STOCKCHASE

Not normally about the dividend. They are more of a growth company. You will continue to see steady increases. They did put out a disappointing quarter and this is a good entry point. Some think they are the best-managed bank in Canada. Hasn’t had a loss quarter in 20 years.

2011-12-12

BUY

26.150

Strong, steady performer over the last few years. In a very good area of the country, primarily Alberta. Extremely well managed. Yield of 2.14%, which is quite safe.

2011-11-25

HOLD

26.710

Has sold off with all of the general sentiments on financials but earnings are incredibly steady. Long and short term track records are superb. This is a growth story.

2011-10-17

Comment

28.610

Benj Gallander

Is not a major bank – a smaller player. Does not follow the other banks.

2011-08-25

HOLD

30.120

Jim Huang

Very well run bank and they are in the right region to enjoy resource growth. High growth compared to the big 6 banks. They also trade at high multiples. Not cheap.

2011-07-13

WAIT

30.120

Used to be the largest institutional shareholder at one time. But the stock got a little ahead of itself. It is base building. It is still a little above where it should be.

2011-07-12

BUY

30.440

Be patient with the financials. They had a good run and are building a bit of a base. Very comfortable with the management. Increase dividend and grow earnings.

2011-04-26

BUY on WEAKNESS

30.800

Philip Doyle

All banks are a tricky call right now. Interesting with its exposure to western Canada. A smaller bank so may have more limited growth compared to the majors. He would wait and watch the banks and pick them up as they come down a little. They are pretty much trading at fair value right now.

2011-03-29

BUY

30.580

Peter Imhof

Has been an excellent performer for a number of years. Good management. Good yield. Trades at a low multiple. Will grow with the economy and has the exposure in the west to the oil patch.

2011-03-28

PARTIAL SELL

29.230

Have done extremely well in the face of raising their dividend by 18%. In a strong growth area. Multiple is getting a little extended. If you own, consider taking some profits.

2011-01-14

BUY

28.030

David Cockfield

Alberta focused bank, which is very positive at this time. Estimates for growth in Alberta are on the upswing.

2010-12-17

HOLD

27.120

Best managed Canadian bank and the stock is doing very well. Q4 results are not out yet and he wonders if it is fully valued.

2010-12-06

Comment

26.440

Chyanne Fickes

Probably the most expensive bank but there is good reason for that being in the highest growth area of Canada. Growth in earnings looks pretty good.

2010-11-22

DON'T BUY

24.690

Benj Gallander

Not far off historical highs, so it doesn’t interest him. More interesting banks in the US. If he was looking for a Canadian bank this wouldn’t be his pick.

2010-08-17

PAST TOP PICK

25.780

(A Top Pick Oct 16/09. Up 19.3%.) He is in and out of this one will occasionally.

2010-08-06

HOLD

24.200

Recently reported good earnings. He believes in Western Canada. Might be more exciting to hold the warrants, which have 2 years left.

2010-06-28

BUY on WEAKNESS

24.200

Management has always delivered what they promised. Very efficient bank. Got hurt in a recession because of lending to small businesses in western Canada. Try to buy a $22 and just tuck it away for 5 years.

2010-06-28

BUY

24.130

Derek Webb, CFA

Only bank he owns. Today they absolutely crushed earnings. This bank and Laurentian are the two that tend to have earnings different than the others. It’s definitely going higher.

2010-06-03

PAST TOP PICK

22.860

(A Top Pick Oct 16/09. Up 6.05%.)

2010-05-14

HOLD

24.400

Great bank in Western Canada and has done very well. Canadian banks are now trading at the higher end of their multiple ranges. If you want higher upside, look to banks outside of Canada. (See Top Picks.)

2010-03-25

PAST TOP PICK

24.170

(Top Pick Oct 16/09, Up 11.6%) This was relatively cheap compared to its peak. Earnings were not as high as he thought, so he took profits. He would buy back in at $20-21

2010-03-23

DON'T BUY

20.560

David Baskin

Well-managed bank, small. What do you get from a western Canadian bank that you don’t get from the big 6. He would rather stick with the big ones. It might get taken out and it wouldn’t be objected to because of its size.

2010-02-25

SELL

20.430

Fourth quarter came in lower than expected. He sold it from his fund.

2010-02-24

PAST TOP PICK

20.430

(Top Pick Oct 16/09, Down 6.76%)

2010-02-24

PAST TOP PICK

22.610

(A Top Pick Oct 16/09. Up .04%.) Terrific managers. Still a Buy.

2009-12-03

BUY

22.380

Martin Hubbes, CFA

A very well run company. Sold it from HIS fund last year because of worry about interest margin compression, but that’s come and gone. They have a terrific management team. Grows conservatively and responsively and can expand across the country if they choose to. Hold it 2-5 years.

