| Comment | 46.510 | John Zechner | 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 | David Baskin | (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 | Brian Acker, CA | (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 | David Baskin | (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 | Norman Levine | (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 | Brian Acker, CA | 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 | Brian Acker, CA | 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 | Norman Levine | (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 | Bruce Campbell | (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 | Brian Acker, CA | 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 | Norman Levine | (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 Healey | 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 | David Baskin | 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 | Michael Sprung | 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 | Michael Sprung | 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 | Stephen 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 | Bruce Campbell | It is his least favourite stock. It does not trade at a discount anymore. | 2007-10-24 | |
| BUY | 50.500 | David Baskin | 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 | Brian Acker, CA | 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 | Norman Levine | 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 | David Baskin | 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 | John Zechner | 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 | Norman Levine | 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 | Michael Sprung | 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 | Brian Acker, CA | 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 | David Baskin | Have always have trouble breaking out of their Quebec base but are big in wealth management, good in the proprietary trading business and do well in managing brokerage accounts. Good growth, lower price earnings multiple and a higher dividend. | 2007-07-17 | |
| DON'T BUY | 61.320 | Chyanne Fickes | Banks in general are not her favourite. This one suffers from being a regional bank with very little room for growth. | 2007-07-05 | |
| DON'T BUY | 61.370 | Peter Brieger | Doesn't like it. Would prefer Barkleys in England. | 2007-06-29 | |
| BUY | 61.210 | Paul Harris, CFA | Is the lowest valuation of all the Canadian banks. More Quebec based then the rest of Canada. Banks are looking cheaper then 6 months ago. If you buy it here it will do well. | 2007-06-28 | |
| BUY | 61.210 | Michael Smedley | Has been unfairly hit compared to the other big banks. Caller asked for suggestion, this was his. | 2007-06-27 | |
| TOP PICK | 61.760 | James Cole, BA, CFA | Sometimes is out of favor. Trading at 11 times earnings with a 4% dividend yield. Good return with limited downside. | 2007-06-12 | |
| TOP PICK | 65.180 | Brian Acker, CA | Still has lots of value. A 26% positive differential from what it is trading at compared to its model price of $82.14. | 2007-05-24 | |
| TOP PICK | 64.870 | Gavin Graham | Much better diversified, it's cheap. | 2007-05-22 | |
| PAST TOP PICK | 64.500 | Norman Levine | (A Top Pick May 30/06. Up 4.2%.) Has lagged the other banks. Tremendous value here. | 2007-05-18 | |
| TOP PICK | 63.920 | David Baskin | A quality name trading at a lower PE and lower PB and a higher dividend yield than other Canadian banks. | 2007-05-08 | |
| TOP PICK | 62.050 | Brian Acker, CA | Model price of $81.21
Mispriced, gives it lots of value.
Bank rankings
National Banks @ 32
BMO @ 15
Royal @ 15
TD @ 10
Commerce at @ 5
| 2007-05-02 | |
| PAST TOP PICK | 63.020 | Richard Croft | (A Top Pick July 4/06. Up 10.6%.) Great well-managed company. | 2007-04-26 | |
| DON'T BUY | 63.090 | Bruce Campbell | Trades at roughly the valuation of the other banks and he feels it is more limited on what it can do. | 2007-04-02 | |
| BUY | 62.480 | John O'Connell, CFA | Banks, generally speaking, will perform reasonably well. This one has a higher yield. A well-run bank. | 2007-03-30 | |
| BUY | 62.960 | Norman Levine | His favourite bank. Very strong return on equity. Dividend growth rate has been excellent. Sells at a discount to the big 5, which it shouldn't. | 2007-03-28 | |
| TOP PICK | 62.000 | David Baskin | Had a wonderful quarter and a very good year. Keeps trading at a lower multiple than the other banks. Brokerage business is doing pretty well. Wealth management is very profitable. | 2007-03-14 | |
