| BUY | 36.710 | John O'Connell, CFA | Great dividend yield. Pretty compelling value on a 2-year view. They avoided the whole subprime mass until they bought Countrywide Financial.7% yield. | 2008-05-15 | |
| BUY | 36.800 | Gordon Reid | Banking industry has been in an amazing turmoil. There is a pending purchase of Countrywide (CFC-N) and there is talk that it might be revalued. Think they will do well longer-term. | 2008-05-14 | |
| DON'T BUY | 37.440 | Norman Levine | Loathe right now to own a US bank. Have shown themselves to be poor business people. Chased all the wrong kinds of business and got caught with their pants down. Still more to come. Also there are prospects of a recession in the US. | 2008-05-12 | |
| SELL | 37.330 | Brian Acker, CA | Model price of $36.89, a -3% differential. Thinks the US banks have a big head wind. Once we get through the credit crisis, (he thinks the federal reserve is letting inflation go) and once we get over this phase he expects a substantial increase in interest rates. | 2008-05-08 | |
| DON'T BUY | 36.860 | Laura Wallace | Would be a little cautious on this one. Not sure how good the Countrywide acquisition is going to be and could take 5 years before we know. | 2008-04-23 | |
| DON'T BUY | 38.380 | Ron Meisels | Had a big break below the 200-day moving average and continued to stay below the 200-day moving average. It does have a kind of double base happening which could mean it is starting to base build. | 2008-04-08 | |
| BUY | 39.500 | Pat Naccarato B.Math, MBA,CFA | A great US institution that has been hit by this crisis. A great franchise with tremendous value. Trading at a valuation that has not been seen since the last recession. The snap-back coming out of recession can be enormous. Valuation on a PE basis does not look good as earnings are down but if they reverse some of their mortgage write-downs, it could have a big effect on values. | 2008-04-07 | |
| BUY | 39.500 | Andrew Guy, CFA | Biggest retail bank in the US and the big hits are taking place more on the institutional side. Dividend of 6% plus is very safe. | 2008-04-07 | |
| BUY | 37.030 | Gordon Reid | Very good franchise and well capitalized. The jury is out on the Countrywide acquisition. Doesn't think you will be able to judge this well for 2 or 3 years. They will be a very big player in the mortgage business, which is the reason for their acquisition. Thinks the 6.9% dividend is safe. | 2008-03-12 | |
| STRONG BUY | 39.180 | John O'Connell, CFA | Would be a very strong Buy down here. Likes the name. Until recently, they have been able to avoid the whole subprime problem. Biggest US bank for deposits. Recently bought Countrywide Financial, which was the first time they got any exposure to the subprime market. Thinks it was a prudent investment for them. 6.5% dividend yield. | 2008-03-03 | |
| BUY | 42.880 | Brian Acker, CA | (Market Call Minute.) He has a model price of $45.64, a positive 6% differential. Would recommend it because of the 5% dividend yield. | 2008-02-27 | |
| SPECULATIVE BUY | 42.970 | Charles Bobrinskoy | Held up better than a number of the other big banks. Made a controversial move of buying Countrywide Financial (CFC-N). Good dividend yield. Expects upside, but there is the risk of finding another big problem in the Countrywide portfolio. | 2008-02-20 | |
| DON'T BUY | 42.700 | Laura Wallace | All of the US banks are going to be looking at further write-downs as the subprime exposure continues. This is one of the higher quality American banks. | 2008-02-15 | |
| DON'T BUY | 42.140 | Norman Levine | Has not been a fan of this bank. One of the more aggressive US banks. Its takeover of Countrywide Financial (CFC-N) may or may not work out but he thinks they just threw money away. US banks still vulnerable. | 2008-02-11 | |
