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| PAST TOP PICK | 47.160 | Joey Mack | (A Top Pick Mar 21/11. Up 5.46%.) | 2012-01-09 | |
| DON'T BUY | 44.520 | Lorne Steinberg | Pretty well run bank in province of Quebec. Consistently good management for a decade or so, but shares are not cheap. Wont be purchased because they have a union. | 2011-11-01 | |
| Comment | 42.320 | Bruce Campbell | Had gotten ahead of itself so current weakness is partially adjusting valuation. In the world of de-risking, you want to own a Quebec bank mostly or a large Canadian bank that is big and broad, which is safer and has at some in 10 different pots. | 2011-08-15 | |
| HOLD | 44.750 | Michael Sprung | Market was extremely disappointed in their last quarter. Retail was flat and they had disappointing results in real estate and commercial. Net interest margins suffered. Now selling at a low multiple compared to the other banks. Sees forecasts for higher earnings over the next few years. | 2011-06-20 | |
| Comment | 44.000 | Bill Carrigan | Has had a nasty correction. Will benefit when the banks rally, which he thinks will happen. | 2011-06-17 | |
| BUY | 45.180 | Sandy McIntyre | Suffered more than other banks. More of a retail stock than an institutional stock. They are not as liquid. He would be a buyer of bank stocks through late June and early July. | 2011-06-08 | |
| WEAK BUY | 50.000 | Jason Donville | Likes it. Over next 12-18 months could be up 15% total return. Prefers Canadian Western Bank (CWB-T) if you want to own a regional bank. | 2011-04-26 | |
| HOLD | 49.710 | Michael Sprung | More of a regional bank. Last quarter outperformed analysts’ expectations but was driven a lot by security gains. Saw expenses creeping up also. Over 3% yield. | 2011-04-19 | |
| TOP PICK | 51.600 | Joey Mack | Laurentian Bank of Canada Fixed Floater 3.7% 2-Nov-2020, callable 2015: Fixed until 2015 and then become floating if not called. Never seen a Canadian bank not call a fixed floater in Canada. It’s pretty attractive compared to GICs. | 2011-03-21 | |
| TOP PICK | 45.700 | Joey Mack | 3.7% bond due 11/02/20 and callable in 2015. (Fixed Floater) If Laurentian bank doesn’t call it, it becomes a floating rate note at overnight rates plus 160 basis points. Highly likely they won’t call it so look at as a piece of paper yielding just over 4%. Laurentian is triple B but yield looks pretty attractive compared to other names in the 5-year space. | 2010-11-30 | |
| DON'T BUY | 44.530 | Jason Donville | Good bank and likes the new management. Not a high-growth bank. Nice dividend. Would prefer National Bank (NA-T) or CIBC (CM-T). | 2010-10-04 | |
| Comment | 43.750 | Craig Machel | How do you hedge out risk on Canadian banks? He tries to eliminate the ups and downs of the financial sector itself. One of his managers will go Long on potential growth but might go Short something like a life insurance company. Likes this bank. | 2010-04-21 | |
| HOLD | 44.160 | Michael Smedley | Very nice, Quebec-based bank, doing business in other parts of the country. Nice dividend of 3.5%. | 2010-03-18 | |
| BUY | 40.000 | Martin Hubbes, CFA | Thinks banks can maintain their spreads in a raising interest rate environment. Much more regional than some of the majors so the market takes that into account and it trades at a discount. Was impressed with management when he met with them. You could see some healthy growth out of them. | 2010-02-18 | |
| Comment | 39.500 | Jason Donville | Up until 4-5 years ago it was a pretty poorly managed bank but new management have it positioned in the right place. The only issue he has is that it is only growing about 10% a year. Prefers others. | 2009-10-16 | |
| DON'T BUY | 38.320 | Andrew Guy, CFA | Regional bank based largely in Quebec. Has done a great job over the past few years of improving its returns on capital. Being a smaller regional bank, they are more susceptible to very focused economic situations. For a Quebec play he would prefer National Bank (NA-T). | 2009-09-04 | |
| HOLD | 30.740 | Jim Huang | Well managed and low risk. Doesn’t stand out compared to other banks. Good bank for the long term but not any big upside right now. | 2009-05-07 | |
| BUY | 28.220 | Andrew Guy, CFA | (Market Call Minute.) Would prefer the bigger cap Canadian banks given their better diversification. They have done a very good job in improving their results. | 2009-02-04 | |
