| BUY | 50.160 | David Driscoll | They were not in ABCP, which means for them it is business as usual. Likes it. Ongoing international investments. Will probably be an out performer in the long run (10-15 years). | 2008-08-11 | |
| TOP PICK | 50.910 | Gordon Higgins, CA, MBA, CFA | More stable of the banks. Steady history of increasing dividends. Their Mexican subsidiary is actually earning more this quarter than it did the same quarter last year. | 2008-08-08 | |
| DON'T BUY | 51.390 | Brian Acker, CA | No mis-pricing in any of the 6 Canadian banks. In this case it has a model price of $50.07, -1%. Ranking of the others gives National (NA-T) + 27%, CIBC (CM-T) +24%, Bank of Montreal +21%, Royal (RY-T) +10% and Toronto Dominion (TD-T) +1%. | 2008-08-06 | |
| PARTIAL BUY | 50.770 | David Burrows | Starting to buy this because of their great success in Latin America and the Caribbean. Have very little US exposure. He started with a 2.5% weight in the portfolio and once it starts to work, he will add to it. | 2008-08-05 | |
| TOP PICK | 49.360 | Bruce Campbell | Probably the worst is over for the Canadian banks. Can’t blindside you as they have no US exposure. Buy on any pullback into the mid-$40’s. | 2008-07-30 | |
| TOP PICK | 47.570 | Bill MacLachlan | Think they are focusing on the wealth management side where they have been weak in Canada. Would look for them to take advantage of the debacle in the US. | 2008-07-17 | |
| DON'T BUY | 45.460 | David Burrows | This is the one Canadian bank that he has on his short list. When there is less predictability in earnings and weakening default rates, earnings multiples will contract. This is what is happening now. Wait for a catalyst for this sector to improve. | 2008-07-11 | |
| PAST TOP PICK | 47.150 | Gavin Graham | (A Top Pick Aug 8/07. Down 4%.) Has no US exposure. One of the better banks in terms of holding up. Still a Buy. | 2008-07-07 | |
| TOP PICK | 47.210 | David Baskin | 4.15% dividend. Doesn't have much in the way of assets in the US. ROE of 18% or 19%. Trading at around 10X next year's earnings. | 2008-07-03 | |
| BUY | 49.620 | Pat McKeough | More internationally diversified and more retail focused which is less volatile. | 2008-06-20 | |
| DON'T BUY | 50.170 | Brian Acker, CA | (Market Call Minute.) Model price is $53.29. Only a 4% positive differential. | 2008-06-11 | |
| TOP PICK | 49.750 | Bill MacLachlan | Managed to escape much of the credit problems, and the ability of their management in risk management to steer clear of these issues. They are the most international of the banks. Are a bank that are the most efficient of the banks in their domestic network, 4% dividend, should significantly outperform the market in the 3-5 year horizon. | 2008-05-30 | |
| PAST TOP PICK | 48.740 | Gavin Graham | (A Top Pick Nov 19/07. Down 1%.) This was a defensive play. No exposure to US retail. 30% plus of its earnings come from Latin America and Asia. Still a Hold. | 2008-05-20 | |
| TOP PICK | 47.820 | Michael Sprung | Selling at a fairly reasonable valuation. The most stable of the group. | 2008-04-30 | |
| BUY | 47.740 | Robert Floyd | (Market Call Minute.) Would be a buyer here. | 2008-04-29 | |
| TOP PICK | 44.620 | Michael Sprung | Superb management. Very steady. Well diversified internationally business wise. Good underlying retail base. Looking at acquiring a US bank which is very opportunistic. Earnings are in the neighbourhood of $4 this year and maybe $4.30 next year. 4.1% yield. | 2008-04-15 | |
| DON'T BUY | 45.540 | Paul Thornton | All of the banks have been caught in the credit crunch originating in the US. He is not a buyer of the banks at this time. Doesn't know if we are at the bottom or not. Not worth taking a gamble on yet. | 2008-04-11 | |
| PAST TOP PICK | 45.940 | Gavin Graham | (A Top Pick Apr 23/07. Down 15.2%.) Fell less than the other banks/financials partially because they are very conservative and they don't have any US retail. 1/3 of earnings are from Latin America and Asia. Very well run and low cost ratio. If you buy now you get a 5%-6% yield, which is 2% higher than the 10% Government of Canada plus you get a dividend tax credit. | 2008-04-09 | |
| DON'T BUY | 46.740 | Brian Acker, CA | Bank of Nova Scotia (BNS-T), Royal Bank (RY-T) and Toronto Dominion (TD-T) are probably the most expensive banks in North America and possibly even the European banks. The upside in his model price is in single digits. The most upside to his model prices are National Bank (NA-T), CIBC (CM-T) and Bank of Montreal (BMO-T). | 2008-04-03 | |
| Comment | 46.820 | Peter Brieger | Some of his new accounts brought shares in which he hasn't sold, but he does not own. In general, you are not going to see the same growth rate in bank earnings as you have in the past 5 years. (You will probably see earnings growth of 3% to 5% but you will get a very good yield.) This bank is the exception, which is giving some first call earnings growth that is pretty good. If you are going to own any bank, this would be the one. | 2008-04-02 | |
| DON'T BUY | 46.920 | Norman Levine | Still early to be putting new money into the banks. Domestically not the number 1 or 2 player, TD and Royal are. The Caribbean exposure isn’t generating a lot of growth profit. Still more downside in financials. | 2008-03-27 | |
| DON'T BUY | 46.680 | Benj Gallander | Would stay away from the entire sector at this point. | 2008-03-25 | |
| TOP PICK | 44.160 | David Baskin | Likes the Latin America exposure, also likes the management.
