NAB shares rise on Bank of America upgrade, share issuance
Make us a preferred source
Make us a preferred source on Google
The news: Shares in NAB rose in afternoon trade after the bank issued 22.9 million of new ordinary shares at a price of $37.04 per share following its dividend Reinvestment Plan (DRP) for the 2026 interim dividend.
Shared advanced 3.4% to $38.25 at 1:50pm AEST.
The context: The bank has also raised approximately $1.8 billion in new common equity tier 1 capital, comprising approximately $850 million issued under an underwriting agreement with Goldman Sachs, alongside shares with an aggregate value of $958 million allocated to investors participating in the DRP.
Bank of America has upgraded NAB to a “buy” recommendation with a target price of $42.50.
The sources: ASX, Bank of America analyst note
