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| SPECULATIVE BUY | 15.150 | Charles Bobrinskoy | Doesn’t think they will go to zero. They have a better source of finding that others, but not a stock for the faint of heart. | 2008-10-07 | |
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| DON'T BUY | 18.350 | Paul Gardner, CFA | We need to look at what are the best in class banks that will service. He prefers Bank of America, as it makes a much more compelling validation. | 2008-10-03 | |
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| SELL | 16.650 | Ken McCord | (Market Call Minute.) With the 4 massive failures, he would stay away. | 2008-09-18 | |
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| BUY | 14.030 | Gavin Graham | (Market Call Minute.) Feels that under new management it will come back quite strongly. | 2008-09-17 | |
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| DON'T BUY | 18.880 | Alan Kral | Fate of the US financials is in the hands of the regulators, treasurer and federal reserve bank. This one is as well positioned as any of them to survive and thrive. There will be a drastic change in the regulatory regime so rapid earnings growth will be limited. | 2008-09-09 | |
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| DON'T BUY | 18.080 | Paul Harris, CFA | Like all the banks in the US, it faces the huge issue of the mortgage business. Banks take a long time to get out of the cycle. | 2008-08-14 | |
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| PAST TOP PICK | 18.810 | Jeff Parent | (A Top Pick Feb 20/08. Down 27.7%.) There is an opportunity here but you have to be very cautious because of continuing volatility. Had recommended a Stop of $24. | 2008-07-30 | |
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| DON'T BUY | 21.120 | Steven Conville | 6% yield. A drop in the stock price will increase the dividend and if it gets up to 8% or higher he would start to worry. This would not be his favourite company to invest in at this point. There are still a lot of challenges ahead. | 2008-07-23 | |
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| Comment | 16.280 | Laura Wallace | This company has real issues and we haven't seen the end of the write-offs. Great franchise but there will be margin pressures going forward. There could be a bounce in it and if you own, look at it in Oct/Nov as a possible tax loss candidate. | 2008-07-10 | |
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| Comment | 16.440 | Gordon Reid | Thinks they can earn $2.50 or $3 a share. Can be included in a well-diversified portfolio. | 2008-07-09 | |
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| Comment | 16.820 | Benj Gallander | (Market Call Minute.) On his watch list. Would like to see it come off some more before he would possibly buy into it. Likely to be a survivor. Good dividend. Could do well. | 2008-07-04 | |
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| DON'T BUY | 19.600 | David Driscoll | This is not on his list of US banks that he would like to own because they parts of the business that are risky are much riskier than those that create wealth. Still under a cloud. | 2008-06-09 | |
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| Comment | 21.060 | Charles Bobrinskoy | Dividend is not safe. It doesn't make a lot of sense for them to continue to pay out the dividend while they are continuing to raise more and more equity. There is a lot of risk priced into the stock. You could have a 50% upside from here, but it is not for the faint of heart. | 2008-05-21 | |
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| DON'T BUY | 25.270 | Norman Levine | Has been negative on this one for quite some time. A potential black hole because there are so many unknowns. Probably getting closer to the end, but with a slowing economy, loan losses will go up. | 2008-04-30 | |
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| DON'T BUY | 26.810 | John Zechner | Still too early for the financials. Looks cheap and is very tempting and there will be some really good rallies but in the end, it continues to work its way down. | 2008-04-28 | |
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| DON'T BUY | 23.710 | Norman Levine | A black hole with more to come and no idea what it is. It has had a rally but it is premature of thinking of this one. | 2008-04-10 | |
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| BUY | 24.600 | Pat Naccarato | 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 | |
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| BUY | 24.600 | Andrew Guy, CFA | The bank that has had the biggest trouble given its size and exposure to institutional business. Probably past the worst and doesn't think there's much risk of a cut in dividends again. There will be volatility. Buy now and in 5 years you will look like a hero, but in the next 3 to 6 months you probably will have a chance to buy it much cheaper. | 2008-04-07 | |
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| SPECULATIVE BUY | 24.020 | Peter Brieger | This one depends on investment objectives and risk tolerance and, more specifically, is there some % of your portfolio that is devoted to aggressive growth. Currently a speculation. | 2008-04-02 | |
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| WEAK BUY | 22.500 | Robert Floyd | A nice rally in some of these securities. Not without risk though. A couple of years down the road you will be happy with your purchase.
Not without risk, but not a bad point to enter. Edge in over time. | 2008-03-20 | |
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| WEAK BUY | 20.710 | Mark Grammer | Doesn't own many banks, but thinks by looking at the chart thinks it might be at the bottom.