2009-10-21

TOP PICK

21.750

With all the moving up of the resource area, this is the Canadian Western economy and this bank has a pulse on this. Think things will pick up very nicely in the next 2 or 3 quarters. Going back to $30 is very realistic. 2% yield.

2009-10-16

BUY

17.600

Has been a very growth oriented bank. Last quarter came out better than expected. Had some preferred issues that short up there capital and balance sheet. Well run bank.

2009-09-02

DON'T BUY

18.190

(Market Call Minute.) Well run, low financial risk bank but is tied into the Western Canadian economy, which is more natural gas than oil. When there is a recovery in Western Canada, this is one you would want to own.

2009-08-24

Comment

15.960

Different than the big 6 Canadian banks in that it’s a regional and only in Western Canada. Large concentration of its customers is in energy. Has no US operation so not affected by bad paper. On the way down was better than the others but on the way up doesn't have the economic exposure. Relatively good safe bank but not a lot of yield. Good for growth and exposure in the West.

2009-06-08

DON'T BUY

14.200

Greg A. Taylor, CFA, BBA

Retail bank, so no capital exposure like other banks. Perceived as a growth bank a year or so ago but with the sell-off in oil prices and the slowdown in the Alta and BC economies it is now trading more in line with other Cdn banks. This is buying a recovery in the Alberta housing market and it’s a little too early.

2009-05-07

HOLD

11.440

Robert McWhirter

(Market Call Minute.) Banks in general have been beaten up. Ranks neutral in the model.

2009-01-26

BUY

12.300

Gavin Graham

Effectively a growth stock. Exceptionally well run. Conservatively managed. Should be a big beneficiary of the ongoing resource boom, which has had a very severe setback in the last 6 months.

2009-01-14

DON'T BUY

11.300

Bill MacLachlan

Has had a very difficult time. Their focus is primarily in the west and primarily in the resource area.

2008-12-11

DON'T BUY

18.530

Always had a higher multiple and traded at a premium to other Canadian banks. Had very good growth and stayed away from bad investments. Prefers Royal (RY-T) and Toronto Dominion (TD-T), at much lower multiples.

2008-11-05

Comment

18.440

This was a relatively late one amongst the banks to get moving down. There are better places to go.

2008-10-31

DON'T BUY

21.800

David Driscoll

Performance has been very good over the years. Earnings are starting to slow because of the economic environment they are in. He is not buying any Canadian banks because the price to cash flow multiple are twice as high as any other banks globally.

2008-09-16

DON'T BUY

21.850

Brian Acker, CA

(Market Call Minute.) No real value in the banks. His model price is $22.53. 5% upside is not worth it.

2008-09-11

HOLD

21.650

Was a star performer and is still doing relatively well. Grew with the commodity boom. Very well run. A little vulnerable as commodities have started to weaken. Fabulous bank.

2008-09-05

WATCH

24.990

Of all the banks in Canada, it probably has the best market area. No exposure to derivatives. Dragged down by the sector as a whole. If you have concerns about energy, this one will be impacted. Would like to see a trade above $27 before he bought.

2008-08-05

BUY

24.160

Greg A. Taylor, CFA, BBA

Has been disappointed in the performance as it is not exposed to US housing and does not have asset backed commercial paper as well as being in the fastest growing part of Canada. Small caps seem to have dramatically lagged the large caps.

2008-07-22

HOLD

23.980

Bill MacLachlan

Really likes this bank. There is exposure to the energy sector, which is boom and bust. Underneath that story there is a larger story of huge demographic growth in Western Canada.

2008-07-17

Comment

26.500

Very well managed. Hugely exposed to the Alberta economy. Was trading at a huge unsustainable premium and has given most of this back. Good long-term hold. When it breaks above the 200-day moving average, which might be a good entry point.

2008-05-26

VAGUE

25.760

A great play on economic strength in western Canada. Not inexpensive, probably the most expensive in Canada. They’re had tremendous growth. You’re fighting the tide with the financials.

2008-03-31

BUY

22.840

Held on longer then almost any other bank. If you are looking for a bounce play in the banks, this is one of them, although it doesn't fit him.

2008-03-19

BUY

22.880

This is his largest position in banks. This is different as it is Western and into commercial lending. The market is tightening up for it a bit though because of general financial conditions.

2008-03-13

DON'T BUY

22.750

Kenneth P. Norquay, CMT

Went sideways for a while and has now just cratered. To play it, you need to wait for a reversal.

2008-03-11

HOLD

28.660

Of all the Canadian banks, it is immune from what is going on. Doesn't have any bad loans or own any of the bad paper. Concentrated in the highest growth part of the country. Trades at a high multiple, but has the best growth profile of all the banks. Probably the highest quality earnings.

