STOCKCHASE

A lot of the concern that was expressed was well overdone. He is not concerned about any of the chartered banks. Has the largest dividend in Canada and is a pretty well run bank. He considers banks core stocks. They suffered from what has been happening south of the border but they were not affected. It’s a good sign that people are coming back in to the banks.

2012-01-20

PAST TOP PICK

52.770

Laura Wallace

(Top Pick Jan 19/11, Up 1.28%)

2012-01-12

BUY

52.770

Core holding. Has had a descent run. 50% of business is retail and you can only cut costs to increase profits. He is comfortable with it vs. insurance companies.

2012-01-12

PAST TOP PICK

52.340

(A Top Pick Dec 20/10. Up 8.41%.) Still likes.

2012-01-05

DON'T BUY

52.950

Brian Acker, CA

Why has it taken off so suddenly and what do you think will happen if European financials go down the drain? His model price is $50.28 giving it a negative of 4%-5%. People in US and Canada are looking for yield now so all banks will have some sort of lift because of that. Regarding Europe, we have already seen the results.

2012-01-04

HOLD

52.780

Keith Richards

Seasonal trends tend to be favorable this time of the year. A downtrend was broken. You will probably not get much resistance until $55 so it is a reasonable hold.

2012-01-03

PAST TOP PICK

52.780

Bruce Campbell

(A Top Pick Jan 6/11. Up 5.54%.) At the time, it had come off and looked quite cheap. Reported a good quarter shortly after and ran but, like all the banks, has pulled back. Good dividend.

2012-01-03

SELL

51.980

Done very well the last little while. It is in the period of seasonal strength that us end of October to today. Take profits Tuesday morning.

2011-12-30

BUY

51.980

Lyle Stein

For a long-term hold? Canadian banks have been the best-performing bank stocks globally and this one is our leader. Went through a tough period in 2011. Was in the doghouse most of the year and is now starting to come out. Their US situation is now behind them, rather than ahead of them.

2011-12-30

BUY

48.700

David Baskin

Very cheap stock right now. Unduly punished for mistakes it made 5 years ago by going into the US. Those mistakes are now behind it and he feels their results were quite strong. Have a terrific franchise, particularly on the investment side and the personal wealth management side. Pays a nice yield and dividends are due to go up.

2011-12-19

BUY

48.820

Good entry point.

2011-12-16

DON'T BUY

48.190

Not a big fan of the banks in general. Cdn banks are probably the highest quality banks globally, which is great, but a lot of money came into them and the valuations became high compared to other stocks and other banks outside of Canada. This one has been a disappointment and he doesn't see this changing soon.

2011-12-14

BUY

48.770

Jeff Parent B. Eng. FCSI

We are coming into a $47-$48 range. There will be some significant resistance when it reaches $50. Probably due for a little bit of a pullback, maybe to $47 but it could be bought now. You'll have to be patient with it.

2011-12-02

BUY on WEAKNESS

45.010

He is light in the banks, only owns NA-T because they have the best balance sheet in North America. RY had trouble investing their money outside of Canada. This one is on their radar and they will own it at the right price. Wait before buying banks.

2011-11-29

DON'T BUY

44.320

Mike S. Newton, CIM FCSI

Feels there is a lot of compression in the earnings of the stock and he doesn't see a major catalyst to any of the bank stocks going up a lot.

2011-11-28

DON'T BUY

43.900

Stan Wong

There is a lot of concern on how much 2nd party risks and contagion from Europe for all banks. Dividend is pretty stable and secure but what is a 5% dividend to stock is down 20%.

2011-11-24

HOLD

44.450

Used to trade at a premium to all banks but is now trading at a discount to them. Thinks it will earn $4.50 this year and more next year. Trading at 10X earnings.

2011-11-21

DON'T BUY

44.420

Jamie Horvat

All Cdn banks have been pretty volatile sideways traders from around 2005. Considers that more as yield plays, not growth stories. In the short-term, they are being compressed on interest margins. There has also been a decline in consumer spending and mortgage lending has been flat. They could trade off a little more.