He deals with growth, where this is more of a recovery opportunity. | 2008-03-18 | |
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| SELL | 21.210 | Laura Wallace | (Market Call Minute.) Has a lot of problems ahead of it. There could be another cut in the dividend. | 2008-03-12 | |
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| DON'T BUY | 19.690 | Norman Levine | (Market Call Minute.) Wouldn't touch it with a 10-foot pole. This is a very dangerous black hole. | 2008-03-10 | |
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| DON'T BUY | 19.690 | Paul Gardner, CFA | This is one that you will have to consider that they will cut their dividend further. They have to shore up their balance sheet and need equity infusion from private investors. Has a lot of exposure to the subprime market. | 2008-03-10 | |
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| DON'T BUY | 21.170 | Gavin Graham | Have cut their dividend. There is a bunch more cockroaches that are still to come out. | 2008-03-06 | |
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| BUY | 25.720 | Brian Acker, CA | (Market Call Minute.) The model price is $39.04, a 56% upside to the model price. | 2008-02-27 | |
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| DON'T BUY | 24.950 | Norman Levine | Probably the most exposed to potential bad news of the US banks. One day, there will be a time to own the stock. When things turn, it will go up quite a bit but it is way too early for that. | 2008-02-26 | |
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| WEAK BUY | 25.050 | Michael Smedley | He really isn't in to colossal banks. He prefers simpler compact banks. There are rescuers out there for these large banks so, you could average down a bit, and then average down again. It won't disappear. | 2008-02-21 | |
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| Comment | 25.050 | Paul Harris, CFA | Cut the dividend, so it should be safe. Has gone through a transition where they had a very important leader and somebody took over. A lot of people left. Thinks that breaking it up into component parts is wrong. Have written off a lot of their subprime debt and they may have to write off some more. Trading at 8X earnings and has a 5% yield. If you have a long-term view, it's not a bad time to be buying US banks. | 2008-02-21 | |
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| TOP PICK | 25.490 | Jeff Parent | Chose this one for fun. Has had some major selling. On each one of the drops, there have been huge volumes. This indicates that a lot of people are interested in buying it. Would use a stoploss position of about $24. | 2008-02-20 | |
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| SPECULATIVE BUY | 25.490 | Charles Bobrinskoy | A stock that could double from here, but big, big problems in the portfolio. Still own about $43 billion in leverage loans that they can't sell and will mean additional write offs. M & A business has slowed down. Also seeing an uptick in problems in consumer loans. Good dividend, but it could be cut. This information is public so the company is trading at one of the lowest multiples to book in the last 20 years. Not for the faint of heart. | 2008-02-20 | |
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| Comment | 26.700 | Bob Stodgell | There is some awfully smart money buying into some of these major US financials. This is a great franchise. In this sector, buy the best assets you can and hold them for the long-term. | 2008-02-07 | |
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| DON'T BUY | 27.050 | Paul Gardner, CFA | Had such problems with the subprime market that they took a $17 billion write-down. Would prefer Merrill Lynch (MER-N), which has a thriving retail network. | 2008-02-05 | |
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| BUY | 28.170 | 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 | |
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| DON'T BUY | 27.880 | Laura Wallace | There are probably further write-downs to come. It is not clear what direction the bank is going to take. Could divide itself and sell off some of its operations. The supermarket approach has not seemed to work very well. Prefers J P Morgan (JPM-N). | 2008-01-30 | |
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| DON'T BUY | 24.450 | David Burrows | We’ve been through a 5-year bull market and nobody has made any money on this stock. The stocks that didn't make headway in an up market, and to get hurt a lot more on the down side. There will be a lot more changes in this company such as job losses and a lot of restructuring. | 2008-01-18 | |
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| TOP PICK | 24.960 | Brian Acker, CA | Even at these reduced earnings estimates, he has a model price of $40.85. There are several pieces of research on the street that suggests the company would be worth $60 if it were to break up. | 2008-01-17 | |
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| DON'T BUY | 28.260 | Norman Levine | Wouldn't go near this stock right now. It has the potential of having the most cockroaches of the major US banks. | 2008-01-07 | |
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| WATCH | 28.920 | Gavin Graham | One of the largest banking franchises in the world and will not go bankrupt. If they cut the 7% dividend, that will be a good opportunity to buy. | 2008-01-02 | |
