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| TOP PICK | 51.530 | David Baskin | Canadian banks in general offer tremendous value at current prices. Good dividends. This bank as good growth prospects. Good geography including Latin America and Southeast Asia. | 2012-01-31 | |
| Comment | 52.730 | Stan Wong | The Fed announcement of interest rates remaining low until 2014 is a couple of things with the banks. First of all, it is going to have a drag on net interest margins going forward. However, it will allow consumers to continue to borrow money. Expecting to see a deleveraging in the consumer space. This one is probably more diversified than its peers. Don't look for a tremendous amount of growth from the banks. Really a dividend play. | 2012-01-26 | |
| BUY | 51.840 | Barry Schwartz | All the Canadian banks are cheap so it is a pick the one you like. Doesn't see many catalysts to take bank stocks lower. | 2012-01-16 | |
| TOP PICK | 52.070 | Gavin Graham | "The" international Cdn bank. Over a third of its earnings out of Latin America and Asia. Just acquired the 5th biggest bank in Colombia for $1 billion. Lowest cost in terms of expense ratios. Raised its dividend 6%. | 2012-01-13 | |
| TOP PICK | 52.200 | Douglas Kee | (Top Pick Dec 21/10, Down 3,28%) Favourite Canadian Bank. He continues to buy the banks. BNS is a low cost producer and longer term in the wealth management and international it will work out. International has larger margins. There was some dilution going on with their expansion of the wealth management division. | 2012-01-12 | |
| Comment | 48.740 | Hap (Robert) Sneddon FCSI | Chart shows a rounded top followed by a trend line break earlier this year. A little support is showing at around the current price but you want to see the price go up to $49-$50, which would indicate a new floor. Would rather consider insurance companies. | 2011-12-15 | |
| Comment | 48.980 | David Cockfield | Has always liked their Caribbean, Central America connection. Stock performed extremely well and actually got a little ahead of itself and subsequently has been backing and filling. Has been trimming his banks but this is one that he would add back. | 2011-12-09 | |
| TOP PICK | 48.540 | John O'Connell, CFA | Well run and has always done very well. Trading at about 10X earnings. Easy to trade at 12X earnings. About 4.5% yield. International operations is the place you want to be. Looking for mid-$50’s in one year. | 2011-12-08 | |
| Comment | 49.030 | Randy LeClair | Bought 8.5% strip bonds expiring 2025 in 2008. Take a capital gain or let them ride? Very sensitive to interest rates. You’ve had a great run and he would consider taking some money off the table but wouldn’t do it too soon as there is still more money that can be made because of the spread between the corporates and governments. | 2011-12-07 | |
| TOP PICK | 49.030 | Bruce Campbell | All the banks have reported in the last week. In a conference call they mentioned that with the Basil requirements, in 2013, they will need some outside equity and the stock suffered. Bought a half position and will wait until after the 9th and activate the other half if it should fall to $47. | 2011-12-07 | |
| DON'T BUY | 47.890 | Benj Gallander | There is no Canadian Bank stock that attracts him. They are all fully valued. | 2011-12-06 | |
| Comment | 48.990 | Jeff Parent B. Eng. FCSI | This is a pretty good performing stock relatively speaking. Trading in a sideways, consolidation range. If you own, you have to get out at $40. Could trade up to $52 for a little while. | 2011-12-02 | |
| DON'T BUY | 49.580 | David Burrows | Financials have had a very difficult year globally. Within financials, the question is which one could be impacted by what is going on in Europe. This bank has done quite well in South America and Caribbean. South America has a more significant risk to what is going on in Spain. He has about a zero waiting in financials. | 2011-11-29 | |
| BUY | 49.780 | Barry Schwartz | Very cheap at 10 earnings. They raised their dividend this year, which tells him that they are confident about the outlook. Flush with cash and they can ride the situation out. | 2011-11-21 | |
