National Bank (TSX:NA) is the smallest of the Big Six Canadian banks but the largest bank in Quebec. The stock sent off oversold signals in late December as it dropped to a 52-week low of $54.37.
Shares have climbed 7.3% in 2019 as of close on January 17. National Bank stock now boasts an RSI of 67 as of this writing, which is just outside of overbought territory.
Like many of its peers, National Bank put together a stellar 2018 in the face of economic headwinds. Net income rose 10% from 2017 to $2.23 billion and diluted earnings per share also increased 10% to $5.94.
The bank reported growth in each of its major segments in fiscal 2018. In its fourth-quarter report the bank announced a 5% dividend increase to $0.65 per share to be paid quarterly. This represents a solid 4.1% yield.
Investors looking for opportunities early in the year should remain on the sidelines if they have not already stacked National Bank in late 2018.