Solidly acquiring smaller banks in the Caribbean Basin and Central and South America. Which means they are moving out of the crowded Canadian market and giving themselves room to grow. Their rivals have done the same thing in the US, but it is again a crowded market.
| 2008-03-18 | |
| WAIT | 45.640 | Michael Smedley | His favourite bank of the majors. Has an excellent international positioning. Not totally happy with any of the banks because there is still unhappy news to come. The happy news is that they have big dividends. | 2008-03-13 | |
| PAST TOP PICK | 45.360 | Laura Wallace | (A Top Pick Mar 14/07. Down 11% including dividends.) Still a Partial Buy, particularly if you have low exposure to financials. Over 4% yield. Their credit losses are the lowest among Canadian banks. Good geographic diversification. | 2008-03-12 | |
| SELL | 43.910 | Norman Levine | Wouldn't be in the banking sector of all. With all the products going up on the banks, they have nothing to replace them for growth. | 2008-03-10 | |
| BUY | 44.120 | Gavin Graham | Not exposed to the US retail. One third of its earnings come from Mexico, Chile, Peru, Caribbean, Thailand and China. | 2008-03-06 | |
| TOP PICK | 49.000 | Sandy McIntyre | Not exposed to loan losses in the US. Have a great credit standard. Their expansion into Latin America and Caribbean is very well thought out. | 2008-02-26 | |
| TOP PICK | 48.010 | David Baskin | Likes that they have targeted Latin America as their growth platform. Big emerging working class. Has less exposure to US than any other Canadian bank. Dividend of close to 4%. PE multiple of close to 10.5 going forward. | 2008-02-19 | |
| DON'T BUY | 47.380 | David Burrows | Their core banking is a great business and he likes their exposure to the Caribbean and what they are doing in South America. If he had to pick a Canadian bank, he would probably look at this but is not sure if banks are where you want to go at this time. | 2008-02-15 | |
| BUY | 47.380 | Laura Wallace | Still likes this one. Down year-over-year, but has been the best performing bank in a weak bank environment. International diversification is very positive and doesn't have a lot of US exposure. | 2008-02-15 | |
| Comment | 47.950 | Brian Acker, CA | 7% upside on his model price. | 2008-02-07 | |
| BUY | 47.900 | Andrew Guy, CFA | The banks are all attractively valued at this point. This one is the international bank. Growing a great franchise in Latin America and has done a very good job of building those banks. Excellent management team that is always focused on costs. | 2008-02-06 | |
| TOP PICK | 48.290 | David Baskin | One of the great things about them is that they have so little exposure to the US market. Has bought 2 more banks in the Latin American market. That area is a growing market, growing middle class and growing economies. PE multiple looks very attractive. | 2008-02-04 | |
| BUY | 48.830 | Brendan Caldwell | Canada's most international bank. Doesn't yield as much as some of the others, but you will get a great yield over the next year or two. | 2008-02-01 | |
| PAST TOP PICK | 47.630 | Laura Wallace | (A Top Pick March 14/07. Down 6% including dividends.) Got hit with all the other financials. Still likes. On a 3 to 5 year horizon it should generate decent returns. | 2008-01-30 | |
| DON'T BUY | 47.610 | Norman Levine | This bank has no real US bank exposure. More of an international bank. Not so bad relative to other banks but it is still a little early to be buying the banks. | 2008-01-29 | |
| BUY | 43.700 | Ben Cheng | 4.2% dividend and PE is at about 11. Dividend should be safe. About 30% of their earnings come from outside of Canada. Financial services are going to be under a lot of pressure because they are rolled into the same basket as US financials and concerns will rub off. | 2008-01-21 | |
| DON'T BUY | 47.210 | Robert Floyd | (Market Call Minute.) | 2008-01-15 | |
| TOP PICK | 49.330 | Laura Wallace | Has come off with all the other financials and it is a very conservative bank. Does not have any meaningful exposure to subprimes. International exposure is very attractive. | 2008-01-11 | |
| PAST TOP PICK | 46.860 | Michael Sprung | (A Top Pick Jan 29/07. Down 6.5%.) This is the bank with the least negative surprises possible. Very good earnings potential going forward and expect them to go from $4 to $4.30 and then above $4.50. ROE is pretty steady at around 21.5%. | 2008-01-08 | |
