STOCKCHASE

Pretty much all of the banks had good earnings this quarter and this one was one of the strongest. Likes their wealth management business. Very cost effective branch runners. Have a pretty good security business. All they do is make money and raise their dividends. Trading at a bit of a discount to the rest of the industry.

2011-12-19

BUY

66.190

His model price is $76.26, a 16% upside. All of the other banks are pretty well at or above their model price.

2011-12-02

BUY

63.820

Hap (Robert) Sneddon FCSI

Have recently been expanding some of their wealth management operations out West. Very well-managed. Dividend is about 2.84%. For a longer-term play, you could look at this at current levels.

2011-11-25

WEAK BUY

68.180

He would buy this if he buying banks, which he isn’t. Collect your dividend until January at which time it could move. It is his favourite of the Canadian banks.

2011-09-21

TOP PICK

70.370

Barry Schwartz

Final bidder to buy HsBC’s brokerage business. Likes this. They are now moving beyond the Quebec borders with their purchase of Wellington West a few months ago. Expect they will continue to expand their wealth management business, which has higher margins than retail banking.

2011-09-14

PAST TOP PICK

71.930

Sandy McIntyre

(A Top Pick Aug 25/10. Up 33.33%.)

2011-09-07

TOP PICK

69.490

Jeff Parent B. Eng. FCSI

The strongest bank fundamentally. Trying to buy at around the $70 level.

2011-08-22

TOP PICK

77.370

Have done a tremendous job in managing their Canadian assets including the wealth management, the branch network and the stock brokerage. Beat earnings expectations. Raised their dividends.

2011-06-16

PAST TOP PICK

77.250

Sandy McIntyre

(Top Pick Aug 15/10, Up 43.33%) It was primarily a domestic bank that got beat up.

2011-06-08

PAST TOP PICK

78.920

(A Top Pick May 10/10. Up 36.81%.) Still one of his favourites. Great dividend and growth potential.

2011-05-05

BUY

79.250

Barry Schwartz

If you look at Canadian bank stocks, they look expensive, but if you look at them on a valuation basis, they are cheap. He would buy NA or BNS and tuck it away for many years.

2011-05-03

HOLD

77.540

Raised its dividend earlier this year and will probably raise it again later in the year. Could under perform the other banks later on because it is conservative and didn’t have to write off a lot of loans. Likes their domestic exposure and their wealth management exposure. Good long-term hold.

2011-04-06

DON'T BUY

78.790

David Driscoll

Canadian banks are too rich right now from a valuation perspective. If the Wellington-West deal goes through, gives them more trading activity. He is always hesitant to invest in a non-retail bank.

2011-03-31

Comment

70.580

Michael Decter

Always trades below the value of the other banks because of the Quebec issue. Had a good run. A decent holding but any gains in Cdn banks are going to come from dividend increases.

2011-02-03

BUY

68.520

Has certain franchising capital market, which he finds attractive along with a retail banking operation but to him Cdn banks don’t look much different from each other. However this one is the cheapest.

2010-12-06

PAST TOP PICK

65.090

Mark Carpani

(Top Pick Nov 17/09, Up 14% total Return) 6.4% 11/18/2019. Solid utility, still owns it.

2010-11-16

DON'T BUY

65.900

The first bank to raise its dividend would be NA. Most conservative and first out of the gate. Canadian economy is slowing slightly, borrowing is slowing and so there are better places to be than banks.

2010-11-09

HOLD

63.450

His favourite bank. Lowest risk bank in Canada. No US exposure. When financial institutions start to raise their dividends again, this one will be the first bank to do so. It has lots of room to raise it. Recent spike in stock price was from earnings release.

2010-09-07

Comment

61.220

Rick Stuchberry

More bullish on the Canadian banking sector now with the improving balance sheets and lower loan loss provisions. Very good, solid domestic bank but he prefers others. (See Top Picks.)