| Comment | 42.390 | Gordon Higgins, CA, MBA | Has had a very nice move. He still likes the banks and this one has less risk than many of the others. 3% dividend. | 2008-04-17 | |
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| Comment | 41.640 | John Zechner | This is more of a regional bank and the regional banks didn't stop their toes on the bigger lending issues that some of the bigger players did. Earnings have held up relatively better during this downturn. This has given a higher multiple on the stock. Whether they can continue this way, he doesn't know if he would bet on it. | 2008-03-06 | |
| HOLD | 37.390 | Andrew Guy, CFA | (Market Call Minute.) Other banks will do stronger and it will be harder for them to generate earnings bottom line. | 2008-02-06 | |
| DON'T BUY | 35.170 | Lesley Marks | Doesn't see the growth potential. Prefers Canadian Western (CWB-T), because of the Western focus. | 2007-06-26 | |
| Comment | 34.300 | Michael Sprung | A Quebec-based bank. Have done fairly well over the years. He has not owned because of its very localized market. | 2007-05-28 | |
| DON'T BUY | 33.250 | Gavin Graham | The worst managed of the Canadian banks. Also, it is purely in Quebec, whose economy is not having a great time at the moment. Selling at book value. | 2007-03-06 | |
| Comment | 31.650 | Peter Brieger | Likes the banks. One of the best looking charts among the 7 banks. A ratio of 12 X and a yield of about 3.6%. Credit rating was reduced sometime ago and has not been upgraded yet. Would prefer to go Bank of Montreal (BMO-T) route. | 2007-03-02 | |
| HOLD | 30.880 | Peter Brieger | Perfect yield and one of the cheapest banks based on price to 07 earnings. Wouldn't be his first choice. | 2007-02-19 | |
| Comment | 31.250 | Norman Levine | Trading below book value. Labour force is very highly unionized. This hurts its productivity and attractiveness to any acquirer. Its capital market group is still in its infancy, which is a major profit centre for most banks. | 2007-02-12 | |
| BUY | 30.480 | Peter Brieger | The cheapest of the seven banks. Highest yield. Hopefully the spread between its P/E and the other banks will narrow. | 2007-02-02 | |
| DON'T BUY | 30.720 | Peter Gibson | Has a much lower ROE average than the other banks. Their growth has been sporadic and weaker than other banks on average. Prefers other banks. | 2007-01-30 | |
| SELL | 30.530 | Gavin Graham | Outperformed last year and is the weakest and smallest of the banks. | 2006-12-28 | |
| Comment | 30.040 | Bill Carrigan | This is a laggard to the rest of the banks. If you are in a group where the peers keep rising and yours doesn’t, you might be best to just step off. Right now it looks like it is trying to get a base. | 2006-12-20 | |
| DON'T BUY | 30.020 | Kenneth P. Norquay, CMT | Chart shows a downtrend earlier this year. Market dropped in May. This was followed by the whole market going up, including financials. Except for this one. | 2006-12-15 | |
| HOLD | 29.410 | Paul Harris, CFA | Very good environment for banks in Canada. Very little corporation issues and the retail environment is very strong. Will always trade at a discount to the other majors. You can find cheaper banks globally than what there are in Canada. | 2006-12-12 | |
| DON'T BUY | 33.540 | Paul Harris, CFA | A good solid bank. Thinks Canadian banks are expensive relative to the rest of the world. | 2006-03-18 | |
| WEAK BUY | 37.530 | Laura Wallace | Laurentian Bank is one of Canada's smaller banks. The stock has had a good performance. It is cheaper than the other banks but it has a lower return on equity. It is a good company but she prefers the larger Canadian Banks who have a ROE in the 18-20% range. | 2006-03-15 | |
| DON'T BUY | 34.870 | Gordon Higgins, CA, MBA | LB is a smaller bank. He sees no reason to buy and greater growth is not predicted. It is not a candiadate for a takeover. | 2006-02-21 | |
| Comment | 36.280 | Jim O'Shaughnessy | Prefers the larger banks. Look at its price to sales ratio and where its earnings are, compared to last year. It could conceivably be a growth story. | 2006-02-02 | |
| HOLD | 35.150 | Gavin Graham | New management has turned this bank around in the last year and a half. Sold off their mutual fund business. Have their costs under control. | 2006-01-31 | |
| BUY | 30.490 | Pierre Bernard | A contrarian pick. Has beeen neglected. May not be the best bank, but an interesting one tht has been forgotten. | 2005-10-17 | |