| TOP PICK | 62.510 | Norman Levine | (A Top Pick Dec 5/06. Down 2.5%.) Selling at a discount to the big 5 banks. Investors may have concerns on Québec elections, but he uses this to his advantage. | 2007-03-13 | |
| BUY | 63.620 | Chyanne Fickes | Perceived to be a good buy at this point because some of the larger banks have exposure to the US and their problems with credit card loans and mortgages. Pretty good ROE. | 2007-03-12 | |
| BUY | 64.280 | Brian Acker, CA | Has the most potential upside of the banks. He has a model price of $80.39. 25% positive differential. | 2007-03-09 | |
| BUY | 64.180 | Jeff Parent | Had a nice trend from about a year ago, with some consolidation Nov-Jan and again in Feb-March. Expect it will catch up to the other banks. As a Stop, use the 200 day moving average. | 2007-03-09 | |
| DON'T BUY | 64.250 | Ross Healey | Not only running up against technical resistance, but also its FMV is not very far off the current price. Banks have the ability to almost get to their FMV, and then can’t go any higher. | 2007-03-07 | |
| BUY | 64.490 | Brian Acker, CA | The model price is $79.31, a 24% positive differential. | 2007-02-01 | |
| TOP PICK | 63.420 | John O'Connell, CFA | Has lagged the other banks. Always trades at a slight discount but consistently has one of the highest returns on equity, best book value growth and best dividend growth. Yield is about 3.5%. | 2007-01-25 | |
| PAST TOP PICK | 64.050 | Brian Acker, CA | (A Top Pick Jan 7/06. Up 4.5%.) His model price is $78.49, a 22% positive differential. Would still buy. | 2007-01-17 | |
| BUY | 66.590 | Brian Acker, CA | The most undervalued bank with about a 20% positive differential. | 2006-12-21 | |
| TOP PICK | 65.230 | Norman Levine | Market continues to valuate it at a discount to the other 5 major banks. High return on equity. Good growth prospects. Just raised their dividend again. | 2006-12-05 | |
| BUY | 64.800 | Ross Healey | The Bank of Commerce (CM-T) and the National Bank (NA-T) both have some upside potential based on his fair market value calculation. | 2006-12-04 | |
| BUY | 63.850 | Gordon Higgins, CA, MBA, CFA | Solid and throws off a very good dividend. | 2006-11-28 | |
| BUY | 65.400 | John O'Connell, CFA | Trades at a discount because it is viewed as a regional bank, but it consistently delivers the highest return on equity, the best dividend growth and trades at the lowest multiple. | 2006-11-27 | |
| DON'T BUY | 62.700 | Peter Gibson | This is the one bank with very weak profit fundamentals. Expecting they could disappoint on earnings when they report. | 2006-11-03 | |
| DON'T BUY | 61.290 | Gavin Graham | Given its exposure to the Québec economy and that Québec and Ontario manufacturing and forestry are facing difficulties, this might not be the best time to be in this. | 2006-10-30 | |
| BUY | 59.000 | Michael Sprung | Making good progress with their National Bank Financial. Doing extremely well and profitable. Good management. | 2006-10-18 | |
| DON'T BUY | 59.240 | John Zechner | Wouldn't put this one at the top of the list of the banks. On a valuation basis, it still looks cheaper, but not cheap enough. | 2006-10-16 | |
| BUY | 61.130 | Norman Levine | This falls under the interest sensitive sector and banks generally are the best performers. This is his favourite bank. Sells at a slight discount to the other banks. Recent numbers were good. Good strategy. | 2006-09-05 | |
| BUY | 62.690 | David Baskin | Have done very well in their wealth management business, on the brokerage side and their branch operations. A knock is that it is hard for them to expand outside of Quebec. | 2006-08-24 | |
| PAST TOP PICK | 62.430 | Norman Levine | (A Top Pick May 30/06. Up 1.4%.) Whole banking area sold off but now with interest rates easing off, and the baking area starting to look better, he would put new money in. This is his favourite bank. | 2006-08-22 | |
| DON'T BUY | 59.040 | Bruce Campbell | Fully valued. | 2006-08-10 | |
| DON'T BUY | 58.580 | Brian Acker, CA | His model price is $70.45, a 21% positive differential. Wouldn't recommend it. Sees interest rates going substantially higher and thinks financials are in for a tough time. | 2006-08-02 | |
| BUY | 58.100 | Michael Sprung | Have made some real inroads in their securities arm. Recently have been making more of a presence in Ontario. Reasonably priced. | 2006-07-18 | |