2010-08-30

TOP PICK

55.650

Sandy McIntyre

Confident that Canadian economy is ok. No noise around US operations. Tier one capital of 12.6% vs. 7.7% a decade ago. ROE is 18%. Less than 10x earnings.

2010-08-25

TOP PICK

57.240

Barry Schwartz

Under appreciated. Trading at a big discount to other banks. Over capitalized. In a position to raise its dividend. They can make acquisitions outside Quebec. No problems, no foreign debt, no significant US exposure. Very little exposure to the bad stuff.

2010-07-20

Comment

57.030

21% upside to his model price. Really no value in the banks as a group but he would get excited about them if there were a correction in the financials.

2010-07-08

BUY

55.830

Always traded one or two multiple points below other banks because it is locked into its Quebec base. History of increasing dividend.

2010-07-06

BUY

56.830

Joey Mack

2 issues, one May 26/15 @ 4.03% and one Feb11/15 @3.147% selling under par. Likes National Bank as a credit. One of these is probably a deposit note while the other would be a fixed floater. Basically you are looking at a senior debt and a junior debt, which accounts for the difference in yields. Would prefer the junior debt.

2010-06-25

TOP PICK

59.990

This is one bank that won't get in trouble by buying Greek bonds. Likes their conservative nature. Nice dividend and lower multiple than the other banks. Expecting a dividend increase.

2010-05-10

BUY

62.640

20.5% upside to the current price.

2010-04-01

BUY

58.610

Report tomorrow. Are the cheapest bank. He is very comfortable with this one.

2010-02-24

BUY

57.370

Colin Stewart

(Market Call Minute.) One of the cheapest of the Canadian banks. Very well run.

2010-01-28

BUY

56.640

Of all the banks, this is the best investment today.

2010-01-22

BUY

59.100

What do you focus on when looking at a company? Has to like a sector and does like Cdn banking sector. Dividend yield is important. PE and ROE are important. Likes this one because of its protected market position inside Quebec. Wise traders and good wealth managers. There is room for dividend growth. Best earnings of any of the Cdn banks for 2009.

2010-01-14

SELL

59.990

Canadian Imperial (CM-T) or National Bank (NA-T). Which would you sell? Would only own this when it is a big discount to the others. Prefers Toronto Dominion (TD-T)

2009-12-30

BUY

59.610

On the relative valuation basis he can see more upside than in other banks.

2009-12-23

DON'T BUY

60.200

Steven Conville

A lot of the steam is out of the banks and can't see it improving for 2 years. Doesn't see a consist raise in dividends in this climate to make it as attractive as other stocks. For a long-term hold without exposure to foreign markets it is fine.

2009-12-18

HOLD

58.490

(Market Call Minute) Favorite bank but banks are vulnerable for a correction.

2009-12-08

BUY

60.840

Great bank and valuation is good. Quarter was a little lower than expected but not dramatically so. $.62 dividend.

2009-12-03

BUY

63.180

This would be his #1 choice in Canadian banks. It is a dark horse. Doesn't have a lot of the problems. No exposure in the US. Good discount to the group. 3.9% yield.

2009-11-30

TOP PICK

63.500

Gavin Graham

Has done the best of all Canadian banks since the bottom and has actually doubled. This is because it is Quebec, which has done the best of all the provinces. 3.9% yield.

2009-11-23

TOP PICK

61.000

Mark Carpani

7.447% bond maturing June 30/20. A Tier 1 debt. Fairly high yield right now of over 6%.

2009-11-17

Comment

58.040

Ross Healy

This is about as high as it gets historically. Has only been above this peak once before. Expects a fair correction as he does with all the banks.

2009-10-26

BUY

59.310

Favorite of the banks for the valuation, higher Canadian $ could be bit of a problem.

2009-10-20

Comment

58.700

He expects they will have a dividend increase. Prefers Canadian Western (CWB-T) at this time.

2009-10-16

PAST TOP PICK

59.710

Keith Richards

(A Top Pick May 11/09. Up 26%.) Still likes it. Thinks it will start to flatten out. All the banks are approaching their old highs and hitting technical resistant levels. This one has the lowest PE of the group at 9X earnings. Great dividend and no US exposure.

