STOCKCHASE

(A Top Pick Feb 9/09. Up 67.5% excluding dividends.) Had been way oversold.

2010-02-08

WATCH

53.480

Don Vialoux

Banks have 2 periods of seasonality. One is from the end of October until the end of December, which is when the banks are reporting their 4th quarter results. The other period is from the end of February to the end of May. Watch for the sector to show bottoming action are on the end of this month.

2010-02-03

PAST TOP PICK

52.820

(A Top Pick Jan 14/09. Up 60.02%.)

2010-02-01

PAST TOP PICK

53.370

(A Top Pick March 2/09. Up 9.74%.) Bond due 2012. No longer owns as he changed firms but still likes.

2010-01-26

PAST TOP PICK

55.750

(A Top Pick Feb 9/09. Up 80.51%.)

2010-01-14

PAST TOP PICK

56.140

(A Top Pick Apr 3/09. Up 49.95%.) Still likes.

2009-12-30

HOLD

56.140

David Driscoll

(Market Call Minute) for all Canadian banks

2009-12-29

HOLD

54.810

Steven Conville

Management style is very conservative, which he likes. Long-term hold.

2009-12-18

HOLD

55.260

(Market Call Minute.) Still sees plenty of upside.

2009-12-16

BUY on WEAKNESS

55.150

(Market Call Minute.) Buy in the low $50’s. The banks are in a consolidation phase.

2009-12-10

SELL

55.230

Would not own too many banks. Would take profits. They have a huge US exposure and he prefers banks with less US exposure.

2009-12-08

TOP PICK

57.480

Jason Donville

Now that we are at normalized valuations for banks, this is the place to be. Attractive valuation. Extremely well positioned in the capital market. Good “buy and hold” blue-chip stock.

2009-12-03

Comment

56.810

John Zechner

This is more the stable player in banks with the best of the consumer market. Worries are little about their US exposure. Feels banks are now fairly valued. Earnings growth will be slow because of dilution. Good dividends.

2009-11-30

PAST TOP PICK

56.700

(A Top Pick May 5/09.) Doesn't own since he is managing a new fund. Still likes.

2009-11-27

PAST TOP PICK

58.190

(A Top Pick Jan 14/09. Up 75.31%.) Still buy.

2009-11-23

WAIT

57.350

Will be reporting in a few weeks and will know a lot more then as to how much loan loss provisions will be needed for the US operations.

2009-11-12

BUY

54.880

Craig MacAdam

Canadian banks have come through the crisis and this one is the leader. Dividend is secure and will start to grow again once they build up their capital. This would be his favourite play. 3.6% yield.

2009-11-02

BUY

56.110

(Market Call Minute) One of his two favourite banks stocks.

2009-10-21

Comment

55.950

Had a wonderful run off the bottom. All the banks are looking a little tired for the short-term and he has lightened his holdings little bit. 3.5% yield.

2009-10-09

PAST TOP PICK

56.310

Jeff Parent

(A Top Pick Oct 10/08. Up 43%.) Buying Shares at about $41and Selling Call Options at $42.

2009-10-07

BUY on WEAKNESS

55.170

Steven Conville

Attention to detail is very good. Over a long-term you will be rewarded. Expect you could get it $3-$5 cheaper in the next few months.

2009-10-02

BUY

57.500

Barry Schwarrtz

Great company. Trading at a reasonable valuation. Earnings will continue to grow. Expect dividends will go higher in 2010.

2009-09-29

PAST TOP PICK

57.050

Mark Carpani

(A Top Pick Oct 9/08. Up 16.71%.) RBC Capital Trust bonds Dec 31’13.

2009-09-21

Comment

56.840

Shauna Sexsmith

Largest bank in Canada but has some US assets that cause some concern. Had a great quarter because of vote 50% of their revenues came from trading. Has the best ROE in the business. Strong franchise but the shares are priced to reflect that. (See Top Picks.)

2009-09-08

SELL

56.840

John Zechner

He is selling banks. Not worried about dividends or earning, though, and would rather look at US banks.

2009-09-08

TOP PICK

56.400

Andrew Guy, CFA

This and Toronto Dominion (TD-T) (See Past Top Picks) are the 2 best managed Canadian banks. At this time, this one is the better pick because of the diversification of its assets and the strong management.

2009-09-04

Comment

56.450

Blew the doors off with their last quarter's earnings. If you own and have doubled, consider taking some profits. Very impressed with this bank. Fair value right now and there is room for the dividend to rise.

2009-08-31

TOP PICK

56.100

6.1% Series AX Bond yielding 5.5%. Rate reset bond that if the bank or insurance company does not call it back in 5 years, they will either go on for the next 5 years at either a fixed or floating rate, your option. One of Canada's top banks. With the drop in yield, the price should go up.

