This director is snapping up NAB shares under $30. Should you?

Should you also be buying this banking giant's shares?

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National Australia Bank Ltd (ASX: NAB) shares have been on a bit of a tear in recent months.

In fact, since trading at a 52-week low in the middle of June, the banking giant's shares have stormed almost 18% higher.

In light of this, investors may be wondering if it is too late to buy NAB's shares.

Well, there's definitely one person who doesn't seem to believe it is, based on a notice filed with the ASX in recent days.

That notice reveals that new NAB director Christine Fellowes has bought her first shares since joining the company in June.

According to the notice, the independent non-executive director picked up 3,438 shares through an on-market trade on 13 September.

Fellowes paid a total of $99,839.52 for the parcel of shares, which equates to an average of $29.04 per share.

Should you buy NAB shares too?

According to a recent note out of Goldman Sachs, its analysts have a buy rating on the bank's shares.

However, it is worth highlighting that the broker's price target is $30.51 implying only a modest upside of 3.1% from current levels.

One positive, though, is that Goldman is forecasting fully franked dividends of $1.66 per share in FY 2023 and FY 2024.

This means investors would receive a fully franked 5.6% annual dividend yield on top of the 3.1% capital return, which suggests a total potential return of 8.7%. Which isn't bad at all!

Elsewhere, the majority of the broker community has the equivalent of hold ratings on NAB's shares. They appear to believe that investors should keep their powder dry and wait for a better entry point in the coming months.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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