2009-09-24

PAST TOP PICK

60.550

(A Top Pick Sept 2/08. Up 26.5%.) Most profitable bank in Canada. Looks like it can continue to expand in its niche. Potential to raise dividends. Trading at 9X earnings versus its peers at 11X or 12X. Still inexpensive.

2009-09-23

PAST TOP PICK

61.450

(A Top Pick Sept 2/08. Up 23.18%.) Liked it because of the little they had to do with the US. Have done very well with her brokerage and trading. Wealth management share in Quebec is very strong.

2009-08-31

BUY on WEAKNESS

51.300

Paul Harris, CFA

Had some issues with asset-backed paper. Was probably totally undervalued when it collapsed. Somewhat limited to the Quebec area with limited franchises in other areas. Made some changes and is becoming better run. Will always trade at a discount to the other banks. Prefers Toronto Dominion (TD-T) and Royal (RY-T).

2009-05-28

TOP PICK

48.390

Keith Richards

A little bearish on the US$ versus Canadian. This bank literally has no exposure to the US. Would sell if it reached its old high of $55.

2009-05-11

WAIT

43.760

Marc-Andre Robitaille

Likes because of Quebec exposure and no US and limited western Canada exposure. Quebec’s economy seems to be more resilient. Yield is in line with piers but better earnings momentum and ROE.

2009-04-15

HOLD

39.780

In all the Canadian banks, it has the least risk regarding bad loan portfolios and bad assets. No US exposure. Not buying any of the other banks yet because expects immediate future will be showing loan losses. 6.4% yield.

2009-03-30

BUY

40.750

Richard Croft

A wonderful investment if you are holding for the long-term. 6% yield. His favourite banks would be Toronto Dominion (TD-T) with a 5.5% yield and Royal (RY-T) with a 5.3% yield.

2009-03-27

DON'T BUY

36.180

Karl Berger

Ran into some trouble with their asset-backed commercial paper program but have been fairly clean in regards to their write-down relating to the US subprime sector. Like any Canadian bank, they are going to have trouble with increased loan-loss provisions.

2009-03-03

BUY

32.440

Preferred Shares. Like the other banks, they have issued preferred shares with a yield of 6.6%, which is pretty attractive.

2009-01-26

BUY

32.300

Steve Carlin

(Market Call Minute.) Good supportive dividend yield. Low dividend payout ratio relative to earnings. Sees some good attractive upside from here.

2009-01-23

PAST TOP PICK

33.250

Gavin Graham

(A Top Pick Jan 2/08. Down 32.2%.) Liked it because had taken the asset-backed commercial paper off and expected a rebound. Earnings growth will be quite good. 7.5% yield. Buy.

2009-01-14

Comment

34.000

Chris Smith

ABCP settlement has been a big overhang on the stock but looks like it is going to get done. Trading at a very substantial discount on an earnings multiple compared to the other 5 major banks so will play a little bit of catch-up. 7.25% yield should be safe.

2009-01-12

BUY

34.000

Andrew Guy, CFA

(Market Call Minute.) Any of the Canadian banks are Buys and this one is not a bad name.

2009-01-06

DON'T BUY

27.720

The model price is $39.17, a 38% positive differential. Wouldn't buy it just yet.

2008-12-16

DON'T BUY

29.810

Bill MacLachlan

Although they have cut dividends in the past, he doesn't think they are at risk here. Most of their business is in Quebec, which will be hit at least as hard as Ontario. Prefers others.

2008-12-11

BUY

44.530

Canadian banks are the healthiest in the world. Didn’t take on the same amount of risk as the rest of the world. If you are a long-term (3-5 years) investor, you are ok in banks. National is only one they buy. No Canadian banks are cutting dividends.