2009-08-28

PAST TOP PICK

56.100

(A Top Pick May 5/09. Up 4.25%.) Callable Bond due in 2018 which should be called out in 2013.

2009-08-28

BUY on WEAKNESS

50.580

Ara Nalbandian

A little bit overvalued and banks could correct here. Overall he doesn't see any significant overall catalyst that is going to bring it down so wouldn't recommend a short position on it.

2009-08-19

HOLD

50.110

Andrew McCreath

(Market Call Minute) Best of the lot in it’s market place. Sees no calamitis events but tough time moving higher.

2009-08-18

BUY on WEAKNESS

50.710

(Market Call Minute.) Prefers the other banks.

2009-08-10

BUY

51.850

Banks have had a good run. He views them as core holdings and wouldn't be afraid to own them here. Trading at reasonable multiples. There are signs of slowly but surely improvement in the economy. Solid yield.

2009-08-05

Comment

51.000

Canadian banks will make a lot of money on their underwriting. This one has a little bit too much exposure in the US for him. Expecting a reasonably good quarter. Pretty much fully priced. If you own Hold but if not, every portfolio should have a Canadian bank.

2009-07-27

BUY on WEAKNESS

45.130

He is under weighted the financials because Canadian banks that are US exposed might be exposed to more bad debt than is thought. If the price gets close to $40 you can buy but don't go roaring after them.

2009-07-10

HOLD

47.990

Ara Nalbandian

Canadian banks have been managing through the cycle considerably better than other global banks. This is the premier, highest-quality bank in Canada. He views Canadian banks as having run too far, too fast and he doesn't find great value in them right now. For a longer-term time horizon you should continue to Hold. Dividends are safe.

2009-07-03

PARTIAL SELL

47.990

Prakash Hariharan

Would take some profits but would keep a little bit in the case of a rebound. Wait for a pullback before buying. If they have bad earnings numbers that would be an opportune time to get in. Good tangible common equity ratio.

2009-07-03

PARTIAL SELL

47.470

Bill Carrigan

Canadian banks were a screaming buy back in early March when they had yields of 6% plus. They are now up 40%-50%. If you own, consider taking some profits.

2009-07-02

DON'T BUY

47.540

Michael Sprung

(Market Call Minute.) This would not be his first choice. There are a couple of others that would have a better valuation.

2009-06-26

TOP PICK

46.000

Dividend yield of 4% plus. A year from now, the economy is going to be better and we won't be talking about housing prices and loan losses. Earnings are going to start growing. This bank’s wholesale business doesn't get enough credit. Very good upside in the next couple of years.

2009-06-19

DON'T BUY

45.180

David Burrows

A number of things that have driven earnings gains in the past are probably not there going forward. Banks became very over owned and never will likely be a multiple contraction going forward. He has very limited holdings in financials.

2009-06-15

HOLD

45.990

Mike S. Newton, CIM FCSI

His 2 picks in Canadian banks would be Bank of Nova Scotia (BNS-T) and Royal Bank (RY-T). The issue he has with them is that the charts show them right up against the long-term trend. Things are not getting a lot better out there and he doesn't know how they are going to make a lot of money. Will probably be a sideways trade for some time. 4.3% yield.

2009-06-11

SELL

46.090

Would consider taking profits as the banks have gone up on declining volume. Charts of Canadian banks shows volumes were highest at the bottom of the stocks. As the stocks have been going up, the volumes have been going down. Also big US exposure and commercial loan exposure is there. Credit card debt could be a problem.

2009-06-08

BUY on WEAKNESS

46.090

Paul Gardner, CFA

With the latest run he sold part of his holdings. Best in class company but would wait for a 10% drop.

2009-06-08

BUY

44.840

(Market Call Minute.) One of his 3 favourite banks. The other 2 are Toronto Dominion (TD-T) and Bank of Nova Scotia (BNS-T).

2009-06-04

HOLD

43.700

Gerald Allaye-Chan

Long-term this one is definitely a hold. Has been very well managed and diversified. Will be a winner in the long-term.

2009-05-29

BUY on WEAKNESS

45.500

(Market Call Minute.) Thinks the banks are going to trade in a trading range so would wait for a pullback closer to $40.

2009-05-28

BUY on WEAKNESS

42.650

Expects it will pull back with the market.

2009-05-25

Comment

42.350

Sandy McIntyre

He bought about a month ago and has been selling over the last 2 weeks. Financials had a pretty good run off the bottom. 2nd quarter earnings are coming up in the next couple of weeks and he wants to stand back and let the normal seasonal effects take hold.

2009-05-14

BUY

41.260

Jeff Parent

(Market Call Minute.) Has pulled back and little bit and has some good upside. Good dividend.

2009-05-13

TOP PICK

43.290

He values this company at $50 a year from now.