| PAST TOP PICK | 49.890 | Gavin Graham | (A Top Pick Oct 29/10. Down 6.1%.) Just acquired the 5th largest bank in Colombia. A third of its earnings are from outside of Canada now. | 2011-11-18 | |
| BUY | 49.320 | Charles Lannon | One of the great things it has going for it is a vision for global growth, primarily Latin America. Very well run and a very strong credit culture. One of the lowest cost structures of any Canadian bank. | 2011-11-17 | |
| Comment | 51.320 | Jim Huang | Pays a pretty good dividend and he would be comfortable owning it over the long term. Prefers to buy when the market is going down 6% a day. | 2011-11-14 | |
| BUY | 52.700 | Peter Brieger | Not in many accounts. Prefers RY, TD and BMO. Under pressure because of trading volumes. Scotia is boosting its presence outside of Canada. You can buy it for the long term. | 2011-11-08 | |
| BUY | 53.030 | Brooke Thackray | Canadian banks are different than US for seasonality. We are in the seasonal time for banks. Technically, the pattern is pretty good. We have just come off the support level. A positive sign. He would look for it to go back up until the end of the year. | 2011-10-27 | |
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| BUY on WEAKNESS | 51.580 | Bruce Campbell | In last couple of months he wanted to lower bank exposure and this was the one he sold. It had the most international exposure. He will probably buy it back on a dip. His only problem is that they have the worst capital ratio. They may have to issue equity, but it is not a compelling need. He owns TD, CM, & RY. | 2011-10-26 | |
| BUY on WEAKNESS | 52.240 | Norman Levine | Canadian banks look very expensive at this time. If the price were $5 less he would like this one. | 2011-10-24 | |
| DON'T BUY | 52.830 | Paul Gardner, CFA | One of few that have not raise dividend. Exposure to Latin and South America. Got hurt by last 6 weeks. Only met numbers when TD beat them. Prefers RY to BNS and TD to RT. | 2011-10-11 | |
| WAIT | 50.730 | Norman Levine | Banks: Owns NA only. Believes it is the best-capitalized bank. BNS would be the second if they owned a second one. Likes exposure in US and developing markets. It is a little pricey but low to mid $40s he would be interested. | 2011-09-23 | |
| BUY | 50.000 | Greg Newman | He works for them so leaves them to other analysts. There is a trend for banks to boost dividends. | 2011-09-22 | |
| BUY | 51.550 | Barry Schwartz | PE ratio is attractive. Has no exposure to sovereign debt or the US. Operates in Latin America, Caribbean and Canada. Perfect balance sheet. Strong dividend increases. (See Top Picks.) | 2011-09-14 | |
| BUY on WEAKNESS | 51.340 | Norman Levine | He has his eye on this one. Would like it in the mid-$40s. Likes their exposure outside of North America. | 2011-08-26 | |
| BUY | 51.430 | Andy Nasr | He is underweight financials. Good results from BMO this morning. Canadian banks in general had a pretty big tailwind lending to Canadians. And will now be a headwind with debt levels being so high now. Definitely a good place for along term outlook. | 2011-08-23 | |
| TOP PICK | 51.430 | Michael Sprung | Likes the international flavor. Canada’s most internationally diversified bank. Best for credit discipline. Fewer surprises in terms of loan losses. Sells for a premium but worth it because of stability it supplies to a portfolio. | 2011-08-23 | |
| PAST TOP PICK | 54.180 | David Cockfield | (A Top Pick July 22/10. Up 13.32%.) | 2011-07-29 | |
| BUY | 55.910 | Michael Sprung | One of their larger holdings within the banking sector. The impact of credit on BNS in 2008 was minimal. They are a very well managed and disciplined company. They will be a consistent performer. | 2011-07-26 | |
| PAST TOP PICK | 56.900 | David Baskin | (A Top Pick June 3/10. Up 15.8%.) Still likes. (See Top Picks.) | 2011-06-16 | |
| TOP PICK | 57.730 | Sandy McIntyre | Has most developed emerging markets. Takes advantage of current weakness in bank shares to acquire. | 2011-06-08 | |
| PAST TOP PICK | 59.020 | David Cockfield | (A Top Pick June 4/10. Up 25.04%.) Still pulling a huge amount of their growth from outside of North America. Also in Mexico. Thinks they will continue to outperform. | 2011-05-27 | |