| Comment | 42.330 | Andrew Guy, CFA | It is time to start picking away at opportunities. Not all the bad news is necessarily out yet. This one has a 6% yield and PE ratios below 10%. Doesn't have the exposure to the capital and investment markets that other banks have. | 2008-02-06 | |
| TOP PICK | 42.370 | Paul Gardner, CFA | Will have a tough time over the next couple of months. Think they stole Countrywide in their acquisition because, it was any other time, the antitrust laws would kick in. 2 years from now they will make a lot of money. 6% dividend. | 2008-02-05 | |
| PAST TOP PICK | 44.030 | Alex Ruus | (A Top Pick May 7/07. Down 16.5%.) A little disappointed on the Q4 results. Took a bigger hit than he anticipated. Still a long-term winner. More of a trading position for the next 6 months. | 2008-02-04 | |
| BUY | 44.150 | Mike Lyons CA, CFA | Basically believes that the banking system will muddle through this problem. A basket of these financials with the yields they’re offering can be a very effective way to invest. Buy in measured proportions. | 2008-01-31 | |
| HOLD | 42.210 | Gordon Reid | Any time a whole industry is hurt, make sure you are well balanced and that you don't have too much of a bet on an industry or sector. Then you hang on until you get into a normalized period. | 2008-01-30 | |
| DON'T BUY | 35.970 | David Burrows | Very concerned about the risks in the US banking industry. Speculation. Could go lower. A lot of litigation risks. | 2008-01-18 | |
| WATCH | 41.100 | Peter Brieger | Looking at this one. Have remained fairly clean during this subprime crisis. Getting hit along with all the other financials. There are still massive write offs to come in the banks with level 3 assets. Doesn't know what they're exposure is to this. Wouldn't buy yet. | 2007-12-28 | |
| BUY | 41.460 | Andrew Guy, CFA | There will be noise and volatility with any of the banks. As a US bank, it has exposure to some of the issues there. Given its geographic diversification, size and scope, it could be an interesting one to pick up now. Dividend should be safe. | 2007-12-27 | |
| HOLD | 41.410 | Brian Acker, CA | Not cheap enough for him. His model price is $47.65, a 15% positive differential. Earnings have come down and they have been taking write-offs. | 2007-12-20 | |
| WAIT | 41.500 | Norman Levine | Expect that banks will lead the market out on the way back up. Don't be in a hurry to buy. | 2007-12-18 | |
| TOP PICK | 43.050 | Alex Ruus | (A Top Pick Nov 22/06. Down 22.9%.) Investors are very scared of the subprime, etc. problems and they have some components on their balance sheet. This won't take them down as this is a more conservatively run company. Trades at under 9X earnings. 6% dividend. Thinks it is close to a bottom here. | 2007-12-13 | |
| DON'T BUY | 43.430 | Gordon Reid | For a long-term investor, a toe in the water of banks is not necessarily a bad thing, but there is no great hurry. Wait for the skies to clear a little bit. | 2007-12-12 | |
| BUY | 46.640 | John O'Connell, CFA | Averaging down at this price is a very reasonable proposition, particularly if you have a 3 to 5 year view. Dividend yield is outstanding, well above a 10-year treasury bond. | 2007-12-10 | |
| PARTIAL BUY | 45.960 | David Driscoll | A speculative buy. They are doing a lot of the backstopping of the SIV’s that are going on right now with Citigroup. Quality of the company is very good but there will be a lot of volatility in the short run. Dividend yield is 5.63%. Start an accumulation and if things turn out well than you can increase. | 2007-12-06 | |