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| WEAK BUY | 29.740 | Bruce Campbell | Will trade at a discount to the other banks. There's still a little bit of a Quebec discount. Last quarter showed a turn around from previous poor results. If they follow through, you will be able to see a litle bit of legs. | 2005-09-12 | |
| DON'T BUY | 26.950 | Danny Tomka | Looks cheap and a little bit tempting but you have to know there's a union in there. This will deter any merger/acquisition activity. Hasn't performed in line with any of the other banks. | 2005-07-20 | |
| DON'T BUY | 27.390 | 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 | 27.400 | Bruce Campbell | Along with other banks it's at a discount valuation. There's always the thought that there might be a takeover. Prefers Canadian Western (CWB-T) which has better numbers. | 2005-05-16 | |
| BUY | 26.670 | 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 | |
| DON'T BUY | 26.220 | David Burrows | What happens in the US ultimately works its way into the Canadian market. US banks are having a very difficult time and are down about 7% year to date. Canadian banks have had good yield support, but they really are not making a lot of headway. They are basically trading sideways. | 2005-04-12 | |
| DON'T BUY | 26.240 | Ron Meisels | Bank stocks are starting to top which is not surprising. The bull market started in 2002 and we are 2 1/2 years into the bull market. That's usually the time bank stocks start to move down. | 2005-04-11 | |
| DON'T BUY | 26.290 | 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 | |
| DON'T BUY | 25.440 | Norman Levine | His least favourite bank. Trying to sell itself to one of the big 5 banks. It's unionized, which makes it unattractive to other banks. | 2005-03-16 | |
| BUY | 23.600 | Paul Harris, CFA | An excellent bank. A smaller bank, so subject to some issues in trying to grow. Pays a good dividend. Lots of capital. | 2005-01-24 | |
| DON'T BUY | 24.120 | Brian Acker, CA | Model price is $23.18. Tends to go up when there's a lot of merger chatter. | 2004-12-24 | |
| DON'T BUY | 24.000 | Laura Wallace | There are better opportunities in the banking sector. Had a loss in the quarter versus an expected gain. Not earning its dividend, but doesn't expect a cut. | 2004-12-23 | |
| DON'T BUY | 24.000 | Norman Levine | Don't seem to have a growth strategy. Have retreated back to their core market in Quebec, but can't seem to get any traction there. Fully unionized, so not an attractive takeover target. | 2004-12-22 | |
| DON'T BUY | 24.880 | Norman Levine | Hasn't been the best managed bank nor the best growth prospects. Because of their union, it won't be a takeover. | 2004-11-29 | |
| DON'T BUY | 25.270 | Rob Callander | All the banks, financials and insurance companies are doing well, so not sure why this one is not doing well. | 2004-11-02 | |
| DON'T BUY | 25.670 | Matt Baillie | Has had troubles over the years compared to other banks. It's in Quebec and unionized. Trying to turn around, but hasn't gotten very far. Looking at the valuation, it's not that cheap. Prefers others such as Canadian Western Bank. | 2004-10-22 | |
| DON'T BUY | 27.340 | Ross Healy | Not a fan of banks at the present time. Fair market value is about $18. A lot of resistance at $29/30. | 2004-04-29 | |
| DON'T BUY | 28.550 | Ian Nakamoto | Has a great yield, but needs a clearer view of their strategy before buying. | 2004-04-06 | |
| DON'T BUY | 28.220 | Norman Levine | Not likely to be acquired because of the union contract in existence. It will lag the other banks. | 2004-03-22 | |
| DON'T BUY | 28.340 | Michael Smedley | Unionized branches make it more difficult for a takeover. Nice dividend. Has not had a strong performance. Prefers others. | 2004-03-08 | |
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| BUY | 27.670 | Norman Levine | Owned it personally then sold it. Dont like buying stocks that are going down. | 2004-02-11 | |
| DON'T BUY | 28.700 | Michael Sprung | Often ignored. Solid bank. Alittle bit expensive. Good yeild on dividend. Prefer bigger banks. | 2004-02-09 | |
| WEAK BUY | 28.810 | Peter Arender, CFA | 4% dividend. Cheaper stock. Worth a position. | 2004-02-04 | |
| HOLD | 28.800 | Brian Acker, CA | Doesn’t have as much upside as other banks. | 2003-11-20 | |
