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| Comment | 14.420 | Charles Lannon | (Doesn't own equity but owns a number of their fixed instruments.) With its geographic exposure, it doesn't have a huge opportunity to organically grow its deposit base. Prefers Standard Chartered Bank (STAN-LSE). You might use this as a trade, but not a long-term hold. | 2012-02-02 | |
| DON'T BUY | 10.000 | Mark Grammer | For 3-5 years? He has very little weighting in European bank. The issue with banks globally is that they have grown through mortgage lending but since the housing bubble burst, banks aren't really able to grow. You are also facing a very difficult regulatory environment. | 2011-09-26 | |
| BUY | 10.600 | Paul Harris, CFA | This is the time to own the banking sector. One of the issues with this one is that they are heavily weighted to investment banking so will probably trade at a discount to a good retail bank. Trading at a very cheap multiple. This should do well over the next 3-4 years. (See Top Picks.) | 2011-09-02 | |
| DON'T BUY | 20.630 | Charles Lannon | European banks are inexpensive compared to Cdn and US banks. Main over hangs are the outlooks for the domestic economies and the sovereign debt of their countries. Prefers Standard Chartered (STAN-London Stock Exchange). | 2011-02-23 | |
| BUY | 16.630 | Paul Harris, CFA | Incredible that they got Lehman Brothers so cheap. Became a top-level investment banker. About 50% banking in the UK and about 50% in investment banking. A lot of volatility so M&A activity should be good. | 2010-12-23 | |
| BUY | 19.360 | Paul Harris, CFA | Is a very different company than a year ago due to their acquisition. Doesn’t like that they sold off iShares. They will be valued differently from now on. The investment banking side is the volatile part of the business and will keep the multiple low. Likes it and over the long time they will do very well. | 2010-02-18 | |
| HOLD | 20.300 | Paul Harris, CFA | Getting Lehman Brothers for the cost of the building will go down as the greatest buy in the history of the whole crisis. You are not buying a retail bank any more but you are buying more of an investment bank, which has more risk. | 2010-01-18 | |
| DON'T BUY | 20.060 | Mark Grammer | UK banks in general have gone through difficulties. Credit market has been terrible. Economy seems to be slower than everywhere else. He is not a huge bull on the UK banking system in general. | 2009-07-27 | |
| DON'T BUY | 8.260 | Norman Levine | Sold his holdings at few months ago. UK government was offering to rescue UK banks. This bank rejected the offer and when after a very dilutive deal with mid-east investors and he felt they were not working in the best interests of the shareholders. Now putting their iShares business up for sale, which is ludicrous. | 2009-03-30 | |
| DON'T BUY | 4.710 | Karl Berger | Managed by and large to avoid a lot of the news flow that has gone on but it is so difficult to tell exactly what is on banks’ balance sheets. The whole notion of creeping nationalization has been prevalent in Britain but it doesn't look like this one will get caught up in that. Investment in any financial at this stage is a bigger gamble than people may realize. | 2009-03-03 | |
| DON'T BUY | 8.970 | Norman Levine | Got caught in a number of bad investments. Also chose to ignore the bailout by the British government and diluted their shareholders by going to mid-eastern investors. | 2008-12-15 | |
| SELL | 9.170 | David Driscoll | The biggest problem here is that when the British government was about to throw a lifeline to the British banks they said no because the CEO did not want his salary reduced. Have had to recapitalize and this will not help earnings for a long time. | 2008-12-12 | |
| DON'T BUY | 9.190 | Don Reed | (Market Call Minute.) Little perilous right now. Will probably not use the Bank of England's facilities but will come out with an equity issue instead. | 2008-12-10 | |
| Comment | 12.680 | Kevin O'Leary | Always a challenge given its ADR. Prefers to buy companies in the actual exchanges and hedge up the currency risk himself. Financial services have been a really tough place. Stock looks identical to 30 other US banking stocks. If you believe there will be a government bailout, it is probably a good entry point. He is currently underweight financials. | 2008-11-04 | |
| DON'T BUY | 23.160 | David Driscoll | Picking up the dealer/broker business of Lehman Brothers (LEH-N). This will be good for them in the long run but their valuation is not in the greatest shape financially. | 2008-09-16 | |
| SELL | 23.080 | David Driscoll | From a quality standpoint, this bank has problems. Dividend will not be able to be held at 15.5%. Things will continue to be pretty iffy. | 2008-07-04 | |
| Comment | 24.700 | Norman Levine | Feels it may be getting near a point where he can buy more. He doesn't usually average down. Roughly 11% dividend. | 2008-06-24 | |
| DON'T BUY | 25.230 | David Driscoll | Difficult to make an assessment of what its true value is. In the midst of an acquisition and are still figuring on how to fund it. | 2008-06-09 | |