| Comment | 45.230 | John Zechner | Still a lot of mystery on the books and he would not be buying into mystery. The market knows what some of a subprime mess is but doesn't know what some of the derivative exposure is, et cetera. If you own, he would trade around the position during a rally. There will be a lot of volatility in the sector. | 2007-12-05 | |
| BUY | 42.140 | Paul Gardner, CFA | Trades at a crazy 1.4X Book Value. A fantastic global bank. Technicals indicate that if it breaks $42, it will probably go down to $40 but probably no further. | 2007-11-21 | |
| DON'T BUY | 42.770 | Norman Levine | Banks in general have been too conservative in writing down their asset backed commercial paper, SIV and sub prime loans. This bank is in the same boat as the others. They made one big mistake by throwing out a lifeline to Countrywide Financial (CFC-N) at about $16 - $17 in the stock is at about $9 and could go lower. | 2007-11-20 | |
| SELL | 43.980 | Norman Levine | Wouldn't own any US banks right now. | 2007-11-09 | |
| TOP PICK | 44.450 | Alex Ruus | (A Past Top Pick Nov of22/06. Down 70%.) This is a great buying opportunity in the US financials. When things bottom out, he will be adding to his position. Expects to be buying in the next couple of weeks. Trades at 9X earnings. 5.7% dividend yield. | 2007-11-05 | |
| DON'T BUY | 45.710 | Brian Acker, CA | Feels there is value elsewhere. This one hasn't come down enough for him. $36 would be of interest to him. His model prices $56.70, an 18% positive differential. | 2007-11-01 | |
| BUY | 47.480 | Brendan Caldwell | The risk is that the sub-prime risk isn't over, and there may be bigger exposures still to come. But with BAC the risk isn't huge. They will be getting all the problems (skeletons out of the closet) out right away. It will be a higher price a year from now. | 2007-10-24 | |
| BUY | 48.850 | Bob Stodgell | These companies are hard to replicate in the Canadian market. Thinks it's interesting. Colgate Palmolive also.
With the Canadian dollar high it's a chance to get into world class companies. | 2007-10-18 | |
| DON'T BUY | 49.450 | Norman Levine | Wouldn't touch any US bank with a 10-foot pole. | 2007-09-11 | |
| HOLD | 48.960 | Alan Kral | Long-term outlook is excellent, probably better than the short-term outlook. Right now it is caught in the vortex of what is going on in the US financial system with questions revolving around subprime debts and the ability of banks to finance their hold | 2007-09-10 | |
| TOP PICK | 51.080 | Alex Ruus | (A Top Pick Nov 22/06. Down 7%.) Largest domestic bank in the US market. Cheapest big bank in North America. The dividend. Trading at 9X 08 earnings. | 2007-09-04 | |
| BUY | 47.150 | Ian Nakamoto | 4.5% yield. Thinks the sub prime concerns are overdone for most of the big financials in the US. | 2007-07-24 | |
| DON'T BUY | 49.360 | Norman Levine | Would not be an owner of most US large cap banks because of valuations and exposure to sub-prime mortgages. Rising interest rate environment is also negative for banks. | 2007-07-18 | |
| TOP PICK | 49.360 | Alex Ruus | 4.5% dividend. Good buying opportunity. | 2007-07-18 | |
| BUY | 49.800 | Pat Naccarato B.Math, MBA,CFA | Quite a bit of value in this company right now. About 4.5% dividend yield. Trading at about 10 X earnings making it very cheap. Has a flat yield curve, which is a short-term phenomena. | 2007-07-17 | |
| TOP PICK | 50.550 | John O'Connell, CFA | Well diversified. Has about 9% of the retail deposits in North America. Dividend yield of 4.5% and he is expecting an increase later this year. Trading at around 9 X forward earnings. Very little exposure to sub prime loans. | 2007-06-19 | |
| DON'T BUY | 49.660 | Norman Levine | Not a big fan over most of the American Banks. Better valuations in other banks outside of North America. In Canada he prefers Bank of Montreal or National.
