London, Feb 23, 2026, 09:10 GMT — Regular session
- NatWest shares are little changed in London trade, hovering around 616p
- Latest filings show the bank continuing a fresh £750 million buyback
- Investors are watching the dividend timetable and the next steps in NatWest’s strategic push beyond lending
NatWest Group Plc (NWG.L) shares were little changed on Monday, last up 0.01% at about 615.7 pence in London trade. The stock has ranged between 613.4 and 623.4 pence in the session, against a previous close of 615.6 pence. (Investing)
The near-flat move comes as investors keep circling the same questions: how much cash NatWest can return, and how fast it can grow fees outside plain-vanilla lending. In its annual results material this month, the bank pointed to £4.1 billion of distributions announced in 2025 and guided to 2026 income of £17.2-£17.6 billion. (Natwestgroup)
On Monday, NatWest added a smaller piece to that “growth” story. It said it appointed Ruari Phillips as head of venture & growth finance ahead of the launch of NatWest Venture Banking in April, with venture-banking head Jenny Edwards saying the bank wants to “back the innovators” as it builds the new unit. (Natwestgroup)
Capital returns are still doing the heavy lifting for the equity story right now. A U.S. SEC filing dated Feb. 20 showed NatWest bought back 533,910 shares that day across the London Stock Exchange and BATS Europe, paying volume-weighted average prices a touch above 622 pence per share. (SEC)
NatWest began the buyback on Feb. 16 after announcing a programme of up to £750 million, and said it would run to no later than Jan. 15, 2027. Under the terms, UBS makes trading decisions independently of the bank, and NatWest said it intends to cancel the shares it repurchases. (TradingView)
The buyback sits alongside NatWest’s plan to broaden into wealth. In a Feb. 9 deal announcement, the bank said it agreed to buy wealth manager Evelyn Partners for a £2.7 billion enterprise value and expects the transaction to close in the summer of 2026, subject to regulatory approvals. NatWest said the deal would cut its common equity tier 1 (CET1) ratio — a key bank-capital measure — by about 130 basis points, or 1.3 percentage points. (TradingView)
But the price tag remains the awkward bit. Jefferies analysts warned the valuation could trim earnings per share by about 2% through 2028, while RBC Capital Markets analyst Benjamin Toms called the deal “transformational” even if it is “a bolt on” to the existing business. (Reuters)
NatWest has tried to keep investors focused on the underlying earnings trend. It reported a 24% rise in 2025 pretax profit to £7.7 billion and lifted its return on tangible equity — a profitability yardstick — target to more than 18% in 2028, from over 15% in 2027. CEO Paul Thwaite said the bank was “raising our ambition” with “stretching” new targets, as rivals Barclays and Lloyds also moved to upgrade return goals. (Reuters)
Dividends are the other date traders have started pencilling in. Barclays’ dividend calendar shows NatWest’s proposed final dividend of 23.00 pence goes ex-dividend on March 19, with payment due on May 5. (Barclays Smart Investor)
The wider tape did not offer much help on Monday. Global markets steadied after another bout of tariff headlines, with Wall Street futures and the dollar knocked by confusion around new U.S. import levies — the sort of macro noise that tends to spill into bank stocks even when company news is thin. (Reuters)
NatWest has been choppy since mid-month. The shares closed on Feb. 20 at 615.6 pence, down 0.26% on the day, after opening at 625.6 pence and touching 627.0 pence, according to Investing.com’s historical pricing data. (Investing)
Investors now watch for more buyback disclosures and for shareholder approval of the final dividend at NatWest’s annual general meeting on April 28, ahead of the March 19 ex-dividend date. (Natwestgroup)