| BUY | 30.880 | Norman Levine | Global banking and the biggest player in ETFs and fund management. Have taken some hits as far as owning bad paper. 11.5% dividend, which may be suspect. | 2008-05-28 | |
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| SELL | 36.190 | Cameron Webster | Being impacted by the credit markets. The UK is a bit of a rough market to be in. They don't have direct lending in terms of sub prime but have had some recessionary clues in terms of that market. Use any type of strength to lighten up and diversify into other sectors or a different geography. | 2008-05-08 | |
| PAST TOP PICK | 36.570 | Norman Levine | (A Top Pick Apr 16/07. Down 34%.) Like a lot of other big banks globally. Valuations have come down dramatically. Had some bad paper but still like their exposure to world markets, credit card business and capital markets (through their iShares). Good long-term outlook. | 2008-04-10 | |
| WEAK BUY | 35.160 | Paul Harris, CFA | The dividend is safe. A very well run company. Good retail, good credit card business. One of the largest asset managers in the world. If you’re looking to buy a bank, they’re an option. | 2008-03-20 | |
| WAIT | 32.270 | David Driscoll | Not quite the time to buy. The yield is large. | 2008-03-17 | |
| BUY | 34.050 | Gavin Graham | (Market Call Minute.) Came out with decent earnings and you probably have most of the value in the price. | 2008-03-06 | |
| PAST TOP PICK | 37.720 | Bruce Campbell | (A Top Pick Feb 5/07. Down 38.6%.) Sold his holdings last summer before its precipitous decline. As the sub prime got going, it was obvious they had some exposure. Also, the strong Cdn$ was hurting the return. | 2008-01-23 | |
| PAST TOP PICK | 37.470 | Norman Levine | (A Top Pick Jan 9/07. Down 36.2%.) Down along with the other major global banks. Doesn’t feel the dividend is at risk. The core banking business is quite solid, but it looks like the UK is having economic problems along with the US. Still Holding. | 2008-01-07 | |
| Comment | 43.240 | Paul Harris, CFA | Caller is considering selling her holdings for a tax loss and then buying back after a month. Well run bank. Suffering from the same issues that other banks are suffering from. Earnings in the last little while we're actually quite good. In the long run they are going to do very well. | 2007-12-13 | |
| BUY | 42.270 | Norman Levine | Got hit by their proposed acquisition of ABM Amro. This was followed by problems with Northern Rock, which affected all of the English banks. They do have exposure to subprime and SIV’s and have taken a write down. This is a great bank and a great English franchise. If you are a long-term investor you should own this one. | 2007-11-20 | |
| Comment | 53.410 | Bill Carrigan | Looks like it has hit a bottom. Has been pretty beaten up. | 2007-10-10 | |
| PAST TOP PICK | 50.900 | Norman Levine | (A Top Pick Oct 10/06. Down 6.4%.) Fundamentals have been very good and earnings were as expected. Made a bid for the ABM bank, which looks like it is not going to happen. Has been a problem in England with Northern Rock and all British banks have gone down in sympathy. This bank will probably benefit. Still a Buy. | 2007-10-02 | |
| Comment | 47.720 | Brian Acker, CA | He can't get foreign balance sheets so this is not on his system. However, a lot of these financials are starting to show value for the 1st time in 2 years. Would prefer the brokerage houses. | 2007-08-30 | |
| Comment | 49.100 | Norman Levine | Banks are leading the market down globally. However, compared to North American banks it has a lower PE, higher yield and stronger growth. It also gives you international diversification. The unknown is if they will be successful in buying the ABM Amro. | 2007-08-29 | |
| HOLD | 50.530 | David Baskin | A lot of takeover activity that is roiling the waters involving European banks. Solid dividend, but no dividend tax credit on foreign banks. Prefers Canadian banks for dividends. | 2007-08-23 | |
| Comment | 52.640 | Mark Grammer | Banks around the world have fallen pretty steeply in the last 3 or 4 weeks. That will continue as long as there is a fear that there may be a liquidity crisis. The other issue for banks is the fear that there is contagion in the mortgage sector. | 2007-08-13 | |
| BUY | 55.990 | John O'Connell, CFA | Involved in a takeover play. If it weren't involved in this deal, he would like the company and would buy at these levels. Good dividend yield. Great money management business. Has been divesting non-core global operations. Good way to diversify internationally. | 2007-07-31 | |
| BUY | 56.060 | Jonathen Wellum, B. Comm, B. Sc | Has a very strong history. A diversified business. Well managed. Valuations on British banks and are trading at a discount to Canadian banks. | 2007-07-26 | |
| BUY | 58.120 | Bruce Campbell | Less than 10 X earnings and 4% yield. Hasn't done so well in Cdn$. Trading sideways and is trying to acquire the ABM bank. He thinks they won't win. Buy for the long term. | 2007-07-09 | |
| SELL | 59.510 | David Baskin | Speculation that it will be acquired. Stock has had a tremendous run-up. Probably fully valued. This is more for the arbitragers than the long-term investors. | 2007-06-19 | |