2011-11-18

DON'T BUY

43.950

Ross Healy

Expects they will hold their dividends. Management has said they have a lot of money but can't lend it to anyone, which means their margins are being squeezed. Earnings forecasts for 2012 have been literally falling like a stone. Would be much more interested at $36-$37.

2011-11-17

DON'T BUY

43.950

Charles Lannon

Investors are not buying into their plans of increasing the business mix from capital markets activity, which can be a high return activity but very volatile.

2011-11-17

WEAK BUY

45.100

For a long-term hold? Cdn banks trade globally at a premium to BV. Will be reporting very soon and he expects some weak trading numbers. They are now trying to make an international impact on the wealth management side of the business. Don't look for much growth over the next year. Expect dividends will be raised.

2011-11-16

Comment

45.900

Richard Fogler

Cdn banks have 2 businesses, retail and investment. This bank closed their retail business in the US when it didn't work. The question is, how are they going to effectively reinvest all their excess cash. This will continue to plague them until there is some clarity.

2011-11-14

Comment

45.000

Michael Decter

Was his favourite bank stock for many years but switched to Toronto Dominion (TD-T) 2 years ago. Although they have the strongest historic management culture in Canada, TD made much better decisions about the US.

2011-11-10

DON'T BUY

45.130

Keith Richards

Canadian banks put in a bit of a major top and then fell. They are attempting to base, but there is no sign of a genuine breakout just yet.

2011-11-09

BUY

46.420

Good entry point. They are probably the leaders in moving over to the wealth business. It is the cheapest of the bunch.

2011-11-08

PAST TOP PICK

46.000

(A Top Pick Oct 25/10. Down 13.28%.) Expanded into Europe and the US but it hasn't paid off yet. Expect it will but it takes time.

2011-11-07

BUY on WEAKNESS

47.040

Lorne Steinberg

The market is getting close. First time he has not owned them. Would buy at $45. Dividend is pretty damned attractive. Likes TD and BNS as well.

2011-11-01

TOP PICK

48.620

(A Top Pick Oct 20/10. Down 8.4%.) The dominant franchise in Canada. Because of US problems, they're selling at a discount rather than the premium they used to get. Management is taking steps to address their US problems. There will be expansion in their wealth management along with a more aggressive posture in their other areas. Good yield of almost 4.7%.

2011-10-31

BUY

48.160

Steve Carlin

Large position in his portfolio but his favourite is TD. Issues delivering earnings growth. Over next 3 years thinks they will eventually get out of the issues. It is third in his list. Their brand is improving.

2011-10-26

BUY

47.720

Colin Stewart

Over the long term, this is a great company. Canadian banks have proven to be very resilient relative to global banks. Near-term, Cdn banks will be challenged by a flattening yield curve, making it harder for them to earn a high net interest margin. Good for the long-term.

2011-10-18

BUY

47.700

Jeff Black

Can look at this as a core quality holding. Good dividend. Solid business franchise. Exited the US. Growing global wealth management through some good acquisitions.

2011-10-14

WAIT

47.950

A main pick. Likes because of stability of retail network. Can grow by acquisitions. A great margin business. He wants to see the growth strategy. TD has grown rates of return through the US. Wonders what their strategy is outside of Canada. Prefers TD.

2011-10-11

BUY

47.300

Normal seasonal strength is from October until December and then another one in the spring. This bank tends to reach a very important low around this time of year. There are some early signs of support. Momentum indicators have just started to turn positive for this bank.

2011-10-07

BUY

46.650

Lyle Stein

Has not done well in Canada, but has behaved very well compared to global banks. In a position where it can buy assets when they come out of Dexia. For a long-term investor, with their high yield, it gives you twice the level you get on a government bond along with the dividend tax credit.