2009-05-12

SELL

45.000

(Market Call Minute.) Banks have been running up on decreasing volumes. Also, they have a very large US exposure.

2009-05-06

TOP PICK

43.630

Hap (Robert) Sneddon FCSI

Callable Bond due in 2018 which should be called out in 2013. If it doesn't get called out, it will float. Great hedge against inflation. Yields close to 4%.

2009-05-05

HOLD

41.800

Michael Smedley

(Market Call Minute) Largest bank, nice dividend and should not be too hurt by things American

2009-04-28

DON'T BUY

41.290

Michael Sprung

A little over valued right now. Not one he would run out to purchase. Would be more attractive at $35.

2009-04-22

HOLD

41.600

(Market Call Minute) May have to have a bit of a visit.

2009-04-20

TOP PICK

43.150

Andrew Guy, CFA

Strongest bank based on valuation. Low as it has been relative to peers in 5-10 years. Dividend is safe. Write down on good will is signal that they are a strong company. Best fixed income debts out of any of the Canadian banks.

2009-04-17

BUY

40.600

Loan losses for all Canadian banks will be a little bit higher in the next year but the further out you go, the more attractive they look. You get paid to wait in all these banks. Prefers Toronto Dominion (TD-T) and Bank of Nova Scotia (BNS-T).

2009-04-13

TOP PICK

38.470

Senior Canadian bank. Great money market business. Owns tons of mutual funds and the fee base business is super. Has a good investment-banking arm. Some US exposure. With the yields where they are, you can start to add. Buy on weakness.

2009-04-03

HOLD

37.970

Veronika Hirsch

(Market Call Minute.) One of the favourites of analysts. Has had a huge move off the bottom. Has a premium to other banks and not sure it deserves it.

2009-04-02

TOP PICK

37.650

Mark Carpani

6.821% June 30, 2018 bonds yielding about 8% to maturity. Thinks this is the best bank. Good yield. He will probably hold until maturity.

2009-04-01

Comment

36.990

Richard Croft

Preferreds. Thinks interest rates will continue to stay reasonably low. He would take the older preferreds rather than the more recent issues. Yield of about 6% is pretty attractive.

2009-03-27

Comment

35.400

Ken McCord

Over 5% dividend. Banks have to now focus on traditional banking business, borrowing and lending spreads. He is not positive on the growth prospects for wholesale banking and the wealth management businesses. He suggests writing a Call option around $40.

2009-03-19

TOP PICK

29.970

Bond due 2012 on subordinate debt giving it a higher yield. Probably Canada's premier bank. Spreads have gone from about 0.5% on a government of Canada bond up to 3.5% above.

2009-03-02

DON'T BUY

30.920

Not in any rush to buy banks at this time. This one has a premium valuation. Reported decent numbers yesterday but he is a little suspect of the quality of these.

2009-02-27

DON'T BUY

29.990

Lyle Stein

Concerned about the banking sector. This is the place with all the debt and we have way too much debt. Banks are issuing shares and diluting. Clouds have not cleared enough yet.

2009-02-25

Comment

29.990

Peter Brieger

Not buying any banks right now. The only reason for caution here would be its US business. Not buying any banks right now.

2009-02-25

BUY

25.820

(Caller has a 10 to 15 year time horizon.) With that time horizon, this is almost a no-brainer to Buy now but could go lower. Will have weak earnings through 2010 but doesn't think they will cut dividends. Expects loan losses for a few quarters.

2009-02-23

PARTIAL BUY

30.350

Should start to see yield support in the $27-$28 area. Feels the dividend is secure. Wouldn't hesitate to start establishing positions.

2009-02-11

TOP PICK

31.820

Has never seen yields on Canadian banks that are twice that yields on 10-year Canada bonds. 5 years from now, when the dividend has gone up 3 or 4 times, you will think you are very smart. 6.2% yield.

2009-02-09

DON'T BUY

31.240

Veronika Hirsch

Doesn't like any financials. If there is that news on one of the big US banks, it could spill over into Canada.

2009-02-05

WAIT

30.240

Michael Sprung

Heading into another reporting period for banks and he is a little wary of what might show up on those banks that have operations in the US. Expects to see loan-loss provisions going up but still banks are selling at compelling valuations. This would not be at the top of his list.

2009-02-02

Comment

30.310

Ken McCord

Feels all the Canadian banks are solid in respect to their dividends. He worries about the financials midterm. Thinks there will be a nice rally in them for the next couple of months but he has call options on all his banks right now at 15% of the money 30 to 60 days out.

2009-01-29

BUY

30.310

Paul Harris, CFA

If Canadian consumer starts to deteriorate, it will hurt retail banking. Canada is a very resource oriented country and their loan book will become more difficult. However, they have very good tier 1 ratios and he would buy at these levels.

