Among the big four banks, National Australia Bank Ltd. (ASX: NAB) has always been something of a pariah to ASX investors.
The share price has really gone nowhere for a long time now. In fact, it's still 27% down on its peak before the global financial crisis just over 14 years ago.
Following an embarrassing Hayne Royal Commission, even recent times have been tough.
"NAB had been losing market share in the past 2 years," Marcus Today portfolio manager Thomas Wegner told The Bull.
But there is more than a glimmer of hope now that NAB can turn its fortunes around.
Analysts bullish on NAB's latest results
According to a CMC Markets survey, 11 out of 16 professional investors currently rate NAB shares as a "buy". Eight think it's a "strong buy" and 3 deem the stock a "moderate buy".
The remaining 5 are hardly negative, simply designating the stock as a "hold".
Bell Potter has slapped a $32.50 target on NAB shares, which is a 6.5% premium on Wednesday afternoon's price. On top of that, a handy dividend yield of 4.2% is on offer.
Wegner said the recent results were pleasing.
"First quarter 2022 results were ahead of expectations. Cash earnings grew 9.1% on the prior corresponding period."
He believes that qualitatively NAB shares are well prepared for a comeback.
"Improving customer satisfaction and market share gains were solid achievements given the challenging operating environment," Wegner said.
"Management is also optimistic about the outlook and is targeting flat expenses in the 2022 financial year."
NAB even made a foray into the neobank space last year, when it acquired fintech 86 400 for $220 million to absorb it into its digital brand UBank.
Investors are already climbing over each other to get their hands on the stock.
Last week The Motley Fool reported that the NAB share price hit a 4-year high, although it has cooled off a little since then to present a buying opportunity.
So far this year, NAB shares have climbed 2.2%, while the wider S&P/ASX 200 Index (ASX: XJO) has fallen more than 6%.