2011-10-05

BUY

45.950

His 2 favourite banks are this one and TD (TD-T). Looking at the consensus target price and the consensus target return, you've got 24%-25% growth over the year. Cheap. At the bottom of the Bollinger band line.

2011-10-04

DON'T BUY

46.780

Ron Meisels

The banks have all had negative reports. Chart shows a double top in 2010-2011. Broke major support at around $50. A falling knife.

2011-10-03

BUY on WEAKNESS

45.360

Greg Newman

Terrific name for the longer term. They are one of the more levered names to wholesale business. Net interest margins for banks continue to come down, which is a headwind. One wonders if their growth might start to slow if Canadian balance sheets start to get stretched and we get to the top of our real estate curve.

2011-09-22

TOP PICK

47.040

(A Top Pick Sept 22/10. Down 15.08%.) You want to get banks, particularly those in Canada, when they are mis-priced relative to the rest of the group. This bank has had its share of problems recently. Sold off their US retail operations. For years and years, it has commanded a premium multiple. Good reward in 5 years.

2011-09-20

WAIT

47.040

Lorne Steinberg

One of the first times in his career when he was not an owner of Canadian banks. Canadian housing market is poised to soften at some point. He sees some downside in the banks. Dividends are secure but he thinks they have more to fall. If another 10% dip he would be buying. Fantastic franchise.

2011-09-20

TOP PICK

46.300

Marc-Andre Gaudreau

3.18% due Nov 2/15. Financials under performing. (Subordinated, not the seniors.) Cdn banks have very strong footing. They have the option to roll over for another 5 years.

2011-09-16

Comment

47.470

Michael Simpson, CFA

Toronto Dominion (TD-T) or Royal (RY-T) for a long-term hold? Royal just sold their US retail operations while TD continues to expand and is attracting a lot of deposits. Would prefer TD because of less trading activity but a very hard question as they are both very close.

2011-09-15

TOP PICK

45.990

(A Top Pick Sept 27/10. Down 9.37%.)Has been a laggard among Canadian banks, primarily because of the volatility in their trading revenue. Their domestic franchise is very strong and posted pretty good earnings. Wealth management, long-term, is the right direction as demographics favour this. Yield of about 4.7%.

2011-09-14

BUY

45.990

Flip-flopped each quarter with one quarter having good earnings in the next having poor earnings. This has to do with trading. Capital Market is an impossible business to analyze. Earnings will increase going forward since they sold off their US assets. (See Top Picks.)

2011-09-14

HOLD

48.920

Jason Donville

Of the banks, this is not one of his favourites. There was a lot of anticipation that they would do quite well with capital markets coming back so there has been a lot of frustration.

2011-09-08

Comment

48.920

Last couple of earnings reports have disappointed the street. Trade at around 2X book. US strategy has failed. Have been impacted by being a beta for the global market. Doesn't expect it will do anything for the next 6 months. Needs the global markets to recover. This is a 2012-2013 story. (See Top Picks.)

2011-09-08

Comment

49.070

John O'Connell, CFA

All banks are struggling but this one has been struggling more than others. Getting out of US retail banking was a positive. The dominant player in retail banking in Canada and are looking to grow the business in the capital market in trading. Have been making acquisitions recently in Europe.

2011-09-07

DON'T BUY

48.220

Jamie Horvat

As a GARP manager he doesn't see a lot of growth. There is a perceived risk globally of what is the Canadian exposure to the global issue of sovereign debt and other bank credits that they might own. Recruiting out of the US, they could have some debt and restructuring for the next few quarters.

2011-09-06

DON'T BUY

48.220

Ron Meisels

Current market conditions suggest markets are likely to be weak. It broke support and is in a major down trend.

2011-09-06

PAST TOP PICK

49.170

(A Top Pick Sept 9/10. Down 3.86%.) Earnings were a little light, primarily because of lower margins. They are more geared towards capital markets, which was light on the trading side. Still a Hold.