2009-01-29

BUY

29.500

The whole worldwide financials have taken a hit again. Canadian financials are definitely the best but they have been hit as well. Now at 7 or 8 times earnings, not much more than book value. Would buy under $30.

2009-01-26

WAIT

28.080

A lot of Canadian bank issues relate to foreign banks that are in extreme distress. Fundamentally, Canadian banks are in better shape but are considered very expensive. Thinks earnings are going to come down a little in 2009 but feels they are extremely attractive right now.

2009-01-23

HOLD

28.080

David Cockfield

Hit a new low and hasn't been this low since 04. There have been some questions raised about a potential large loss on some US holdings. All the banks have been getting pounded on a day-to-day basis. If you own, hold until you get more details.

2009-01-23

BUY

30.840

Peter Brieger

Canadian Banks: He is convinced that US and UK banks could have a lot more problems yet. There is also a risk that Canadian banks have not fessed up to everything and there could be more to come. Looking at current yields, even if the banks do nothing for 3 years in terms of price or earnings, you could happily buy and afford to wait.

2009-01-20

TOP PICK

32.600

Brendan Caldwell

Canada's premier bank. Good management. Continues to build its franchise. Hasn't been tagged with the US banking problems. 6.1% yield.

2009-01-19

TOP PICK

34.840

Biggest and most profitable bank in Canada. Has successfully expanded in the Caribbean through the Royal Trust and in the southeastern US 1st of Alabama (?). Continue to execute very well. 5.7% yield.

2009-01-14

BUY

35.800

Paul Gardner, CFA

HSBC (HBC-N) vs. Royal Bank (RY-T). Fantastic banks. Would lean more towards the Canadian banks because he knows them better.

2009-01-13

HOLD

36.810

Ross Healy

Thinks the financials have further to rally.

2009-01-09

DON'T BUY

35.490

Relative to the other Canadian banks, it is probably the most overvalued at this time, especially because of their US exposure. Not putting any money into financials right now.

2008-12-30

BUY

33.900

Gordon Higgins, CA, MBA

Raised $2 billion in equity and several hundred million in preferred shares. Solid balance sheet. Tier 1 capital. Good hold on a long-term basis. Dividends are secure. (See Top Picks.)

2008-12-22

Comment

34.660

Paul Gardner, CFA

One of the premier banks globally. The whole Canadian banking sector will have headwinds going forward. Still worthwhile to own banks but doesn't think it's going to go anywhere.

2008-12-17

TOP PICK

33.960

Bill MacLachlan

Thinks they are the strongest financial institution in Canada. Has a tremendous franchise. Thinks their US assets are manageable. Incredibly cheap at 9 X next year's earnings. Yield of 5.6%.

2008-12-11

Comment

37.500

Greg A. Taylor, CFA, BBA

Just doing an equity issue at $35.25 and looks like a fairly good discount to the market. Seems to be going quite well. This should be enough to get them through the balance sheet concerns.

2008-12-08

TOP PICK

37.170

Ken McCord

(2 Top Picks are pair trades.) Buy Royal Bank (RY-T) and Short Cannacord (CCI-T). Once you see some predictability in the market (6 months?) you might consider getting out.

2008-12-04

BUY

39.440

Peter Brieger

Look at how far it has dropped from 5 years ago. This could be the entry point providing you can deal with the fluctuating markets and that you have a 3-year view.

2008-12-01

BUY

39.120

Derek Webb, CFA

Canadian banks are the best capitalized banks globally. If you have any time horizon at all, he would own Canadian banks.

2008-11-26

PARTIAL BUY

41.190

Earnings will be pressured and will be softer. Core retail banking is still there. By the time you wait for the earnings turn, these stocks will have long turned. You might nibble in over the next quarter or so.

2008-11-19

DON'T BUY

43.360

Ross Healy

Last bank to start going down. Relative to the rest of the banks, it is quite expensive. Until this one has its own setback in the market, Canadian banks overall will not be a Buy.

2008-11-17

BUY on WEAKNESS

46.250

David Driscoll

Finance Minister has announced that banks going to get a $50 billion package. This bank will have to deal with its US subsidiaries and all the tuck-in acquisitions they have made. Still have very strong franchise and he has no concerns with this one.

2008-11-13

HOLD

46.450

The quality big Canadian bank. Likes that they are taking full-page ads in the US highlighting how it is a big safe bank and great balance sheet.

2008-11-11

DON'T BUY

47.380

Brooke Thackray

Seasonally Canadian banks tend to go up about now. This is a time when they come out with their earnings. Not going to happen this year. If you are looking for a conservative bank, this is probably the best risk managed bank by far. Wouldn't buy into Canadian banks this time around. Technically, the chart shows a broadening formation and expects the stock will come back up through $50, which should provide good support for it.

2008-11-10

Comment

46.700