Peregrine Capital Management LLC has reduced its holdings in National Bank Holdings Corporation (NYSE: NBHC) by 3.2% during the second quarter of 2023. According to its latest Form 13F filing with the Securities and Exchange Commission (SEC), the firm now owns 141,364 shares after selling 4,737 shares in the period. The total value of Peregrine’s investment in National Bank stood at approximately $5.3 million at the end of the quarter.
Several other institutional investors have also adjusted their stakes in the financial services provider. Y Intercept Hong Kong Ltd acquired a new position valued at around $1.53 million during the same quarter. Additionally, Envestnet Asset Management Inc. increased its holdings in National Bank by 6.3%, now owning 5,955 shares worth approximately $224,000 after purchasing an additional 355 shares. Similarly, Leeward Investments LLC MA expanded its position by 15.7%, acquiring 61,287 shares during the quarter, bringing its total to 451,726 shares valued at $16.99 million.
First Citizens Bank & Trust Co. and Envestnet Portfolio Solutions Inc. also made new investments in National Bank, valued at $413,000 and $398,000, respectively. Collectively, institutional investors hold 92.65% of the company’s stock, reflecting strong confidence in its market position.
Current Stock Performance and Dividend Announcement
On September 15, 2023, National Bank Holdings Corporation announced a quarterly dividend of $0.30 per share, which was paid to investors on record as of August 29. This dividend indicates an annualized yield of approximately 3.2% and a payout ratio of 37.97%. The stock opened at $36.97 on Wednesday, with a 12-month low of $32.83 and a high of $51.76. The stock has a fifty-day moving average price of $38.42 and a 200-day moving average price of $37.71. Currently, the company boasts a market capitalization of $1.41 billion, a price-to-earnings ratio of 11.70, and a beta of 0.75.
Analyst Ratings and Market Outlook
Several research firms have recently updated their ratings for National Bank. Zacks Research has upgraded its recommendation from a “hold” to a “strong-buy” as of September 1, while Wall Street Zen shifted its stance from “strong sell” to “hold” on July 26. DA Davidson has raised its target price for the stock from $42.00 to $45.00, designating it as a “buy” in a report issued on July 24. Hovde Group also increased its rating from “market perform” to “outperform” with a target price set at $46.00 as of September 18. Keefe, Bruyette & Woods has similarly raised its target price from $44.00 to $45.00 while maintaining a “market perform” rating.
MarketBeat.com indicates that one analyst rates the stock as a “strong buy,” while two suggest a “buy” rating and two others recommend holding. The consensus rating for National Bank stands at “moderate buy” with an average price target of $45.33.
National Bank Holdings Corporation operates as the bank holding company for NBH Bank, providing a range of banking products and financial services to commercial, business, and consumer clients across the United States. The company offers various deposit products, including checking, savings, and money market accounts, as well as fixed-rate time deposits.
For those interested in monitoring further developments regarding National Bank, HoldingsChannel.com provides access to the latest 13F filings and insider trades related to the company.