| BUY | 58.470 | Norman Levine | This is his favourite in the banks. Good management. Likes the Quebec market. Good dividend growth. Also likes their money management side. Sells at a discount to the other banks. | 2006-07-11 | |
| TOP PICK | 56.970 | Richard Croft | 3.5% yield. The cheapest bank among its peer group. They only pay out about 25% of their earnings compared to 40% by most of the banks. Believes they will go to that 40% which could give some very nice dividend increases. | 2006-07-04 | |
| PAST TOP PICK | 59.560 | Brian Acker, CA | (A Top Pick Mar 29/06. Down 8%.) Sold his position in all his banks. | 2006-06-19 | |
| TOP PICK | 62.210 | Norman Levine | Have wealth management but their core business is doing well and better than expected. Have a very focused top ranked management. Just raised their dividend to 3.25% | 2006-05-30 | |
| BUY | 62.210 | David Baskin | Increased the dividend. An impressive bank. Always had a lower P/E compared to other banks because it was smaller and was felt to be trapped in Quebec. This is a thing of the past. | 2006-05-25 | |
| BUY | 61.740 | Gavin Graham | Has been moving sideways. With tightening margins and flattening yield curves, bank earnings are not being helped. This one has been one of the strong performers. | 2006-05-03 | |
| TOP PICK | 62.220 | Brian Acker, CA | Their model price continues to go up and is currently $76 which is a 22% positive differential. Earnings estimates continue to go up. Good price. | 2006-04-27 | |
| TOP PICK | 64.710 | Brian Acker, CA | (A Top Pick Dec 21/05. Up 6%.) The fundamentals keep moving up. 3% yield. | 2006-03-29 | |
| PAST TOP PICK | 64.310 | Gavin Graham | (A Top Pick Dec 29/05. Up 6%.) Still likes. | 2006-03-20 | |
| VAGUE | 63.170 | Bob Stodgell | Exceptional bank, earnings not as clean because there was some trading there. Relatively well valued. Likes this bank but their earnings were not exceptional like the CIBC. | 2006-03-02 | |
| HOLD | 61.350 | Larry Berman CFA, CMT, CTA | Suspects that sometime this year, some of the lows in the last 12 months are going to be tested. $57/$58 for this stock. Not too much of concern, but if you are worried, sell here and buy at a lower point. | 2006-02-08 | |
| BUY | 61.430 | Brian Acker, CA | Has a positive 17.3% differential to his model price. | 2006-02-07 | |
| BUY | 61.090 | David Baskin | They have done a terrific job. Used to trade at a discount to the other banks but that has now dissipated somewhat. Still likes it. | 2006-01-19 | |
| TOP PICK | 61.270 | Brian Acker, CA | His model price keeps going up. This is based on the balance sheet when the earnings come in. He has a 17% positive differential. This is by far the cheapest of all the major banks. | 2006-01-17 | |
| TOP PICK | 60.330 | Gavin Graham | Up 22% over the last year. 3.2% yield. Broadening out its exposure beyond Quebec. | 2005-12-29 | |
| BUY | 60.340 | Norman Levine | His favourite bank holding. Continues to be under owned because of its Quebec exposure, but wouldn't hesitate to own it. | 2005-12-28 | |
| TOP PICK | 61.070 | Brian Acker, CA | There is a model price differential of 14%. It's worth $69 plus the dividend of 3%. | 2005-12-21 | |
| BUY | 61.240 | Werner Muehelemann | Positive on bank stocks because they are very solid companies in Canada. This is the one he prefers. Tryting to grow across Canada. Also likes the Bank of Nova Scotia (BNS-T) with its international play.. | 2005-11-21 | |
| TOP PICK | 59.620 | Brian Acker, CA | His model price continues to go up on this stock and is currently $69 which is a 16% differential. It's the only bank out there that have substantially increased their earnings revisions last quarter. Firing on all cylinders. 3% dividend. | 2005-09-21 | |
| DON'T BUY | 58.630 | Ross Healey | Has already hit his maximum target. All the banks have hit his upside targets. | 2005-09-14 | |
| DON'T BUY | 58.290 | Mark Jackson, CFA | Has been doing very well. Valuation has come up to the average. Doesn't trade at a premium to the bank multiple. Prefers banks that can show growth. Prefers Toronto Dominion (TD-T) and Bank of Nova Scotia (BNS-T). | 2005-09-12 | |
| TOP PICK | 57.530 | Norman Levine | Management is very focused. Pulled out of the US for the most part. Focusing more on their home market in Quebec and the other markets in Canada where they are really strong. | 2005-08-30 | |
Experts that have talked about National Bank of Canada
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