NatWest lands fresh Berenberg buy call, shares stand out in European bank sector
24.06.2026 - 12:19:18 | ad-hoc-news.de
By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-24, 10:16.
NatWest (GB00BM8PJ831) moves into focus after Berenberg initiated coverage with a Buy rating and price targets significantly above current London and NYSE levels. The broker calls out underappreciated returns and earnings resilience versus other European banks, according to an Investing.com summary.
Berenberg’s case for NatWest
Berenberg started coverage on NatWest with a Buy rating and a price target of 8.60 pounds for the London listing and 22.80 dollars for the NYSE-traded ADR NWG, implying double-digit upside potential from recent prices. Investing.com reports on the Berenberg initiation Berenberg argues that NatWest generates roughly a 20 percent return on tangible equity, a level the bank sees as not fully reflected in the share price.
According to the broker, NatWest shares trade at about a 25 percent discount to the wider European banking sector on a price-to-tangible-book basis, despite that high return profile. A Finimize commentary highlights NatWest’s valuation gap versus peers like other large European banks Berenberg also flags NatWest’s structural hedge as a support for earnings resilience in a changing interest-rate environment.
Consensus and valuation picture
Beyond Berenberg, the broader analyst community remains constructive on NatWest. Investing.com data show 17 analysts covering the stock, with 11 rating it Buy, 6 at Hold, and none at Sell, pointing to an overall Buy consensus on the London-listed shares. The Investing.com consensus page summarizes the rating distribution for NatWest The average 12-month price target stands at about 737.59 pence, with the highest estimate at 840 pence and the lowest at 635 pence.
The NYSE-listed ADR NWG most recently closed at 17.27 dollars on 23 June, giving NatWest a market capitalization around 69.15 billion dollars on that basis. TradingKey lists the latest NWG quote and market cap on the NYSE On earnings metrics, that level equates to a trailing price-to-earnings ratio of roughly 9 and a dividend yield close to 7 percent, according to the Investing.com update, which together underpin the broker’s view that valuation remains undemanding.
All news and analysis on the NatWest shares
Further company reports, regulatory filings and analyst views on NatWest are collected in the dedicated topic section and on the group’s investor-relations pages.
How NatWest earns its money
NatWest generates most of its income from UK retail and commercial banking, including current accounts, mortgages and small-business lending, supplemented by wealth management and a streamlined investment-banking arm. Interest income remains the dominant driver, with fee income from cards, payments and advisory services adding diversification.
Where the NatWest shares trade
The NatWest shares (GB00BM8PJ831) trade on the London Stock Exchange under the ticker NWG, with an additional listing as an ADR on the NYSE; the last NYSE close on 2026-06-23 at 16:00 ET was 17.27 US dollars.
Key data on the NatWest shares
- Company: NatWest Group plc
- ISIN: GB00BM8PJ831
- WKN: A2N6TH
- Ticker: NWG
- Trading venue: London Stock Exchange and NYSE (ADR)
- Price (as of 2026-06-23, 16:00): 17.27 USD
- Market cap: 69.15 billion USD (as of 2026-06-23)
- Sector / industry: Financials / Diversified Banks
- Index membership: FTSE 100
- Next earnings date: not officially scheduled
This article is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell any securities.