2008-10-14

TOP PICK

51.150

Profits increased the best in North America at 18% last quarter. Not an exciting growth story but has always traded at a lower multiple than others and had to pay a higher dividend to attract stockholders. 4.75% dividend.

2008-09-02

Comment

46.510

This is probably the bank that looks the most defensive at this time. This may ultimately be one of the better places to go. Still not rushing out to look at banks at this time.

2008-07-14

PAST TOP PICK

53.580

(A Top Pick July 17/07. Down 12%.) Had a problem with asset backed commercial paper. When this is cleaned up, probably midsummer, it should go back up. Earnings were the best of all 6 big banks. Attractive dividend that is sustainable. Very good Buy right now.

2008-06-10

BUY

54.400

Duncan Stewart

Likes the overall Canadian financial sector. Canadian banks have higher ROE’s than most of their global peers.

2008-06-03

SELL

53.400

David Burrows

Was a short term trade. Banks have damaged their balance sheets of the last year, which makes it hard to generate the same kind of revenues.

2008-05-22

PAST TOP PICK

52.330

(A Top Pick May 2/07. Down 12%.) This is the one bank that has kind of held in there. Never had the disasters of the CIBC (CM-T) or Bank of Montreal (BMO-T). His model price is $71.44, a 36% positive differential.

2008-05-08

PAST TOP PICK

50.880

(A Top Pick May 8/07. Down 17%.) This was recommended before the commercial paper crisis arose. Thinks the market has oversold this one. Dividend and PE is enormously attractive.

2008-04-22

HOLD

50.540

Ben Cheng

(Market Call Minute.) There are some headwinds continuing from Quebec.

2008-04-16

PAST TOP PICK

48.330

(A Top Pick march 13/07. Down 20%.) Only bank that has said what their asset backed commercial paper is. Took a 25% write down on it.

2008-03-10

DON'T BUY

47.350

David Burrows

There are continued concerns that they may have more exposure to ABC paper. Will likely have more write-downs.

2008-03-03

BUY on WEAKNESS

51.100

He has a model price of $68.85, a 32% positive differential. When it gets down to $44 again, it would be a Buy.

2008-02-27

Comment

52.690

28% upside on his model price.

2008-02-07

DON'T BUY

49.870

David Burrows

Has completely avoided financials since May/June of 2007. At some point, they do become very inexpensive and they can bounce. You have to ask yourself, is it a bounce or something sustainable.

2008-01-28

BUY

50.350

(Market Call Minute.) Would buy the stock here, especially if you looking out beyond a year.

2008-01-07

TOP PICK

51.510

Gavin Graham

Has had a tumble and this is the time to buy it. 4.8% yield.

2008-01-02

HOLD

52.290

(Market Call Minute.) Not his favourite bank. Even though some of the problems that it fixed it may be not a bad place.

2007-12-31

Comment

50.540

His model price is $68.60. A 32% positive differential.

2007-12-20

DON'T BUY

53.950

Alex Ruus

His philosophy is to buy the better quality players. He would suggest Toronto Dominion (TD-T) instead.

2007-12-13

BUY

53.820

David Cockfield

The sub prime thing sort of backed into their backyard. They weren't involved with the subprime as much as they wear into asset-backed paper. Have done a pretty reasonable job. The stock is acting much better and it is a well-run bank. Be aware that they are very active in Alberta and that area has suffered. 4.6% dividend.

2007-12-07

PAST TOP PICK

53.410

(A Past Top Pick. Dec 5/06. Down 18.3%.) If you own it, Hold. You are getting a decent yield on it. Like all Canadian banks, they will raise her dividends on a regular basis. There could still be another few dollars of downside.

2007-12-03

TOP PICK

53.980

Ross Healy

Dropped down to a very attractive valuation level. Good yield and good technical support. Speculative buy because it is a counter trend move to the fundamental down trend of the banks.

2007-11-30

TOP PICK

53.680

Had its 1st losing quarter in 15 years. Took a write down on their asset backed paper but not as much as had been feared. The good news is they will probably make $6 in this fiscal year so you can buy now at 9X this year's earnings. Dividend of about 4.5%. Oversold.