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| TOP PICK | 29.890 | Brian Acker, CA | His model price is $46.49, a 54% positive differential. He put it through a stress test. They announced they were going to write off $7 billion to $11 billion and he used the figure of $15 billion. He took one analysts estimate of $290 for 08 and he used $284. Doing all this, his model price still came out to $37.00. They have ample capital to get them through this. | 2007-12-20 | |
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| BUY | 30.210 | Charles Bobrinskoy | Has gone down too much. Big losses in their mortgage portfolio, but fundamentally it is a short-term issue. Next year they will still have very strong global retail banking, global credit card businesses and global commercial banking businesses. Their investment banking and equities business is in good shape. Trading at about 8X next year's earnings. | 2007-12-19 | |
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| DON'T BUY | 31.470 | Gordon Reid | One of the world’s largest banks. A great franchise. Thinks it could make $4 a share on operating earnings on an ongoing basis and it's trading at $30. When the skies clear he thinks there will be good opportunities. Don't make any assumption that dividends will not be cut. New CEO will be the catalyst on this. | 2007-12-12 | |
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| DON'T BUY | 33.690 | John Zechner | There is still mystery in the books and he would not buy into this. Has some management issues. | 2007-12-05 | |
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| DON'T BUY | 32.550 | David Burrows | This company is going to have ongoing problems. They have problems with structured investment products and potential liability on products they have sold in the marketplace. | 2007-12-04 | |
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| DON'T BUY | 33.060 | Norman Levine | Too early to be buying any major bank stock. US banks will continue to have more write-offs. Has had a very volatile past. | 2007-12-03 | |
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| BUY | 33.300 | Pat Naccarato | (Market Call Minute.) Will be able to ultimately withstand this pressure. Buy US financials. | 2007-11-30 | |
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| DON'T BUY | 33.300 | Ross Healy | Wouldn't hold this one if it was one of the 2 last stocks on the planet. Doesn't like the banks. US banks are in the throes of a hurricane debt problem. | 2007-11-30 | |
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| Comment | 31.400 | Norman Levine | Q: Where is the bottom for the stock? A: You should not try to pick a bottom. In the history of investing, people have been devastated trying to pick bottoms. What you should look for is for the stock to stop going down for a couple of months and wait for it to start going up. | 2007-11-20 | |
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| DON'T BUY | 33.100 | Norman Levine | Wouldn't touch any US bank at all right now. Feels we are just seeing the tip of the iceberg. | 2007-11-09 | |
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| WEAK BUY | 32.900 | Don Lato | He is contemplating buying more. New CEO is expected which is positive. Also could be a break up of the company into several different parts, which would be positive. Could go lower. | 2007-11-08 | |
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| BUY | 35.080 | Peter Brieger | Mr. Reuben is back in the driver’s seat for and he will do well in turning this ship around. Had massive write-offs and doesn’t know if there will be more, but feels there will. Would buy 1/3 of your position and then sit and watch what happens over the next several weeks or months. | 2007-11-06 | |
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| Comment | 35.900 | Alex Ruus | US banks are very undervalued. This one has some serious issues on their balance sheet. A whole group has sold off in a big, big way. Feels the market has overreacted to the whole situation. He prefers buying when the stock starts to come back a little bit. (See Top Picks.) | 2007-11-05 | |
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| BUY on WEAKNESS | 38.510 | Brian Acker, CA | There is an important level here of $36.58 and chances are it will go to this level. In 10 years, this will have looked like a good Buy. | 2007-11-01 | |
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| DON'T BUY | 42.630 | David Driscoll | Getting a nice fat yield. Their loan growth is industry average, their loan lose provisions will increase, which could hurt the earnings quality moving forward. They have one of the least efficient businesses going on. Would not buy stock and look for something better. | 2007-10-25 | |
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| BUY | 41.820 | David Baskin | A bank with a global franchise, that has been beaten up this year. You can't go too wrong. The dividend is over 5%, you're buying a world leader at 10 times earnings. There might be some short term pain, but historically banks haven't gone below 8 times earnings, so you have some protection. | 2007-10-23 | |
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| BUY | 44.790 | Gordon Reid | Has just come out with earnings, and have written off 3 million dollars (announced earlier), are also suspending their buyback, and there may be more write offs coming.
Trading at less then 10X next years earnings and has a 4.5 % dividend yield. Can be viewed as a "free call" on the stock.