| TOP PICK | 58.490 | Gavin Graham | Likes its international exposure in Latin America, Caribbean and increasingly Asia. Gets a third of its earnings from outside Canada. Not in the US. Addressed its weakness in asset management with the Dundee acquisition. Also has emerging market exposure. Just raised its dividend again. 3.6% dividend | 2011-05-20 | |
| PAST TOP PICK | 58.160 | Michael Sprung | (A Top Pick June 2/10. Up 17.56%.) | 2011-05-17 | |
| BUY on WEAKNESS | 57.780 | Bruce Campbell | Would like to see it down to $56 but not a bad place to buy it now. He has 4 banks. | 2011-05-10 | |
| BUY | 58.400 | Christine Poole | High quality name with good international exposure. Efficiently run. Always has the lowest operating ratio. Likes banks as a group and are in a good position to increase dividends. | 2011-05-02 | |
| DON'T BUY | 58.340 | Michele Robitaille | Generally likes the banking group. Dividend increase is expected later this year. Their international operations are a good platform for growth and they are making good inroads and making market share. A little expensive relative to the rest of the banks. | 2011-04-08 | |
| BUY | 58.820 | Don Lato | Banks are still fairly valued at these levels. Had a great quarter. This was one of 2 that increased their dividend. AT 10-11X earnings they are fair value. Good dividend. | 2011-04-06 | |
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| BUY | 59.210 | David Baskin | Still his favourite bank. They avoided the siren song of the US and buy US assets and pay too much for them. Where they did expand they did very well – Caribbean, South America and South East Asia. Raised its dividend a quarter earlier than he expected. Still room for this bank to improve. | 2011-03-22 | |
| TOP PICK | 57.800 | Bruce Campbell | This is reminiscent of around Christmas time when he picked RY as the laggard, and it made up ground. Descent numbers with a lower tax rate. Descent dividend, but the stock is down $2. | 2011-03-10 | |
| BUY | 60.000 | David Cockfield | Reporting March 8. Market area they are working in have all been doing quite well. Also expecting a dividend increase. Likes their spread of business. Conservative. | 2011-02-25 | |
| Comment | 59.280 | Richard Croft | 2012 Calls with options against them. Would strangles (Call Option and Put Option on the same stock) be better because of low volatility? If you don’t think you should write Calls, he doesn’t think you should write both of them. | 2011-02-11 | |
| HOLD | 56.020 | Ross Healy | Relative to its own history is very expensive but has some room to go before it gets to its long term (60 year) peak. | 2011-01-28 | |
| WATCH | 56.630 | Peter Brieger | (Likes all the banks.) Short term BNS appears to be weighing 2 options. Making a major acquisition in an emerging market, possibly Brazil, which might require an equity financing and/or disposing of their CI Group holdings. 2nd option is with their Dundee holdings and keeping CI they become the largest money manager in the country. | 2011-01-27 | |
| PAST TOP PICK | 56.830 | Michael Sprung | (A Top Pick Jan 27/10. Up 27.5%.) A very well managed bank. Well positioned. | 2011-01-14 | |
| BUY | 56.360 | Jeff Black | A core Canadian name, international bank, good management, excellent dividend yield. But they put some focus to global investment management. Deal recently with Dundee – time will tell on that. Good diversified growth. | 2011-01-11 | |
| PAST TOP PICK | 56.700 | David Baskin | (A Top Pick Dec 15/09. Up 21%.) The international aspect is very appealing to him. | 2010-12-22 | |
| TOP PICK | 56.190 | Douglas Kee | One of 4 banks he owns. When they reported their earnings, they talked about domestic retail and competition and how they all want to reduce cost. BNS is the low cost leader. They are smarter at running branches. Really came on the last couple of years growing that business. International side has little competition. Have been picking away at the international business and it is higher margin business. Loan book in Mexico is improving. Growth in Peru, Chile and Asia. The international business is high on his priorities that make stock attractive. | 2010-12-21 | |
| BUY | 56.600 | David Cockfield | This bank’s big advantage is that it has significant assets in Central America and is expanding into South America. These are very fast growing markets. | 2010-12-17 | |