2011-08-29

DON'T BUY

48.980

Hasn't been a fan of this bank. Didn't like their presence in retail banking in the US. They will lose money when they sell this. A lot of their earnings come from trading, which is a highly volatile business. Unpredictable.

2011-08-26

DON'T BUY

48.980

Robert McWhirter

Ranks 140 in his models. Earnings for their core business was down about 8%. Loan growth has been week. All banks will be challenged between now and the end of the year.

2011-08-26

TOP PICK

51.280

David Baskin

Wait until we see earnings on Friday. Shed it’s US subsidiary, took a write down, but not a bad one. It was a millstone around the banks neck. It is cheap and dividend (4%) is good. As long as earnings don’t have nasty surprises.

2011-08-24

DON'T BUY

48.480

Chyanne Fickes

There are other banks that are better value at this time. Revenues are very highly leveraged to the capital market so not as stable as you might get in other banks.

2011-08-22

HOLD

48.970

Not super enthused about the banks right now. There is better yield elsewhere. They are economy stocks and the economy is slowing here. A 2 year horizon is pretty good on this one.

2011-08-19

Comment

51.650

Have had particular issues in their US operations, which has helped weaken stock prices. They've now shed most of that but caused a drag on their Canadian operations side. Not expensive, but he would rather be in other banks.

2011-08-15

Comment

49.730

Convertible preferred? He would be kind of negative on preferreds. This bank is “best in class” along with Toronto dominion (TD-T). Got out of the US retail and are now focusing on wealth management. Not a bad time for purchase of the common shares.

2011-08-10

BUY

50.240

Colin Stewart

Generally hasn’t owned or liked Canadian banks, but with the recent pullback, they are starting to represent interesting values here. (He recently bought TD (TD-T).) This one has not had the success in the US like the TD has. With 4% dividend yield, it represents pretty interesting value.

2011-08-09

BUY

51.300

Lyle Stein

Has been the laggard in the banking sector because of lack of US exposure. They are abandoning the US market. Has a cloud over it from the perspective of global investment banking. Probably not a bad idea to buy the one that has under performed.

2011-08-03

PAST TOP PICK

50.290

(A Top Pick July 26/10. Up 0.17%.) Brought along with a lot of financial stocks. Sold off its US retail business, which is good. Yields about 4.2%. Still a Buy.

2011-08-02

HOLD

51.400

Looking to buy asset managers. This has become quite a profit centre for some of the banks but it also has its volatile aspects. There is a lot of competition in this area. Prefers a domestic business instead, like Toronto Dominion (TD-T) has.

2011-07-29

DON'T BUY

51.330

Veronika Hirsch

Last quarter was a big mess relative to all the other banks, which were basically in line. Relied very heavily on wholesale banking and trading. All volumes were very low, so she doesn't expect it to do well this quarter either. Not an exciting strategy.

2011-07-27

DON'T BUY

51.330

Banks are generally not acting that well here. This one made a big mistake moving into the US. Their timing was exceedingly poor and where they bought was not very good. It has cost them a lot and has hurt their balance sheet.

2011-07-27

Comment

52.820

John Zechner

Canadian banks have come under a little bit of pressure lately. Have been a safe place to be in the last year or so. Earnings growth is clearly slowing down. Safe and a decent dividend but the earnings are not going to grow. He is probably half of his normal weighting in banks.

2011-07-25

PAST TOP PICK

53.250

David Baskin

(A Top Pick July 6/10. Up 7.3%.)

2011-07-22

DON'T BUY

53.250

Richard Fogler

Don’t worry about the lawsuit in the news recently. They have had some difficulty in the US. They have a spectacular Canadian business. We don’t know where they are going to invest their cash flow in the business now that they aren’t investing in the US.

2011-07-22

PAST TOP PICK

54.150

(Top Pick Sep 9/10, Up 5.30% Total Return) All the banks have sagged except TD. Increased dividend 8% as with some of the others. He is solidly with the banks. Still adding for new clients.

2011-07-21

STRONG BUY

53.560

At this price, it's a great buy. He is continuing to add it to new accounts.

