STOCKCHASE

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

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

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

(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

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

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

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

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

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

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

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

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

Much better diversified, it's cheap.

2007-05-22

PAST TOP PICK

64.500

(A Top Pick May 30/06. Up 4.2%.) Has lagged the other banks. Tremendous value here.

2007-05-18

TOP PICK

63.920

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

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

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

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

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

(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

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

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

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

(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

The most undervalued bank with about a 20% positive differential.

2006-12-21

TOP PICK

65.230

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