| 2007-10-16 | |
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| WATCH | 45.760 | John Zechner | There is still a lot of unknowns with the US banking system. He would really like to see them own up more on where their derivatives stance is right now. There is not a lot of good news in the short term. | 2007-09-12 | |
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| BUY | 46.950 | Norman Levine | Excellent yield at 4.6%. No advantage to having US yields. It is fully taxable as compared to Canadian yield, taxable at a more beneficial rate. The yield will help cushion the stock from a huge decline. | 2007-08-29 | |
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| BUY | 48.350 | David Baskin | All the US big banks, with 1 or 2 exceptions, have been oversold. At this price, it offers tremendous opportunity. Dividend yield of about 5%. | 2007-08-23 | |
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| DON'T BUY | 46.970 | Brian Acker, CA | He has a model price of $55, which is a positive upside of 15%. Thinks the next 2 years will be tough sledding for the financials. | 2007-07-27 | |
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| DON'T BUY | 49.310 | Brendan Caldwell | Everybody seems to hate the big US financials right now. The chart looks like it has a double top. From a technical view, that is not a happy looking chart. | 2007-07-24 | |
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| Comment | 50.730 | Mike Lyons CA, CFA | Prefers the US banks. | 2007-07-20 | |
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| BUY | 52.460 | Pat Naccarato | Very good dividend yield of 4% and the valuations are very good. Business prospects are excellent. Investment banking and credit card businesses are good. | 2007-07-17 | |
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| BUY | 51.810 | Paul Harris, CFA | Likes it. Pays almost a 4% yield. Have recently made several acquisitions which will do well for them. | 2007-06-28 | |
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| STRONG BUY | 52.600 | James Cole, BA, CFA | One of his largest holdings in one of his funds. A financial services colossus.Almost half of their income comes from non-US funds.4% dividend yield, trades around 12 times earnings, so is attractively valued.Hasn't done as well as some of it's peers, due to high expenses. Thinks this will be fixed, due to pressure from shareholders or internally. $53 is a good entry point. | 2007-06-12 | |
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| SELL | 54.510 | Ross Healy | Doesn't have much upside potential. Has no interest in it.
| 2007-06-01 | |
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| Comment | 55.200 | Norman Levine | Not a fan of US banks in general, but this is one he would consider owning. Has gone sideways for many years, but the CEO is starting to make things happen. There is a possibility of the company breaking itself up. | 2007-05-30 | |
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| SELL | 52.790 | Bill Carrigan | Some of the financials are a little worrisome. Looking at all the financials, they are not making new highs. | 2007-05-15 | |
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| HOLD | 53.720 | David Baskin | A terrific global franchise. Pretty attractive at its present price. Doesn't feel the mortgage problem is significant. | 2007-05-08 | |
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| BUY | 54.200 | Norman Levine | Would pick this as a US bank with value. Investors have shunned this for quite some time. They're turning the bank around and starting to do the right things. Share price is not excessive. | 2007-05-01 | |
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| TOP PICK | 51.650 | Paul Harris, CFA | Great global franchise. About a 4.5% yield. Trades 12 X earnings. Cutting costs. In the last couple of years, they have had negative operating leverage. (Expenses going up faster than revenues.) | 2007-04-12 | |
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| BUY | 51.340 | John O'Connell, CFA | Trades around 10 or 11 X earnings, which is very reasonable. Has been beaten up. Yields about 4.5%. Dividends have a lot of growth potential. Defensive and income oriented. | 2007-03-30 | |
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| BUY | 51.840 | Brad Willock | Had a big jump in December with a correction in February. Was attractive at that point with a 4% yield. | 2007-03-22 | |
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| Comment | 50.060 | Kyle McKay | Broker stocks in the US have had a tough time of late. If there is a further potential pullback in the market, it could continue to sell off. | 2007-03-19 | |
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| WEAK BUY | 53.400 | Jonathen Wellum, B. Comm, B. Sc | Relatively inexpensive. A lot of their problems are behind them. Won't be a business that goes straight up, but will be a slow steady plodder. With the dividend and a 4%-5% growth, you've got a great return without much risk. | 2007-02-09 | |
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| SELL | 55.130 | Norman Levine | There are far better financials to hold. | 2007-01-31 | |
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| HOLD | 54.490 | Jim O'Shaughnessy | Had some troubles in Japan, but he got into this when its underlying numbers were very compelling. Not currently a “Buy”. | 2007-01-23 | |
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| BUY | 54.380 | Paul Harris, CFA | Likes the dynamics of this company. There have been some management and regulatory issues that they have been working through. A cheap stock with great potential for it to grow. Decent yield at 3.6%. | 2007-01-15 | |
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| BUY | 55.060 | 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 | |