2011-07-20

BUY

53.060

Mike S. Newton, CIM FCSI

Following the trend of the capital markets, which has not been that robust. In any 5 year rolling time, it will return some pretty good dividends and will perform very well.

2011-07-19

PAST TOP PICK

53.050

Laura Wallace

(A Top Pick Jan 19/11. Up 0.55%.) Still likes.

2011-07-15

SELL

53.050

Benj Gallander

Banks have had an incredible return to form after the recession. He would be thinking what his sell target is. They pay a good dividend. Only banks in the US interest him now.

2011-07-15

HOLD

53.350

Jim Huang

Has under performed the other banks. Used to be the premium bank with great franchises and it's big size. Has some issues with the US banking and has spent a lot of money buying wealth management companies. Market is unsure about their strategy.

2011-07-13

SELL

53.500

Ross Healy

At its peak was at the valuation high that it has been at for the last 60 years. When this happens with companies, he is inclined to Sell and let them go.

2011-07-12

BUY

54.810

Has probably been beaten up the most out of all the banks. Got a pretty good price for selling their US division. Expect they will reinvest this in their Canadian operations and are generating gobs of cash in Canada. $60 a year from now.

2011-07-06

Comment

54.730

Prakash Hariharan

Toronto Dominion (TD-T) versus Royal Bank (RY-T) for a long-term hold and dividend yield? TD has been building a strong retail franchise and is his favourite. There consumer loan book has been growing. Likes their acquisition of Chrysler Financial. Royal has had way too much leverage/exposure to trading revenue.

2011-06-29

DON'T BUY

54.490

Ian Ainsworth

Cnd banks are under pressure because of rising consumer debt levels and the probability of slow loan growth. Hitting this bank a little harder than others that might have international exposure. Basically closed down their US operations and retreated back into the Canadian marketplace.

2011-06-28

BUY

54.540

Paul Harris, CFA

Likes it. From a risk point of view, they have committed themselves to being a retail Canadian bank (because they sold there US asset), an asset manager and an investment bank. Volatility is from the investment banking side. Question is can they grow that business to a size where it makes a difference on the bottom line. Retail franchise is very strong. Selling US asset was a good thing, but where they invest the money is a question.

2011-06-23

TOP PICK

54.540

Banks have all started increasing dividends, which is positive. Have always traded at a premium to the group because of their higher ROE but their valuation now is more in line with the group. Decided to get out of the retail and got a relatively good price for it.

2011-06-20

TOP PICK

54.540

Selling off their US retail operations, which is a great move. Going forward, this allows them to refocus on what their effort in the US is going to be. Will probably be in more profitable areas like wealth management and capital, which is what they excel in.

2011-06-20

BUY

54.880

Terry Shaunessy

To him, all of the banks are a gift. Dividend yield with most of the banks is higher than 5-year government bonds and they’ll probably continue to raise them.

2011-06-01

HOLD

57.360

Banks are economy stocks so he is looking for a bit slower growth over the next 4 to 6 months. His top pick would be Bank of Nova Scotia (BNS-T), TD (TD-T) second and Royal would be third.

2011-05-27

Comment

59.830

Should caller trim at this price? Stock has traded from $52 to $60 so you may want to trim. If you are a nimble trader, it makes some sense. Expects they will increase their dividend on May 27. 3.3% dividend.

2011-05-25

BUY

59.830

Jason Donville

Royal bank (RY-T) or Toronto Dominion (TD-T)? Likes TD better because of the strong consumer brand both in Canada and US. Royal has a lot more capital markets’ revenues and profitability so there is more lumpiness. Both of them are still excellent stocks.

2011-05-25

BUY

59.400

Thinks they will raise their dividend this year and next. Thinks earnings are going to be good. There’s no bad news out there for the banks. Favorite is NA and also owns BNS.