| WATCH | 58.280 | Mark Grammer | He likes the Royal Bank of Scotland, and thinks that this bank will be "in a bit of a dogfight" with the RBS consortium over the ABN If they win the bid (25% chance) then he feels they will loose their focus. If the don't win the bid, he feels they may become a takeover target themselves which will spike the stock. | 2007-06-06 | |
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| BUY | 56.680 | Gavin Graham | Likes it but it depends on what happens with a ABM bank takover. | 2007-05-22 | |
| BUY | 57.620 | Norman Levine | Would rather own this than a Canadian bank. Has growth potential and a good dividend. | 2007-05-01 | |
| BUY | 58.270 | Paul Harris, CFA | In the midst of buying ABN Amro. A watershed deal for Europe. Good deal for Barclays over the long term. Will allow them to expand wealth management, private client, credit card and capital businesses globally. Cheap stock. | 2007-04-23 | |
| TOP PICK | 60.370 | Norman Levine | An “eat or be eaten” bank. Currently trying to acquire ABN Amnro (Malaysian bank?). If successful will become the 6th largest global bank. If not successful, they are extremely vulnerable to somebody buying them. | 2007-04-16 | |
| HOLD | 57.390 | Charles Lannon | Generally speaking, he avoids the “money centred banks”. 2 exceptions would be Macquarie (MBL-AU) of Australia and this one. | 2007-03-01 | |
| BUY | 61.960 | David Burrows | Likes the foreign banks. Canadian banks are the most expensive in the world and growth rates are not substantial. | 2007-02-20 | |
| TOP PICK | 59.510 | Bruce Campbell | Sold his Bank of Nova Scotia (BNS-T) to buy this because it was his most international holding. After Nov 1, Canadian banks moved up very sharply. This is 25%-30% cheaper than Canadian banks. Almost 4% yield. 10 X earnings. | 2007-02-05 | |
| Comment | 59.550 | Jim O'Shaughnessy | Will be very attractive when it has a very compelling yield. Have a dominant and Premier position in the world of banking. Focus on when its yield is going high which is a great entry point. | 2007-01-23 | |
| TOP PICK | 59.820 | Norman Levine | More of a growth stock. Sells at a cheaper multiple than Canadian banks and has a better yield. 2.6% yield. | 2007-01-09 | |
| BUY | 59.510 | Alex Ruus | Likes this and could own in the future. Financials are probably a pretty good area to be invested in right now. | 2007-01-04 | |
| WAIT | 56.610 | Paul Harris, CFA | UK banks are much cheaper than continental European ones. Have a large credit card and UK retail business. Very well run. Under valued. Good management. Up on rumours of a takeover. Wait for things to settle down. | 2006-12-12 | |
| BUY | 53.980 | Norman Levine | Operationally they continue to do well. As the pound sterling continues to appreciate, it is moving up the share price. | 2006-12-05 | |
| TOP PICK | 53.000 | Norman Levine | 10-12% growth. Trading at about 8.5 X next year's earnings. Good yield. Growing faster than Canadian banks and sells at a lower multiple. Gives international exposure. | 2006-10-10 | |
| HOLD | 50.520 | David Driscoll | 5% dividend yield. AA credit rating. | 2006-05-08 | |
| PAST TOP PICK | 47.000 | Norman Levine | (A Top Pick Dec 28/05. Up 13%.) Growth is better than in domestic banks. Outlook continues to be good. | 2006-03-21 | |
| TOP PICK | 42.260 | Norman Levine | We have to start looking beyond our borders in the banking area. English banks generally sell at lower multiples and have higher yields. This one is an international bank. | 2005-12-28 | |
| BUY | 40.410 | Norman Levine | Likes its prospects. Compared to North American banks, it's got a lower multiple, better growth prospects and a higher yield. The US$ has strengthened in the last few months and because this is an English bank, it has suffered. 6% dividend. | 2005-05-25 | |
| BUY | 41.640 | Norman Levine | Prefers over the large international US banks. | 2004-11-29 | |
| VAGUE | 40.170 | Mark Grammer | Had a good run up, probably due to the rumours on Citi Bank acquiring them. | 2004-10-15 | |
| BUY | 37.420 | Chris Lowe, BA, MBA | Rumors of a takeover bid by Citibank. Price is increasing on these rumors. 5% dividend. | 2004-08-06 | |
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| BUY | 35.080 | Norman Levine | Volume is starting to pick up. Very well-run. Has a higher growth rate than most North American banks. Sells at a lower multiple and a higher yield. | 2004-08-04 | |
| BUY | 33.550 | Norman Levine | One of the largest banks in the world. Compared to North American banks, it has a higher growth rate, lower multiple, higher yield and there is a currency benefit. Drop in stock gives a good buying opportunity. | 2004-07-19 | |
| BUY | 36.000 | Norman Levine | Has kind of lagged in the last month or two. A good long-term investment. P/E is lower than North American banks. Also better dividend yields. | 2004-04-07 | |
| PAST TOP PICK | 35.620 | Norman Levine | (A top pick Feb 11/04. Down 10.8%.) Strength in the US dollar has created some of the weakness. Everything is still on track and they still liked the stock. | 2004-03-12 | |
| TOP PICK | 39.760 | Norman Levine | 2004-02-11 |