| BUY | 56.560 | David Burrows | A little more expensive but has set itself apart with its international growth strategy. | 2010-12-13 | |
| BUY | 53.850 | Michael Decter | Trading at a very high volume and broke through its 50 day moving average. Banks are likely to increase their dividends over the next year. All Cdn banks are good long-term holds. (His favourite is Toronto Dominion (TD-T)). | 2010-11-11 | |
| HOLD | 54.250 | Mike Lyons CA, CFA | Canadian banks made it through the financial crisis in much better shape than the rest of the world. Has been sitting on the sidelines. It is still a period of uncertainty. If there is a problem it will be in credit quality of assets. He has a 1.7% (half) holding in BMO. | 2010-11-03 | |
| TOP PICK | 54.670 | Gavin Graham | A third of its earnings come from emerging markets. Increasing its stake in Asian markets. About 3.5% yield. Best positioned bank to start increasing their dividends again. | 2010-10-29 | |
| BUY on WEAKNESS | 55.350 | Michael Sprung | A core holding. There are better buys within the banks. It is one of the better-managed banks. They have a real credit discipline. Its price is ahead of the others. | 2010-10-20 | |
| WAIT | 53.460 | Hap (Robert) Sneddon FCSI | Chart shows a very distinct head and shoulders pattern and normally means stock should go up to the level that the inverted head was. This would be an anomaly as he thinks there is a lot of overhead resistance. Might be a better opportunity down the road to pick up banks | 2010-09-20 | |
| TOP PICK | 53.750 | Tony Demarin | Likes Cdn banks and their history of growing dividends. This one is well run and one of the lowest on a cost to income basis. Conservative with their credit quality. Good growth opportunities in non-North American areas. Want to expand in wealth management. Trading at about 12X earnings. Expected to raise dividends again in 2011. | 2010-09-15 | |
| Comment | 52.770 | John Zechner | He is light on the financial sector right now. He thinks the new rules on capital are going to require them to hold more capital and that will slow down their growth and reduce their earnings. Finds there are other things more attractive to buy. | 2010-09-09 | |
| BUY | 52.770 | Douglas Kee | Recently reported pretty good earnings. Low cost producer in the domestic retail banking. Have done a great job expanding their international operations where margins are much higher. | 2010-09-09 | |
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| TOP PICK | 52.940 | David Cockfield | He likes their interests outside of North America. Very conservatively managed. Good domestic business. 4% yield and wouldn't be surprised if this is one of the early banks to increase their dividends. | 2010-09-03 | |
| SELL | 51.250 | Paul Gardner, CFA | 5.65% Bond due Dec 2056. This is one that has rallied tremendously and has probably gone as far as it can. | 2010-09-01 | |
| Comment | 51.900 | Jason Donville | Earnings are coming out tomorrow and he would bet they are positive. Not particularly cheap right now. Always well managed. Expecting the moratorium on bank dividends will be lifted in the near future. | 2010-08-30 | |
| BUY | 50.510 | Michael Decter | Very solid bank. As growth returns in the world economy, this bank has some important upsides being the dominant bank in the Caribbean. | 2010-08-26 | |
| BUY | 51.030 | Christine Poole | Banking sector as a whole is at an attractive entry point. Credit cycle is working its way through. Capital markets were very strong last year and there are headwinds. We could see them increasing dividends next year. BNS has the most Latin American exposure, which is the biggest growth area. This is not her top pick. | 2010-08-23 | |
| BUY | 49.810 | Don Lato | Buying Canadian banks for dividend yields, especially Bank of Nova Scotia? All of the Canadian banks at these levels, especially for their yields, are certainly better than having your money in a bank account with them. This one is in the middle with about 3.5% yield. Not his favourite but any of the banks are a strong holding. (See Top Picks.) | 2010-08-11 | |