| 2007-06-12 | |
| DON'T BUY | 51.280 | Norman Levine | Too expensive, but cheaper than Canadian banks. | 2007-05-18 | |
| DON'T BUY | 51.120 | David Burrows | Not one of the stronger groups in the market, due to the quality of credit in the US. If going to the US market would rather go toward more of a global growth stock then the domestically owned names. | 2007-05-16 | |
| BUY | 51.450 | Bruce Campbell | If you take currency into consideration, this is not a bad entry point. On a multiple basis, senior US stocks are now cheaper than Canadian. | 2007-05-09 | |
| SELL | 51.400 | Hap (Robert) Sneddon FCSI | May be a problem on mortgages. It looks like the easy money for US banks has been made. He recently sold his banks. | 2007-05-08 | |
| TOP PICK | 51.420 | Alex Ruus | (A Top Pick Nov 22/06. Down 6.2%.) Steady Eddy type of company. Has a lot of respect for management. Cheapest large-cap North American bank trading at 10 X 07 earnings and 9 X 08 earnings. 4.5% dividend. | 2007-05-07 | |
| BUY | 50.720 | Pat Naccarato B.Math, MBA,CFA | Trading at a significant discount to Canadian banks. 4.4% dividend yield. | 2007-04-26 | |
| BUY | 51.230 | John Manley | US banks had a hard time because of the sub prime mortgage situation. Chart shows a double bottom in March with a higher high. Technically it says the downturn is over for a while. You could enter now for a short-term trade. | 2007-04-16 | |
| BUY | 50.280 | Paul Harris, CFA | Fantastic franchise. Has a high deposit market share. Concentrated on being a retail banker and wealth management. Lower multiples and higher yields than Canadian banks. Made some very astute acquisitions. | 2007-04-12 | |
| BUY | 51.020 | John O'Connell, CFA | For a defensive and income oriented play, the financial services could be good. Has been beaten up. Yields about 4.5%. A lot of growth potential in the dividends. Trades at around 10 or 11 X earnings. | 2007-03-30 | |
| DON'T BUY | 50.770 | Norman Levine | Not all that positive on any of the US banks. They all had some exposure to the sub-prime mortgage scandal. | 2007-03-28 | |
| BUY | 51.640 | Brad Willock | Likes this bank. Have very little exposure to sub-prime mortgages. | 2007-03-22 | |
| BUY | 49.620 | Paul Harris, CFA | Trades at 10 X earnings. Has a great franchise in every major state. Have made some very astute acquisitions in the last few years. Has probably been oversold and is a good buying opportunity. | 2007-03-16 | |
| TOP PICK | 50.380 | Alex Ruus | (A Top Pick Jan 4/07. Down 6%.) Have raised their dividend every year for over 20 years. Trades at 9.5 X 08 earnings. Strategically well positioned. Cheapest big bank in North America. | 2007-03-01 | |
| HOLD | 53.380 | Bill Carrigan | The financials in the US are doing well, particularly the brokerage stocks. However, we are at the top of the channel but the trend is still up. Would have a mental stop at $50. | 2007-01-12 | |
| BUY | 53.450 | David Burrows | He prefers US banks to Canadian ones. This one is the great model for a US bank. Growing very nicely and trading at a lower valuation. Expect to see a good dividend growth. Would actually prefer some of the investment banks or asset managements. | 2007-01-08 | |
| TOP PICK | 53.670 | Alex Ruus | (A Top Pick Nov 22/06. Down 1.5%.) Have grown their dividends for 20 consecutive years. Trades at 11 X earnings. 4% dividend. | 2007-01-04 | |
| BUY | 53.330 | Steve MacMillan | Great company. Good valuation. | 2007-01-03 | |
| DON'T BUY | 53.510 | Brian Acker, CA | His model price is $51.63, a negative 4% differential. | 2006-12-21 | |
| BUY | 53.920 | John O'Connell, CFA | Has done an exceptionally good job in growing its business and integrating some major acquisitions. Gives you a great opportunity to diversify internationally. Trading around 11 X earnings. 4.3% yield. | 2006-11-27 | |
| TOP PICK | 54.630 | Alex Ruus | A dividend growth story that he likes. 4.1% yield. Trades at 11 X earnings, cheaper than any other banks. Under appreciated management. | 2006-11-22 | |
