The Globe and Mail reports in its Thursday edition that National Bank analyst Jaeme Gloyn has reaffirmed his "sector perform" call for First National Financial. The Globe's David Leeder writes that Mr. Gloyn boosted his share target by a loonie to $39. Analysts on average target the shares at $41.17. Mr. Gloyn expects shares of First National to "react favourably" to a third quarter earnings beat and a "special dividend kicker." Mr. Gloyn says in a note: "A broad-based revenue beat drove a 26-per-cent EPS beat vs. the street and a 13-per-cent beat to our forecasts. Originations also surprised significantly to the upside while securitization NIM [net interest margin] easily beat our estimates. Moreover, First National announced a 75-cent per share special dividend alongside a 5-cent-per-share (or 2-per-cent) increase in the annual common dividend. Including the special dividend, we forecast a payout ratio on after-tax pre-FMV income of 82 per cent in 2023. ... First National expects volumes to slow significantly in Q4 given the recent spike in interest rates. ... Management maintained its view that conventional commercial originations will decelerate, mitigated by a strong insured multi-unit market."