2008-02-26

DON'T BUY

29.100

Brian Acker, CA

Far too well run to be mispriced. His model price is $25.37, a negative differential of 13%.

2008-02-07

DON'T BUY

27.120

Very difficult environment for financials that will continue for some time. He would avoid all financials. If he had to buy a bank, this would be his preference.

2008-01-18

DON'T BUY

31.060

Ross Healy

The only way that he can justify the current price is if someone wants to take the bank over. Trading quite in excess of its FMV. Also trading up against a resistant point that he would have thought would have been quite stiff to get through, but it did go through, but without a lot of support.

2007-12-20

DON'T BUY

30.360

Has been performing extremely well lately. It is over 3X book value right now. With earnings of $1.80 this year on a book value of about $10 (18%) it is a little bit expensive.

2007-12-10

BUY

26.190

Fred Ketchen

The smallest of the Canadian banks. Will be reporting next week. Was profitable last quarter. Good growth and pays a dividend.

2007-11-27

BUY

28.400

The Canadian “growth” bank. It's all in the West where all the major growth is. A “little” worried that Alberta's growth could slow because of a change in the royalties. Could hurt them, but in the long term, you can't beat this one.

2007-11-09

HOLD

29.180

Robert Floyd

Benefiting from the development out west. Has shown significant growth.

2007-10-12

DON'T BUY

28.140

This bank is in a world of its own. Within $1 of its all-time high. This is Canada's growth bank. Has no commercial paper. Too expensive for him.

2007-09-11

BUY

27.850

The best bank out there. No short-term paper and whatever it has seems to be fairly clean. Tremendous growth. Beautifully managed. Multiple is high at 20.4.

2007-09-10

BUY

25.340

Greg A. Taylor, CFA, BBA

One of the good growth banks. Always looked expensive comparing it to other banks, but a lot of that is due to its tremendous growth rate. Should be less exposed to some of the other problems that Canadian banks have.

2007-08-20

BUY

29.000

Ian Nakamoto

You have to like what is going on in western Canada. Prudent managers.

2007-07-24

BUY

29.000

Brendan Caldwell

Very much likes the 2nd tier of financials. This has been a wonderful growth story. Expects it will continue to do well. At some point, it will probably get taken over.

2007-07-24

BUY

28.310

Lesley Marks

Likes the growth outlook in Alberta and B.C. More commercially based type loans.

2007-06-26

DON'T BUY

28.160

Brian Acker, CA

He has a model price of $27.85, a 3% negative differential. He ranks banks as National Bank with 33% upside, Bank of Montreal and Royal with 15%, Bank of Nova Scotia 12% and Commerce and TD are right on the model price.

2007-06-21

DON'T BUY

28.550

John Zechner

1.62% dividend, which is not very high for a bank. Valuation is a little bit high.

2007-06-18

BUY

25.900

Only in western Canada, which has been the right place to be. Best profit growth but also the most expensive because of that. Has been going sideways and may continue until fundamentals and stock price get more in line. Probably a takeover candidate at some point.

2007-05-30

BUY on WEAKNESS

23.710

They are in the hot sector of the economy. Profitability has been going up. Watching this closely.

2007-04-27

Comment

23.750

Richard Croft

Doesn't think interest rates are going up, so he likes the banking sector. This bank does not enjoy the diversity that the major banks do.

2007-04-26

BUY

24.340

Gavin Graham

Alberta and B.C. economies should continue strong. Yield is not as strong as other banks, but this is a growth story.

2007-04-23

DON'T BUY

25.640

Steve Carlin

Struggles with paying 20 X earnings for a regional bank. Nothing wrong with it, it's just that you’re paying for a lot of the upside from here.

2007-04-05

HOLD

25.600

Ian Nakamoto

This is really a play on the western Canadian economy. Likes the niche they are in.

2007-03-29

BUY

25.250

This is Canada's growth bank. Located exclusively in western Canada. Specializes primarily in commercial and wholesale banking, as opposed to retail banking, which has kept its costs down.

2007-03-28

BUY

25.620

A brilliant, commercial, growing bank. Still in its early growth stage.

2007-03-23

BUY

25.720

Neil Wickham

Likes the banks in general. Because this one is based in the West where economies are stronger, it could do better than some of the others on average. A well-run bank.

2007-03-20

BUY

23.990

Gavin Graham

Dependent on Western Canada. Has been coming off in the last few months. One of the best managed banks. Excellent longer-term prospect.

2007-03-06

Comment

24.760

Michael Decter

In the right part of Canada in terms of growth. Canadian chartered banks are very hard to compete against and this is where he would prefer to be.