| DON'T BUY | 51.040 | David Burrows | Financials will continue to under perform because they were over owned by investors and their earnings estimates had ramped up because they exceeded expectations. | 2010-08-09 | |
| TOP PICK | 50.180 | David Cockfield | A bank with the right international program. Now going into Chile. Good solid business with excellent growth prospects. One of the more conservative banks. | 2010-07-22 | |
| Comment | 51.000 | Michael Decter | Likes Canadian banks and feels the dividends are safe. May take a bit of time before they increase dividends again. The premium banks are Toronto Dominion (TD-T) and Royal (RY-T), which carry a premium multiple, so this will give you a bit better dividend. Doesn't see another leg up in the short-term but in the medium-longer term it is fine. | 2010-07-19 | |
| BUY | 49.120 | David Baskin | His largest Canadian bank holding. Likes their growth strategy – Caribbean, rather than US. | 2010-07-06 | |
| BUY | 50.840 | Don Lato | Likes Canadian banks at current level. Offer very good PE ratios and dividend yields. His favourites are Royal (RY-T) and Toronto Dominion (TD-T). | 2010-06-23 | |
| TOP PICK | 49.230 | David Cockfield | Liked it for quite a while. It seems like somewhat of a plodder, but they have the Caribbean exposure. They are not doing that well in the offshore but they will because this is where the growth is. | 2010-06-04 | |
| TOP PICK | 51.180 | David Baskin | Blew the doors off with their earnings this quarter. This is the name that really knows how to control their expenses. No exposure to the US. If the bank tax comes in it can’t be a large one because most of the banks in the world can’t afford a big tax. | 2010-06-03 | |
| TOP PICK | 50.820 | Michael Sprung | Beat earnings. Good retail. Wholesale held up better than some of the other banks. It is one of the better managed of the banks. They have a very strong credit discipline. Biggest risk is the economy – international exposure. | 2010-06-02 | |
| WEAK BUY | 50.820 | Douglas Kee | Good bank. Number 2 or 3 in their portfolio. Earnings not great but they weren’t the only one with a problem with their owners. Not market leaders with products – followers. Big international operations – higher margins. | 2010-06-02 | |
| Comment | 48.690 | Michael Smedley | Good solid core holding. Great bank, particularly in the Latin American sphere. | 2010-05-27 | |
| PARTIAL SELL | 50.270 | Paul Harris, CFA | Everybody should hold a Canadian bank in their portfolio but they are getting to the higher level of their valuations now. If you own any Canadian banks, you could take some money off the table. | 2010-05-19 | |
| BUY | 52.690 | Steven Conville | (Market Call Minute.) Bank of Nova Scotia (BNS-T) or Bank of Montreal (BMO-T)? His preference is Bank of Nova Scotia. Likes their global involvement. However, you can't go wrong with either company. | 2010-05-03 | |
| HOLD | 52.000 | Bruce Campbell | All the banks have had a nice run and the return is probably 5% from here plus dividend gives you 7% or 8%. | 2010-04-19 | |
| Comment | 52.120 | Peter Brieger | His preference is Bank of Montreal (BMO-T) and Toronto Dominion (TD-T) however this one has a significant presence abroad, which he likes. If looking for a bank today as a trade, he would look at Commerce (CM-T). This one is fully priced now. | 2010-04-15 | |
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| BUY | 50.690 | Steve Carlin | There are a number of compelling factors to own banks right now. Good dividend yields and you have a better option of getting better earnings/growth over the next few years. | 2010-04-12 | |
| DON'T BUY | 50.390 | Benj Gallander | Canadian Banking sector does not excite him in the least right now. American Banking does. If there is a double dip recession, Canadian banks might drop off. Suggests VIST-O. | 2010-04-05 | |
| WATCH | 51.090 | Randy LeClair | Preferreds? Just did a new issue today and are very popular so this might affect existing shares and could take a week or a month for the existing ones to catch up. Would hold for a while. | 2010-03-29 | |
| BUY | 51.820 | Jim Houston | Very impressed with the move that the banks have shown. Has exposure to growing markets of Latin America, Caribbean and Mexico. Great yield. Banks have had a great run so that may be some backing and filling in the short term. | 2010-03-25 | |