| DON'T BUY | 27.300 | Richard Stone | In an interesting situation. Need to really define their market share and decide what they want to do. Have to be comfortable with owning a regional bank in the Canadian market. | 2003-10-29 | |
| DON'T BUY | 26.800 | Bruce Campbell | Hasn't moved much. Prefers the other banks. Had some loan-loss problems. Retrenching a bit. | 2003-10-06 | |
| WEAK BUY | 27.400 | Brian Acker, CA | 4% dividend. Their model price is a little over $31, which would give you four dollars plus dividend. Prefers Toronto Dominion. | 2003-09-25 | |
| BUY | 26.000 | Peter Brieger | 4 «% yield.Thinks all the banks are going to move up. | 2003-08-27 | |
| DON'T BUY | 25.950 | Laura Wallace | The sale of 57 Ontario branches to TD bank is positive.This will allow them to refocus on their Quebec roots.Would prefer TD or Bank of Nova Scotia. | 2003-08-18 | |
| DON'T BUY | 25.620 | Glenn Paradis, BA, CFA | Tends not to be a big mover.It has problems including having a unionized workforce and is regional based.Doesn't expect it to be a takeover target.Prefers others. | 2003-08-13 | |
| DON'T BUY | 25.750 | Bruce Campbell | Has some operational difficulties. A possible takeover. Would prefer one of the bigger banks. | 2003-07-21 | |
| WEAK BUY | 25.420 | Benj Gallander | Could be a target for a merger. Banks always seeem to do well. | 2003-07-17 | |
| BUY | 25.700 | Brian Acker, CA | Hasn't done much but you won't get hurt with this one. | 2003-07-14 | |
| WEAK BUY | 26.110 | Benj Gallander | Could be worthwhile if you feel bank mergers will occur. | 2003-06-30 | |
| BUY | 25.910 | Michael Sprung | 4.5% yield. Has been left behind because they're a regional bank. Could see some possible consolidation in Quebec. | 2003-06-12 | |
| DON'T BUY | 26.190 | Ross Healy | Risks in financial sector are increasing because of US dollar activity. His fair market value is less than the current price. | 2003-05-08 | |
| DON'T BUY | 26.740 | Mark Jackson, CFA | Less growth prospects than other banks including National. | 2003-01-07 | |
| WEAK BUY | 28.000 | Vincent Delisle | Will move the least of the banks on any rebound. | 2002-10-17 | |
| BUY | 28.600 | Fred Ketchen | Positive outlook. | 2002-07-30 | |
| BUY | 28.510 | Gavin Graham | Takeover rumours pushed the price up. Now settling back. 4$ yield. | 2002-07-11 | |
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| DON'T BUY | 32.450 | Michael Smedley | Not a big fan at the moment. | 2002-05-29 | |
| BUY | 31.150 | Pierre Bernard | 4% dividend is probably safe. Loan concerns have kept the price down. Good price. | 2002-05-07 | |
| BUY | 31.300 | Brian Acker, CA | At a good price. | 2002-04-30 | |
| BUY | 35.000 | John Embry | Not very liquid. Union makes it difficult to be a takeover. Good bank. | 2002-04-17 | |
| BUY | 35.600 | David Baskin | Has suffered from a feeling that it has a Quebec discount and limited growth, but doesn't agree. Very underpriced now. | 2002-04-12 | |
| DON'T BUY | 35.900 | John Sinkins, CFA | Good numbers. Reasonably priced. | 2002-04-04 | |
| BUY | 36.950 | Jack Cook | Doubt if it is a takeover candidate, but the stock is cheap. | 2002-03-25 | |
| BUY | 34.400 | Brian Acker, CA | Very strong on all the banks except for CIBC. | 2002-02-25 | |
| BUY | 34.100 | Bob Boaz | Good long term hold. Reasonable dividend. | 2002-02-13 | |
| BUY | 35.560 | Pierre Bernard | Good quality loans and stock is very cheap. | 2002-01-22 | |
| DON'T BUY | 34.500 | Michael Sprung | Constrained by being in Quebec. Dividends are secure. | 2002-01-17 | |
| BUY | 27.410 | John Sinkins, CFA | Takeover candidate. Some growth. | 2001-10-15 | |
| TOP PICK | 28.500 | Fred Ketchen | Good takeover target. Had a good earnings year. Multiple is 8 X earnings. | 2001-10-05 | |
| DON'T BUY | 29.750 | Glenn Paradis, BA, CFA | Not a fan. Could have a negative political aspect. | 2001-08-20 | |
| DON'T BUY | 31.970 | Robert Floyd | Lower valuation than other banks. | 2001-07-09 | |
| BUY | 27.300 | David Baskin | Quebec is a good sector now, so this bank is undervalued. | 2001-05-22 | |
| DON'T BUY | 28.450 | Keith Graham | Fundamental business is suffering. Loan growth and assets are problems. A union staff which creates high costs. Stock is cheap. | 2001-03-02 | |
| BUY | 26.500 | Jonathen Wellum, B. Comm, B. Sc | Smaller bank. Buy for consolidation | 2001-02-22 | |
| HOLD | 29.800 | Pierre Bernard | Still a bit of upside in banks | 2001-02-13 |