| DON'T BUY | 49.000 | Jean-Francois Tardif | Banks are great companies in Canada as there is an oligopoly so not too much competition. Great for the long-term but in the short term there is a massive liquidity crisis, which is extremely important. Investments are all about risk/reward. If the liquidity crisis worsens, the banks could go down 50%. Would rather be cash and wait. | 2008-01-03 | |
| BUY | 50.280 | Bruce Campbell | Likes at this price. You get bank exposure without the US subprime. Focused internationally. Good entry point for the long-term. | 2007-12-31 | |
| HOLD | 50.310 | Paul Gardner, CFA | (Market Call Minute.) A great bank. Didn't get caught too hard. Will take a while for it to go up. | 2007-12-28 | |
| Comment | 50.490 | Andrew Guy, CFA | Metrics on banks has been changing and has been tough on them for the last little while. Very strong management that is very focused on results. It is the most cost effective bank. Better at working out their loans than some of the other banks. | 2007-12-27 | |
| HOLD | 50.950 | Benj Gallander | Canadian banking sector, until recently, has had the best-run sector globally. Expects more shoes to fall. He would be wary of this sector. If selling, wait until the new year. Good dividend. | 2007-12-24 | |
| HOLD | 50.710 | Norman Levine | In the long run Canadian banks have proven to be the best investment for Canadians. In the short run don't be in a hurry to buy. | 2007-12-18 | |
| TOP PICK | 52.570 | Michael Sprung | Likes the consistency of earnings. Has positioned themselves as the bank that delivers and does it very close to expectations. Trades at close to 3X book value. Should earn $4 next year. | 2007-12-10 | |
| TOP PICK | 52.100 | David Cockfield | Would like to see them buy Dundee Wealth. Have done a great job in the Caribbean and Central America. They seem to be as clean as a whistle on the sub prime issue. | 2007-12-07 | |
| BUY | 49.330 | Peter Brieger | Likes the Caribbean and international exposure. If you don't own it, you might want to take a third of your position now and then average down. | 2007-11-26 | |
| BUY | 49.600 | Bruce Campbell | Thinks this is a value play. Lack of US exposure is a positive. The whole group is getting tarred with the same brush. He has been adding to his position. Cheap. | 2007-11-22 | |
| BUY | 49.230 | Paul Gardner, CFA | This one has performed the best out of the 5. Has exposure to the Latin American market and has done an amazing job there. Tremendously cheap and even though there is a lots of unknowns out there, this is a good time to get involved. Also, the interest curve is about to normalize which helps the banking sector. | 2007-11-21 | |
| TOP PICK | 49.240 | Gavin Graham | Buy both this and Royal Bank. Has no exposure to the U.S retail. Has the lowest cost ratio of any of the banks. 3.6% yield. | 2007-11-19 | |
| Comment | 50.410 | Michael Decter | Likes their global exposure. This should benefit them. He got out of most of the Canadian bank exposure because of worries about asset-backed commercial paper. Might be getting to the point where you could get into the banks again. | 2007-11-12 | |
| TOP PICK | 52.000 | Michael Sprung | Well diversified internationally. Doesn’t see them having any great exposure to the CDO market, the US mortgage market. Feels they can hold their 22% ROE. | 2007-11-06 | |
| Comment | 53.480 | Veronika Hirsch | This is one of her favourite banks and would be one she would own if she had any exposure to financials. Likes their international exposure. Large portion of their business comes from outside of Canada. | 2007-10-31 | |
| TOP PICK | 51.600 | Michael Sprung | “A steady Eddie”. With all the financial concerns about, this company is well diversified. A lot of exposure in south America and the Caribbean. They have steady earnings gains going forward. Very good buy. Trading in the middle of the pack, has 3.6% yield. | 2007-10-26 | |
| BUY | 50.450 | Bruce Campbell | Recently bought the stock back again. It has been the best performing bank over the last few weeks. They have no US exposure which is a plus. International plan looks good. It is a good place to be. | 2007-10-24 | |
| BUY | 51.450 | Bob Stodgell | Likes the Canadian Banks. Nothing wrong with BNS, has been buying other banks, but is generally positive. | 2007-10-18 | |
| BUY | 51.280 | Peter Brieger | His main holdings are TD and Commerce. Scotia would be the 3rd choice.