| PAST TOP PICK | 50.190 | Michael Sprung | (A Top Pick March 10/09. Up 74.9% excluding dividends.) Still likes but is now fairly valued. Still a Hold. | 2010-03-17 | |
| BUY | 50.200 | David Baskin | His favourite bank. Well managed, 19% return on equity. Likes what they are doing internationally. Dividend should rise at the end of 2010. | 2010-03-16 | |
| Comment | 49.490 | Peter Brieger | Far greater global exposure than the other banks. He prefers Toronto Dominion (TD-T) and Bank of Montreal (BMO-T). | 2010-03-12 | |
| WEAK BUY | 49.420 | Norman Levine | Feels Canadian banks are fairly fully priced. Came out with as expected earnings and had a bit of a pop. You should have some exposure but should not have overweight. | 2010-03-09 | |
| BUY | 47.800 | Linda Shick | Good international platform. They provisioned a lot for this exposure and it weighed down in the stock. Mexico has contributed good year or year increases in earnings. | 2010-03-02 | |
| Comment | 47.800 | Ron Meisels | Has done a lot of horizontal activity. Stop loss should be where it bounced off its most recent support level. | 2010-03-02 | |
| HOLD | 47.800 | Christine Poole | 13x forward earnings. BNS is on the higher end of the sector’s range. | 2010-02-26 | |
| DON'T BUY | 47.220 | Paul Gardner, CFA | Never owned it. Return on equity is better on TD and Royal. There is that out there situation with Latin America with BNS. You want to be in BNS when the market is low. Surprised if we see stellar returns from banks. They are being very aggressive in the US. | 2010-02-24 | |
| BUY on WEAKNESS | 47.150 | Michael Simpson, CFA | Increased regulation is an issue that all banks face. BNS very well run. Broad international exposure. Have a stake in two mutual fund companies. Would like to see it pull back a little. It’s logical that they will eventually try to buy all of CI. Likes National Bank. | 2010-02-23 | |
| BUY | 47.150 | Lyle Stein | They are cautious and prudent with respect to their international business. He does not own National or commerce. | 2010-02-12 | |
| PAST TOP PICK | 47.100 | Derek Webb, CFA | (A Top Pick Feb 3/09.) (BNN doesn't calculate % gains/losses anymore. Would make my job easier! Bill) Covered call writing. Long at $32.75, Short Feb. $34 Calls for $1.46. Would have gotten above and beyond the 8% yield that it has on an annualized basis. | 2010-02-11 | |
| BUY | 45.190 | Gavin Graham | Over the last year it is up 55%-60% because it's been the beneficiary of Canadian banks not cutting dividends or having to be bailed out. Also the Canadian economy is way better than US. One third of its earnings are from outside of North America. Good management. 4.3% dividend. | 2010-02-01 | |
| BUY on WEAKNESS | 44.830 | Bruce Campbell | Canadian banks, at least temporarily, are a little out of favour now. Primary concern in the short term is capital as the new Basil requirements may slow the ability to raise dividends. | 2010-01-29 | |
| TOP PICK | 45.790 | Michael Sprung | At the beginning of the financial crisis, they seem to avoid a lot of the pitfalls that other banks fell in to. Didn't have a large exposure to the US. Beginning to get some headwinds in their Caribbean operations but have done very well in building a base in South America. A long-term core holding. Dividend yield of 4.3%. | 2010-01-27 | |
| HOLD | 44.600 | Jason Donville | 1st or 2nd best managed bank in Canada. (Royal Bank (RY-T) would be the other.) However, this is a well-known fact so the valuation already reflects it. On the five-year view, the stock will deliver very well for you but there are cheaper banks out there. Dividend of about 4.4%. | 2010-01-22 | |
| BUY on WEAKNESS | 46.490 | Paul Harris, CFA | Canadian banks have done incredibly well through the crisis but are at the top end of their range in multiples now. Well capitalized. Lower leverage than anybody else. | 2010-01-18 | |
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| BUY | 47.460 | Paul Gardner, CFA | Prefers Royal (RY-T) and TD (TD-T) because of their vibrant retail networks and hesitates on Latin America exposure. However, this is well run bank and well capitalized. Expects dividend increases out of all the banks in the 2nd or 3rd quarter. | 2010-01-08 |