| BUY | 54.460 | James Cole, BA, CFA | Very high dividend. Great earnings. Significant presence in US banking. Acquired MBA. Attractive valuation at 12Xearnings. | 2006-11-13 | |
| DON'T BUY | 51.960 | Brian Acker, CA | Model price of $47.06, a negative 8/9% differential. Model price continues to erode. | 2006-08-02 | |
| BUY | 48.700 | David Baskin | Trading at a lower multiple then the Canadian banks. With the stronger Cnd$, you don't have a huge currency risk any more. Excellent dividend yield. Growth prospects are good. Credit card business is a good yield. | 2006-05-25 | |
| BUY | 45.140 | David Baskin | Has been disappointed in the stock's performance. People are concerned about the American mortgage market and whether there will be substantial defaults. They made a huge acquisition in the credit card business which is a good business. Trades at a discount to the other big banks. | 2006-01-19 | |
| BUY | 46.430 | Gavin Graham | Have executed pretty well. Managed to buy the biggest bank in California. Big exposure to US mortgages which has to be a slight concern. Are more disciplined on their loan weighting than other banks. Pays 4.3%. | 2005-12-05 | |
| BUY | 46.560 | Paul Harris, CFA | Having a Canadian bank in your portfolio is important as they have the ability to increase dividends and grow at a steady pace. However, this is a good price and likes the story on it. | 2005-11-28 | |
| BUY on WEAKNESS | 45.620 | Brad Willock | Good management and has a very good dividend yield. What bothers him is that they seem determined to acquire other companies, but they are pretty good at it. | 2005-11-14 | |
| DON'T BUY | 43.620 | Norman Levine | Trades at 10 X earnings with a yield of 4.5%. The US banks in general have not been doing well as short range interest rates have been moving up. This is probably one of the best US banks. If there is a housing melt down, they would be hurt. Would buy Canadian or English banks instead. | 2005-11-01 | |
| DON'T BUY | 42.190 | David Burrows | Financials are having a difficult time. The big US banks are way underperfoming the market. There are better places to put your money. | 2005-09-22 | |
| DON'T BUY | 42.700 | Mark Jackson, CFA | You should own US stocks when the Canadian $ is weakening, not gaining strength. However, there is still risk of the US$ going up. Prefers to invest in the US financials through toronto Dominion (TD-T) and its US subsiduary. | 2005-09-12 | |
| BUY | 43.030 | Brian Acker, CA | Dirt cheap. Has a model price of $54.06, a 25% differential. Dividend yield of 4.6%. | 2005-09-07 | |
| DON'T BUY | 43.070 | David Burrows | The same as Citigroup. The banks are having a tough time. | 2005-08-25 | |
| BUY | 42.910 | Danny Tomka | The outlook is high single digit earnings growth over the cycle with nice dividends. Has been impacted because of the integration of their credit card acquisition and people are worried about it. Approaching 5% yield which is very attractive. This is his 1st choice with Citigroup (C-N) being his second. | 2005-08-24 | |
| BUY | 43.720 | David Baskin | Had come up with what he thought was pretty good earnings and then they announced they were buying NBNA, one of the very large issuer of credit cards. That soaked up a lot of the liquidity from their balance sheet. It concerned the market and the stock dropped. Not too concerned about it. | 2005-08-16 | |
| BUY | 42.690 | Paul Harris, CFA | Has beeen a great bank. Did a lot of acquisitions and have been able to integrate them very well. Has one of the best franchises in the US. Relatively cheap. One problem is that they are not strong in investment banking and sometime will have to make a large acquisition. | 2005-08-12 | |
| TOP PICK | 45.080 | John Sinkins, CFA | Stock has dropped a bit because of the acquisition of NBNA they made as well as their recent numbers. Over 4% yield. Only 10.5 X next year's earnings which is cheaper than any Canadian bank right now. | 2005-07-18 | |