2011-05-24

BUY

59.810

His number 2 banks based on the fact that it fell the most. Sees things turning around a little bit. A good entry point/

2011-05-18

HOLD

58.450

Been range bound for awhile, which is mildly encouraging. Usual seasonal strength is from the end of February to the end of May. Seems to be hanging in there so far. Hitting its head against the all time high of $62.30. Suggests you hold until month end. Good possibility it may increase Its dividend and the anticipation will help the stock on a short term basis.

2011-05-13

BUY on WEAKNESS

58.310

Brooke Thackray

Seasonality for banks is January until April 15th. He sold his holdings in April. Technically it could pull back to about $54. His concern is if it went below that. Good entry point would be to wait for it to get to the $54 area, pull back up a little and showing some strength with good volume. Cdn banks start to outperform at the beginning of October.

2011-05-05

DON'T BUY

59.950

Jason Donville

Not getting him overly excited right now. Prefers National Bank or CIBC. When the market turns, it will be the financials that lead the market. Thinks they might sell off their US assets.

2011-04-26

BUY

60.280

Reasonably good entry point. Worse performing bank last year but has picked up a little bit this year. With its current valuation and yield and with last year’s performance, it’s probably the best value in the banking sector now.

2011-04-06

DON'T BUY

59.990

David Driscoll

Still having to deal with its US operations. Have done well in wealth management. Valuations are very high relative to the rest. Loan and deposit growth is starting to mature and slow down. Will probably not raise dividends for a little while.

2011-03-31

TOP PICK

60.040

It was in the penalty box but last quarter looked pretty good. Others have increased dividends so he thinks RY will before the end of the year. The under performing bank soon becomes the top performer.

2011-03-21

BUY

59.170

Two periods of strong seasonality (end of Feb until end of May and (end of Oct until end of Dec) Last year didn’t show very well. Right now it is on an upward trend, out performing the market. We are testing the resistance level now. You want to see it break that during this seasonality. Probably they will raise their dividend in their next report. During the summer you are going to see the stock break to an all time high. Buy at current prices.

2011-03-18

BUY

60.050

Canada is going to be broadening its appeal to international investors. The first place they will look is the commodity area and next will be banks because they have been so well behaved. Getting into a period of accelerating earnings. Likes it long term.

2011-03-14

BUY

60.790

Prakash Hariharan

The banks trade together. RY has been a laggard. Last quarter was a surprise. Credit metrics have gotten better. He is concerned about commercial real estate exposure in the US. They are getting their act back together. If they make acquisitions, he would see them catching up.

2011-03-09

BUY on WEAKNESS

59.920

Laura Wallace

Cdn banks are in a sweet spot on a global basis. May have a 2-3 year window where they are so financially strong compared to their global peers that they will be able to do mergers and take market share without a lot of risk. Well positioned and well managed.

2011-03-03

TOP PICK

59.920

Has lagged the other banks for the last couple of years because of problems in their US operations. They’re the major player in capital markets in Canada and when trading revenues do well, they do well.

2011-03-03

WATCH

56.940

Veronika Hirsch

Has been the under performer of all the Cdn banks. Reporting very soon, so you’ll have to wait. If they disappoint viz. a viz. the other banks, it’s going to be ugly.

2011-03-02

DON'T BUY

56.790

This is not one of the Canadian banks that he favours. Doesn’t like the US exposure which is becoming a big part of the bank and which they virtually earn no money but actually lose money. Would prefer National (NA-T) or Bank of Nova Scotia (BNS-T). If you want one with US exposure, Toronto Dominion (TD-T) would be a better one to own.

2011-02-28

Comment

56.740

Reporting on March 3. Concerned about their US holdings so this bank is not at the top of his list. Think they will be OK. Not sure they will increase their dividends.

2011-02-25

Comment

56.140

Annual meeting web cast on March 3rd. There are 3 things they have to deliver on. 1) Looks like they are exiting their US strategy where they have never made money. 2) Credit provisions. How much more is going to come back on to their favour. 3) What is their international strategy?

2011-02-23

BUY

56.490