National Bank Holdings Corp
In the published model solve dated 2026-Q2, anchored at $41.22, National Bank Holdings Corp (NBHC) is priced for 10.1% return on equity. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 27, 2026 from SEC EDGAR filings.
National Bank Holdings is a Colorado-based regional bank, and a bank is worth the return it earns on its capital, so the price is read off book value rather than an operating multiple. At $42.67 the stock trades around 1.2x book, which implies the bank sustains a return on equity near 10.7%, against a recent run rate closer to 7.9% on the standard measure. That gap is the whole story. The most recent quarter showed adjusted return on tangible common equity of 11.79% and a net interest margin of
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206 institutional managers reported holding NBHC in 13F filings for the quarter ended 2026-03-31. Together they hold about 90% of the company; the top 10 hold 55%. 29 opened new positions that quarter. Held by BlackRock, Vanguard Group, Wellington Management, among others. On the short side, 1.6M shares were sold short as of the 2026-06-15 count, about 4% of shares outstanding (4.6 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
NBHC's share count grew 43.6% over the past five years even with $67.68M spent on repurchases. It pays a dividend, and has paid one every year in our records (14 and counting), raised 10 years straight; the current rate is $1.20 a share annually. Cash returned over the past three years: $123.89M in dividends and $31.28M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at NBHC over the trailing three years: 2026: 1 buy totaling $1.00M. 19 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
NBHC's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-02 | +0.7% | -14.7% |
| 2023-11-08 | -0.6% | +12.3% |
| 2024-02-28 | -3.2% | +0.7% |
| 2024-05-02 | +5.1% | +12.2% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
NBHC's latest 8-K filings: 2026-08-04 (items 8.01, 9.01); 2026-07-27 (items 7.01, 9.01); 2026-07-21 (items 2.02, 7.01, 9.01); 2026-05-12 (items 5.02, 5.07, 9.01); 2026-05-07 (items 8.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.