2007-11-29

HOLD

53.510

This is the cheapest of the big 5 banks at less than 2X Book Value. Their ROE is about 18% but there is a lot of worry about what they might be holding in terms of commercial paper etc. 4.5% yield.

2007-11-06

BUY

53.640

Patrick Kim

An unloved name right now for because of their asset backed commercial paper. Thinks the market has overdone it and has baked in the worse case scenario. Even in the worse situation, the target price would be in the mid to high $50 range.

2007-11-02

DON'T BUY

54.650

Veronika Hirsch

Admitted to being involved in commercial paper up to $2 billion. Rumours that their involvement is even larger. Also rumours of significant loan exposure to the Alberta oil patch. Would wait for the reporting of their next quarter.

2007-10-31

WATCH

52.010

Has been hit hard relative to the other banks because of the commercial paper problems. Trading extremely low. Has high yield.

2007-10-26

WAIT

52.010

Brooke Thackray

This is an area that we will suffer in. Not something I’d pick up. Take a look at it in December.

2007-10-26

VAGUE

52.010

Steve Carlin

Has lots of exposure to Asset Backed Commercial Paper (ABCP). Investors are very worried they will take a large write off.

2007-10-25

SELL

50.500

It is his least favourite stock. It does not trade at a discount anymore.

2007-10-24

BUY

50.500

They have a couple of billion dollars in asset backed paper. Believes there will be a value placed on the paper. Right now it's all being lumped together. If the bank was to totally write off the paper, the after tax hit on their book value would be around $6.00, the stock has already dropped $10. So he believes that the worst case scenario has already been built into the stock price, and he is buying now.

2007-10-23

BUY on WEAKNESS

55.300

The model price is almost $80, a 43% upside. This might be a good trade. There is a lot of doubt on this bank based on the asset-backed paper. Had a pop, but he would wait and see where it settles down. Low $50's would be a good place.

2007-10-10

TOP PICK

55.670

Everybody hates this one right now because they had exposure through their mutual funds to commercial paper. They have now taken this on themselves. This is a quality bank with an above average growth rate and an above average yield.

2007-10-02

DON'T BUY

55.250

Chyanne Fickes

Of all the banks, they are probably the most exposed to the subprime problems in the US and will have the biggest hit. Would wait for more clarification before buying.

2007-10-01

TOP PICK

54.250

Oversold, people got panicked. Yielding 4.4% trading at 9.5 times trading earnings. Very cheap for a quality bank.

2007-09-26

WATCH

52.260

Good yield/low PE. $2 billion in reset paper that has to be guaranteed to their retail clients. Will probably find out how much they have to make good on in the next month. Intriguing at this level. Could be dead money for awhile.

2007-09-12

HOLD

52.130

Financial stocks globally are leading this market down and will probably continue to do so. Eventually they will lead the market up, but it is way too early to buy banks. This one has been hurt more than other banks because of a $2 billion exposure to as

2007-09-11

HOLD

53.250

Robert Floyd

He is looking for lower price points on some of the banks before entering into them. Because of some of the issues on subprime the financial sector has been under a lot of pressure. May very well go down a little bit more before going up.

2007-09-06

BUY

54.920

4.3% yield is at the top of the heap. Just put out a statement about asset backed commercial paper market and they were buying $2 billion of it from their funds. Feel they were being honest about it. At 20% discount to the other banks, you have a reasona

2007-08-31

BUY

55.960

His quantitative model shows a 40% upside. Feels banks will bounce here giving an opportunity for a trade. Long-term, he is less enthusiastic.

2007-08-30

DON'T BUY

54.840

Greg A. Taylor, CFA, BBA

A lot of uncertainty across financial institutions globally. Traded at a bit of a discount to the rest of the banks, so it will take longer for them to recover. A little oversold, so you could buy for a trade.

2007-08-20

TOP PICK

62.260