| BUY | 45.310 | Norman Levine | One of the better run banks in the US. Have just taken over MBNA which is one of the largest credit card issuers in North America. This is a growth area which is what banks are looking for. A very logical buy. | 2005-07-12 | |
| TOP PICK | 45.170 | David Baskin | Stock went down 5% recently because they bought the biggest credit card issuer in the US, MBNA, but feel they can manage it. Has a 4.43% dividend. | 2005-07-11 | |
| BUY | 44.700 | James Cole, BA, CFA | Likes this company a lot. Has had a meaningful pull back in recent days on its acquisition of MBNA. That has created a very favourable opportunity. Raised the dividend 11% recently, so at the current stock price the yield is almost 4.5%. Trades at less than 11 X earnings. | 2005-07-06 | |
| TOP PICK | 46.710 | Rob Callander | Favourable on US banks. They have a lower P/E multiple and higher dividend yield than Canadian banks. Likes the financial sector. With the Cdn$ starting to decline, they are moving money to get some currency gain. Extremely well run. Growing quickly. There is still lots of consolidation still to happen in the US. Very good dividend yield. | 2005-05-26 | |
| TOP PICK | 45.380 | David Baskin | Return on equity is very good and the 4.5% dividend is very good. Growth is pretty good. In the non-risky part of the market. A very solid holding. | 2005-05-10 | |
| BUY | 45.110 | Norman Levine | One of the leading banks in the US and one of the better run banks. | 2005-04-13 | |
| WEAK BUY | 46.680 | Mark Jackson, CFA | When looking at this bank, you have to look at the credit cycle and where we are in the credit cycle. Good track record of working its way through that. Even if corporate profitability turns over during the next 8/24 months, they should do OK in the areas they are in. Yield of 3.8%. Prefers Canadian financials without any currency risk. | 2005-02-01 | |
| BUY | 46.230 | Brad Willock | Cheap and a good dividend yield. Still some restructuring. | 2004-11-10 | |
| TOP PICK | 44.790 | Alison Deans | Should do well if Kerry wins the election. | 2004-10-29 | |
| TOP PICK | 45.140 | Robert Stovall | 4% yield. Assimilating an acquisition of Fleet. Heavy loan portfolio, so makes money if interest rates rise. | 2004-10-08 | |
| DON'T BUY | 44.660 | Ross Healey | Not a fan of banks at this time. Feels there will be a major set back in banks before this cycle is finished. Fair market value is in the high $30's so the stock is overvalued. Paying decent dividends which is helping to hold the stock up. | 2004-09-17 | |
| TOP PICK | 80.340 | Gene Henssler | Made a very smart decision getting into FleetBoston. Cost savings are going to be very significant. Strong management. | 2004-05-14 | |
| BUY on WEAKNESS | 80.580 | Norman Levine | In general, US banks look more vulnerable than Canadian banks because of the mortgage market in the US. Has structured itself to take advantage of higher interest rates so it is a psychological factor. Buy on weakness. Excellent management. | 2004-04-21 | |
| TOP PICK | 80.510 | Barbara Marcin | | 2004-04-02 | |
| DON'T BUY | 75.850 | Jonathen Wellum, B. Comm, B. Sc | A reasonably well-run bank. Prefers retail banking. Don't expect a lot of growth. | 2003-12-12 | |
| PAST TOP PICK | 75.990 | David Burrows | (A top pick July 15/03. Down 9.3%.) Has dropped because of a big acquisition. Thinks it’s a short-term blip. Still likes. | 2003-11-03 | |
| DON'T BUY | 81.430 | Brian Acker, CA | Fairly valued now.Right on their model price. | 2003-08-12 | |
| TOP PICK | 83.190 | David Burrows | Financial sector is performing well. Well balanced. Will have record earnings next year. | 2003-07-22 | |
| TOP PICK | 83.500 | David Burrows | Earnings beat estimations by 18%. Doing better than their sector. Could raise their dividend. Conservative. | 2003-07-15 | |
Experts that have talked about Bank of America