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| BUY | 55.250 | Steve MacMillan | There has been a groundswell by investors to improve the company to have costs rise at a slower pace than revenue. Have just made management changes, which will start to see this happen. Good valuation. | 2007-01-03 | |
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| BUY | 55.160 | Norman Levine | Probably the worst performing big bank in the world until recently. US banks have started to do well with big money starting to flow into them.. | 2006-12-20 | |
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| BUY | 49.590 | Paul Harris, CFA | Very cheap. Trades at 11 X earnings and close to 2 X Book. Pays4.5% yield. | 2006-11-30 | |
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| PAST TOP PICK | 50.770 | Rob Callander | (A Top Pick Nov 10/05. Up 6.4%.) Still likes US financials. Attractively priced. Better than average dividend yield. | 2006-11-23 | |
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| DON'T BUY | 50.610 | David Baskin | 2nd biggest bank in the US. Not a bad choice. He is concerned about the exposure of the big US money centre banks to the credit derivative market. | 2006-11-21 | |
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| PAST TOP PICK | 50.620 | Rob Callander | (A Top Pick April 19/06. Up 5%.) A long-term hold. Very good dividend yield. | 2006-10-23 | |
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| WEAK BUY | 50.820 | Norman Levine | Hasn't been a great investment. Has moved sideways for a long time and has only started moving up recently. Very reasonable valuation and has a good dividend. It is so big, there has been nothing to get the stock going. All the financials are acting well, so it should be a good place to be. | 2006-10-10 | |
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| PAST TOP PICK | 50.230 | Paul Harris, CFA | has a 4.25% yield. He believes it's still a buying opportunity at $50. Lots of room to grow. | 2006-09-26 | |
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| PAST TOP PICK | 48.990 | Rob Callander | (A Top Pick Nov 10/05. Down 2.2%.) A fantastic company. Yield of 4.3%. Likes the business they are in. | 2006-09-12 | |
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| SHORT | 49.120 | Peter Hodson | A pretty good proxy to the US economy. As you get the housing pricing trickling down throughout the economy, it will have a hard time doing exceptionally well. Doesn't know it well, but his company is short. | 2006-08-28 | |
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| WEAK BUY | 48.570 | Jonathen Wellum, B. Comm, B. Sc | Prefers HSPC Holdings (HBC-N) which demonstrates a lot more discipline and has run into virtually no regulatory issues around the world. Only own this one because it was so cheap. | 2006-08-17 | |
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| TOP PICK | 48.230 | Rob Callander | Starting to move more money back into the US market. The US market looks undervalued. Americans are investing in our Canadian resources. Trading at 11 X earnings. 4% dividend yield. A good defensive holding. | 2006-04-19 | |
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| PAST TOP PICK | 47.280 | Paul Harris, CFA | (A Top Pick Jan 9/06. Down about 1.5%.) Good valuation at 10 X earnings. Almost a 4% yield. ROE of 18/19%. Has faced some regulatory issues over the last few years. In the midst of a management change. Feels they’re through the rough patch and you’ll start to see them grow in the next few years. | 2006-03-30 | |
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| DON'T BUY | 47.630 | Brian Acker, CA | Doesn't like US financials. His model prices $50.83 which is a 6/7% positive differential but the model price is consistently coming down as short-term interest rates are going up in the US. | 2006-03-29 | |
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| DON'T BUY | 47.320 | Ross Healy | Citigroup is a bank in th US. Bank stocks in the US are very fully valued. There is strong technical resistance. Be cautious. Does not recommend US financials because they are extended. | 2006-03-16 | |
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| WEAK BUY | 45.790 | Brad Willock | They get more than half their income from outside North America, so they are levered up very nicely to what is going on in India and China. Over the long-term, that is a nice stable thing to have. The yield is pretty good. Growth will be slow. | 2006-02-09 | |
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| TOP PICK | 45.690 | Paul Harris, CFA | Stock dropped because they missed their earnings by about $0.01. Also, their international growth was not as good as expected. They increased their dividend by 11%. A cheap stock at 10 X earnings and 2 X book. | 2006-01-20 | |
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| TOP PICK | 48.390 | Paul Harris, CFA | (A Top Pick Nov 2/05. Up 7%.) A global bank which you cannot buy in Canada. They can grow domestically as well as internationally. Trades at a low multiple. Has a reallty decent yield. Buying back shares. | 2006-01-09 | |
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| BUY on WEAKNESS | 48.240 | Brad Willock | The largest financial and a big part of the index. The financials have been the best perfoming sector in the US in the last 6 weeks because the market was afraid of inflation earlier. At this point you have missed the good move in it. Wait for a little bit of weakness. | 2005-11-14 | |
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| TOP PICK | 47.730 | Rob Callander | Has been volatile, but one of the world’s great banks. Extremely well run and has a good outlook going forward. Trading at 12X earnings. Yield of 3.69%. | 2005-11-10 | |
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| TOP PICK | 45.550 | Paul Harris, CFA | Has had a lot of issues including a change of management. Good growth domestically and internationally. Trades at 10 X earnings. 4% yield. | 2005-11-02 | |
Experts that have talked about CitiGroup
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