a return on equity of 16.67% and a net margin of 17.22%. The firm had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.75 billion. Sell-side analysts expect that National Bank of Canada will post 9.44 EPS for the current year.

About National Bank of Canada

National Bank of Canada is a Canadian financial institution headquartered in Montreal, Quebec. Founded in 1859, the bank provides a broad range of banking and financial services to individuals, businesses, institutional clients and governments.

Its activities include personal and commercial banking, wealth management, investment banking, securities brokerage, financial markets and specialized finance. Products and services include deposit accounts, mortgages, consumer and business loans, credit facilities, investment products, portfolio management, financial planning, capital-markets advisory and trading services.

National Bank primarily serves customers across Quebec and other Canadian provinces through its banking and wealth-management operations.