National Bank (NYSE:NBHC) Shares Gap Down Following Weak Earnings

National Bank Holdings Co. (NYSE:NBHC) shares gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $45.60, but opened at $43.05. National Bank shares last traded at $45.37, with a volume of 9,378 shares changing hands.

The financial services provider reported $0.68 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.06). The firm had revenue of $99.31 million for the quarter, compared to analysts’ expectations of $102.96 million. National Bank had a return on equity of 10.54% and a net margin of 21.40%. The firm’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.85 earnings per share.

National Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.61%. This is an increase from National Bank’s previous quarterly dividend of $0.27. The ex-dividend date was Friday, May 31st. National Bank’s dividend payout ratio (DPR) is 32.18%.

Wall Street Analysts Forecast Growth

NBHC has been the subject of several research analyst reports. Piper Sandler downgraded National Bank from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $42.00 to $46.00 in a research report on Thursday. DA Davidson lifted their target price on National Bank from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. Hovde Group decreased their target price on National Bank from $45.00 to $40.50 and set an “outperform” rating for the company in a research report on Monday, April 29th. StockNews.com downgraded National Bank from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, Stephens lifted their price objective on National Bank from $38.00 to $46.00 and gave the company an “equal weight” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, National Bank has a consensus rating of “Hold” and a consensus price target of $43.30.

Hedge Funds Weigh In On National Bank

A number of large investors have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System raised its holdings in National Bank by 1.6% in the second quarter. Louisiana State Employees Retirement System now owns 19,000 shares of the financial services provider’s stock worth $742,000 after purchasing an additional 300 shares in the last quarter. Texas Permanent School Fund Corp raised its holdings in National Bank by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 33,069 shares of the financial services provider’s stock worth $1,193,000 after purchasing an additional 449 shares in the last quarter. ProShare Advisors LLC raised its holdings in National Bank by 7.4% in the first quarter. ProShare Advisors LLC now owns 7,450 shares of the financial services provider’s stock worth $269,000 after purchasing an additional 513 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in National Bank by 15.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,924 shares of the financial services provider’s stock worth $295,000 after purchasing an additional 1,067 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its holdings in National Bank by 3.8% in the first quarter. CANADA LIFE ASSURANCE Co now owns 30,130 shares of the financial services provider’s stock worth $1,086,000 after purchasing an additional 1,100 shares in the last quarter. 92.65% of the stock is currently owned by institutional investors.

National Bank Price Performance

The firm has a market capitalization of $1.63 billion, a P/E ratio of 12.35 and a beta of 0.86. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.91 and a quick ratio of 0.91. The stock’s fifty day simple moving average is $38.65 and its 200 day simple moving average is $35.94.

About National Bank

National Bank Holdings Corporation operates as the bank holding company for NBH Bank that provides various banking products and financial services to commercial, business, and consumer clients in the United States. It offers deposit products, including checking, savings, money market, and other deposit accounts, including fixed-rate and fixed maturity time deposits.