| 2007-10-17 | |
| BUY | 51.300 | Laura Wallace | One of their favourite banks, one of the reasons is because of it's international diversification. Very strong in Latin and South America. | 2007-10-15 | |
| TOP PICK | 52.840 | Michael Sprung | Seem to be able to provide very consistent results. Earnings profile going forward may not be as exciting as others, but it also doesn't have a lot of the inherent risk. Well placed geographically. Their purchase into Dundee Wealth (DW-T) will help them expand their weak wealth business. Selling at about 2.8X BV. ROE of about 23%. | 2007-10-01 | |
| BUY | 52.110 | Peter Brieger | World-class company with international activities. A great game going forward. Will be adding this bank to his portfolio. | 2007-09-25 | |
| BUY | 52.050 | Gordon Higgins, CA, MBA, CFA | One of the best and most stable performers in banking. Their wealth management arm definitely contributed. Domestic operations were strong. Acquired a bank in Chile, which will add five cents to earnings. Expects further earnings growth. | 2007-09-12 | |
| PARTIAL BUY | 51.790 | Michael Smedley | Banks in general tend to be a little wobbly because of concerns on short-term paper. This is an extraordinarily fine bank. Made a recent acquisition in Chile, an area they have been very good at. If you don't own it, wouldn't be too aggressive in buying | 2007-09-10 | |
| TOP PICK | 52.240 | Michael Sprung | Chilean acquisition looks good. Bank is noted for its discipline. Within the bank sector it is valued around the middle but you are paying for stability. Sees earnings going from $3.50 last year to just over $4 this year and $4.30-$4.40 in 08. 2.9X book | 2007-08-31 | |
| BUY | 50.850 | David Baskin | This is his top pick in Canadian banks. He also owns Royal (RY-T) and National (NA-T), which is his deep value play. Bank stocks are offering dividends, which are very high. | 2007-08-23 | |
| BUY | 48.310 | David Driscoll | Probably has the least amount of risk on deals that will affect their balance sheet but have greater exposure to emerging markets. Even if the US GDP were to fall from the present 3% to 1.5% the PE ratios on bank stocks would still be in a 10% range. | 2007-08-16 | |
| PARTIAL BUY | 47.450 | Norman Levine | If you own the stock or any financials Hold. A little too early to buy financials yet. You can start by buying part of a position now. | 2007-08-15 | |
| BUY on WEAKNESS | 47.680 | Rob Callander | On a long-term view of the banks, it is almost impossible to lose money on them. You might want to add to your position on lower prices. | 2007-08-14 | |
| DON'T BUY | 48.890 | David Burrows | Had virtually no financial exposure for 2 1/2 months. Relative to the rest of the market, banks have been significantly under performing. Rising long-term rates, greater credit defaults and less profitability makes it a weaker area. Likes the Caribbean exposure. He is actually short financial services right now. | 2007-08-09 | |
| TOP PICK | 50.400 | Gavin Graham | The most efficiently run of the Canadian banks. This is the non-North American international strategy. Looking to acquiring a bank in Chile. | 2007-08-08 | |
| HOLD | 48.280 | Peter Brieger | Prices dropped considerably as have most of the banks around the world. Given its international exposure and commitment to dividend increases, this will be a long-term winner. Wouldn't buy any bank in the short term. | 2007-08-03 | |
| BUY | 49.330 | Laura Wallace | Has pulled back and is now trading at a discount in terms of multiples to its peers. Feels this is unwarranted. Good price. Good dividend. | 2007-08-02 | |
| BUY | 49.330 | Chyanne Fickes | Because of their international exposure it will provide the least amount of downside risk and could be the best bank on the upside. | 2007-08-02 | |
| BUY | 49.450 | Michael Decter | Likes this bank.. | 2007-07-31 | |
| DON'T BUY | 49.500 | Brian Acker, CA | Model price has been coming down and is currently at $54.56. Only about an 8% upside. In his ranking, National Bank (NA-T) has a 25% positive, Royal (RY-T) is only 8%, Bank of Montréal (BMO-T) is 7.5%, Commerce (CM-T) is right on its model price and Toronto Dominion (TD-T) is actually negative by about 4%. | 2007-07-27 | |
| BUY | 51.200 | Ian Nakamoto | Any of the large Canadian banks are good to buy on a pullback. This is the most international of all Canadian banks. | 2007-07-24 | |