2007-02-26

BUY

24.750

Could be a double in 5 years. It's good to be out of the major banks and you don't have much choice. This is your best.

2007-02-22

BUY

24.740

Patrick Kim

Has been a great performer and has benefited greatly from the growth in the economy in Alberta. Pretty lofty multiple at 20 X’s, but is just reflective of the hot pace of growth.

2007-02-22

BUY on WEAKNESS

24.500

This has been the growth bank in Canada. Very tied in to the oil/gas cycle. Has had a great run and now there is some softening. Look for a lower price before buying.

2007-02-12

BUY

24.200

Chris Smith

Has become a little bit of a proxy for the oil/gas market, so when oil/gas started to roll over, this one got hit at the same time. Always looks expensive relative to the rest of the Canadian banks. Trades at a higher multiple and doesn't pay as high a dividend.

2007-02-07

BUY

25.220

Situated in the prime growth area of Canada and have done very well. Will continue to gain market share in the West and expand.

2007-01-29

HOLD

25.350

Based and does most of its business in Western Canada. In the right place at the right time. If you are a growth-oriented investor, he would continue to hold.

2007-01-09

BUY

46.850

Of all the Schedule A banks, it is the growth bank. The smallest of them, but the fastest growing. Located in the best area for growth, western Canada. Lowest yield and lowest payout ratio.

2006-12-05

DON'T BUY

44.850

Really well managed. Used to trade at a fairly large discount, but now trades at a premium. Trading at 22 X earnings which is too expensive for him.

2006-08-25

WEAK BUY

44.740

A great bank and well run. It trades at one of the highest multiples of the major banks. Also has the lowest yield. They should continue to do well. Would prefer other banks.

2006-08-22

DON'T BUY

42.000

It should continue to do well because of the booming economy in the west. From a dividend payout and a multiple, it is one of the most expensive banks in Canada.

2006-04-18

DON'T BUY

37.870

James Cole, BA, CFA

The positive is that it is based in western Canada which has the highest rate of economic growth. The environment in which they are operating is very good. However, the valuation is very high for a bank.

2006-01-17

SELL

37.670

Robert Floyd

Has done very well. Looking at rising rates which would be a concern. Watch it closely. Would be a seller more than a buyer at this point.

2005-09-29

DON'T BUY

38.100

James Cole, BA, CFA

The company and stock price has done fabulously well. There is no end in sight to the boom in Alberta. Expect they might lower corporate tax rates down the road. Trading at 18/19 X earnings which is expensive to him.

2005-09-22

HOLD

39.850

Has been a great performer. Not as cheap relative to the other banks as it is very regionalized. Should continue to do well as their area should do well because of all the oil.

2005-09-19

HOLD

29.430

Western Canada is showing much better growth than the rest of Canada so this is good for this bank. Entering the sub-prime mortgage market which Home Capital (HCG-T) has had pretty much to itself. It is also a take over target for one of the other banks.

2005-07-12

DON'T BUY

27.500

Ross Healy

In the aggregate, banks have done very little this year. They are all trading at 55 year valuation highs. There's no fair market valuation support for them to go much higher.

2005-06-16

BUY

27.570

His favourite in the banking sector. A beautiful operator. Has been doing extremely well for quite some time now.

2005-05-25

VAGUE

26.900

In the smaller banks, prefers Canadian Western (CWB-T) over Laurentian (LB-T) as it has better numbers. Not particularily cheap at the moment, but longer term it would be his choice.

2005-05-16

BUY

27.600

Laura Wallace

Canadian banks continue to offer good value on a medium time frame. If we were to see a rapid ratcheting up of interest rates, they would be vulnerable, but this is not expected. The banks offer reasonable value here.

2005-05-02

BUY

26.600

Great bank. 79% of their revenue comes from the loan book. Very efficient bank. Very low dividend yield. Lots of capital and are probably saving that to do an acquisition. Would prefer if they increased the dividend or buy back shares.

2005-04-22

DON'T BUY

25.510

Ross Healy

Doesn't like the banks. They have just come off 52 week highs. Historically they always give you a chance to buy at some point and he is going to wait with his hands open at prices he is willing to pay. Wait until they get ugly.

2005-04-07

HOLD

25.730

Likes it. Good management. Getting fully valued. Will be a beneficiary of any higher rates the way their loan book is set up.

2005-02-16

DON'T BUY

25.810

A great bank, but it's expensive. Has a low yield relative to the rest of the companies.

2005-01-24

BUY

25.090

Eric Bushell

Based in Alberta which is growing like a weed, so the quality of their loan book and their lending growth opportunities are both excellent.

2005-01-06

BUY

25.800