| HOLD | 51.790 | Paul Gardner, CFA | Great bank. ROE is about 20%. Going forward, if there is ever a hiccup in the Latin American sector the price would suffer. Because of this, he would prefer Royal (RY-T) or Toronto Dominion (TD-T). | 2007-07-19 | |
| WEAK BUY | 51.840 | Robert Floyd | Has always shown great expertise in developing their international asset base, specifically South America, Mexico. A little hesitant about banks in this stage of the cycle with only a 10% return. | 2007-07-12 | |
| BUY | 51.790 | Chyanne Fickes | Hollinger has a lawsuit for $50 million, which to a bank is not serious. She doesn't think there's any merit in it. Earnings growth rate looks excellent. Well-run bank. | 2007-07-05 | |
| DON'T BUY | 51.890 | Peter Brieger | All the banks look terrible, which is a reflection of the bank environment. | 2007-06-29 | |
| BUY | 51.980 | Paul Harris, CFA | One of the few banks in Canada that has an emerging market exposure. On Private wealth management side they are moving forward. | 2007-06-28 | |
| BUY | 52.440 | David Baskin | Believes Bank of Canada will increase interest rates by a quarter-point in July and that this is priced into the stock today. Greater growth potential than any of the other major banks. | 2007-06-19 | |
| HOLD | 52.440 | John O'Connell, CFA | Banks as a whole are very compelling long-term investments. Well-run bank with a great international franchise. Dividends and earnings growth will continue. | 2007-06-19 | |
| Comment | 51.820 | Laura Wallace | International exposure is an advantage in this market. The weakness is more in the US then in the developing countries. | 2007-06-08 | |
| Comment | 51.280 | Charles Lannon | Canadian banks on a long term investment are great. They like TD, because they are the best at retail banking.Scotia Bank is the only bank in a position to profit from growth, all other Canadian banks are saturated. However Scotia is heavily invested in the automotive industry.Feels that Scotia is fine for a long term investment, but all Canadian banks will be treading water for the rest of the year. | 2007-06-07 | |
| Comment | 51.280 | Brian Acker, CA | Today was a warning shot across the bow of all interest sensitives, especially here in Canada. 14.7% positive differential.In a high interest rate environment, banks will struggle "a lot".In Bank of Nova Scotia, there is value, other banks in Canada there is now value. | 2007-06-07 | |
| BUY | 53.160 | Peter Brieger | He likes it, but prefers other banks.
| 2007-06-04 | |
| HOLD | 53.750 | Pat McHugh | Good international focus. Will always offer great growth opportunities going forward, but in the near-term, the Cdn$ may impact the stock. Long-term, a very good investment but short term would prefer others. | 2007-05-28 | |
| BUY | 53.750 | Michael Sprung | Very well run bank. Good long-term hold. | 2007-05-28 | |
| BUY | 53.510 | Brian Acker, CA | A positive 12% differential. | 2007-05-24 | |
| TOP PICK | 53.940 | Laura Wallace | Likes its international exposure. Feels earnings will be good this quarter. | 2007-05-23 | |
| BUY | 54.240 | David Burrows | If he were adding a bank he would add a bank that has exposer outside of Canada. Would prefer Bank of Nova Scotia over TD. | 2007-05-16 | |
| BUY | 53.340 | Ian Nakamoto | Good growth. An excellent company. Very strong internationally. | 2007-05-14 | |
| PAST TOP PICK | 53.480 | David Baskin | (A Top Pick May 25/06. Up 25%.) Still his favourite bank. Really impressed with what they are doing in Asia. | 2007-05-08 | |
| BUY | 53.530 | Alex Ruus | One of the better run banks in Canada. This would be his 2nd choice after Toronto Dominion (TD-T). All Canadian banks are very well-run. | 2007-05-07 | |
| DON'T BUY | 52.800 | Norman Levine | Probably has the most international presence of all the banks. Have recently run into trouble with their Mexican subsidiary. For the near term, the shine is off this bank. | 2007-05-01 | |
| PAST TOP PICK | 54.200 | Michael Sprung | (A Top Pick May 23/06. Up 29.4%.) A very disciplined bank. | 2007-04-27 | |
| HOLD | 54.140 | Don Vialoux | Just broke to an all-time high. Has 2 periods of seasonal strength. End of September to the end of December and end of February to the end of May. If you own, you may want to take some money off the table. | 2007-04-25 | |
Experts that have talked about Bank of Nova Scotia
Rss Top Picks Feed
