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| BUY | 77.750 | Don Lato | Canadian Banks: Outlook is mildly positive. Scotia did an equity issue slightly below the market. All about 10x earnings yields between 3.75 and 5%. He always comes back to TD. They don’t get themselves involved in any issues. | 2012-02-02 | |
| TOP PICK | 78.730 | Michele Robitaille | Banks were pretty much laggards last year because of concerns about Europe. This is the strongest of the Canadian banks. Have the strongest retail franchise. Have some grows from their credit card or followed all the acquired. US platform is probably the strongest of the Canadian banks. | 2012-01-25 | |
| PAST TOP PICK | 79.150 | David Cockfield | (Top Pick Jan 21/11, Up 9.27% Total Return) His favourite bank. Successful at getting into the US. They are just very good managers. | 2012-01-20 | |
| SELL | 76.830 | Ross Healy | Enjoyed a nice rally but earnings are under pressure. Low interest rates are not helping. Overall financial index has given him a sell signal. Would be selling banks. There is going to be margin pressure and the US banking system is not out of the woods. | 2012-01-10 | |
| Comment | 76.650 | David Burrows | (Market Call Minute.) One of the best performing Canadian banks. Would probably be a buyer at $1-$2 higher when it broke out of this trading range. | 2012-01-05 | |
| PAST TOP PICK | 76.600 | Michael Decter | (Top Pick Dec 31/10, Up 7.65%) Pleased with the return and comfortable holding it long term. As US comes back, TD’s US business will do well. Could power ahead to be the largest bank in Canada. Also owns BMO and NA. | 2012-01-04 | |
| Comment | 76.580 | Bruce Campbell | Prefers this bank as it is a little bit safer and a little more plain vanilla, which is what you want in this environment. Canadian with a bit of US retail. | 2012-01-03 | |
| BUY | 73.640 | Jason Donville | Likes Canadian banks and this is one of the strongest. The depth of management is extremely strong in all the major banks so if one manager leaves, it is not a big issue. | 2011-12-12 | |
| WATCH | 73.270 | David Cockfield | One of his favourite banks but all the banks have been under pressure. Partly because of concerns about a slowdown in North America. Wealth management side of the banks have been taking a beating. The real problem has been the European situation. He is on the wall watching what is going to happen. | 2011-12-09 | |
| Comment | 68.700 | Stan Wong | This would have a little bit less risk than Royal Bank (RY-T). Dividend of just under 4%. If he were to own a bank, it would be something like this one. | 2011-11-24 | |
| PAST TOP PICK | 70.490 | Mohsin Bashir | (A Top Pick Aug 12/11. Down 6.13%.) | 2011-11-21 | |
| HOLD | 70.570 | Charles Lannon | High-quality bank. Feels it is worth $78-$80 per share. However, the stock can continue to be hit with volatility. | 2011-11-17 | |
| TOP PICK | 73.330 | Paul Harris, CFA | Trades at 10X earnings. 4% dividend yield. Have done a very good job of branding themselves in the US and more than 50% of their revenue now comes from the US. Chrysler Financial was a very astute acquisition for them as people in the US pay down their cars. | 2011-11-07 | |
| PAST TOP PICK | 73.330 | Douglas Kee | (A Top Pick Oct 25/10. Up 1.24%.) | 2011-11-07 | |
| PAST TOP PICK | 74.020 | Steve Carlin | (Top Pick Nov 10/10, Up 3.8%) | 2011-10-26 | |
| BUY | 75.200 | Christine Poole | One of 3 they hold and she would buy here. Yield is lower that the group. Very good retail franchise. Also likes RY and BMO | 2011-10-12 | |
| TOP PICK | 73.570 | Paul Harris, CFA | Has done a great job of growing its US retail business. Bought companies with large footprints. Their Chrysler acquisition was an incredible deal. | 2011-10-06 | |
| BUY | 75.000 | Gavin Graham | 4th quarter for Canadian banks? If there is a weakening in the Cdn$ to $0.93, this would be helpful in reporting their profits as over half of their branches are in the US. Have increased their dividend twice in the last year. US operation is working out well. Canadian banks, as a whole, are going to have a weaker quarter on their capital markets because of our slide. | 2011-09-29 | |
| Comment | 75.170 | 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 | |
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| HOLD | 73.850 | Mike S. Newton, CIM FCSI | It’s an unpopular thing to say you are not in the banks. He is concerned about what will come out in November. None of the bond desk are making any money. He owns legacy positions. | 2011-09-13 | |
| BUY | 76.310 | Paul Gardner, CFA | Has the wind at its back that not only does it have the capital, but their strategy is being deployed (being accretive in the US). Dividends will go up, but probably not for the next 2 quarters. | 2011-09-08 | |
| Comment | 77.170 | Don Vialoux | Seasonally intends to do very well just prior to reporting of annual results (Oct to Dec) and Feb to May. | 2011-09-02 | |
| BUY | 73.300 | Andy Nasr | Strongest deposit base in Canada. Credit card receivables they recently got will give some accretion. Definitely likes TD. | 2011-08-23 | |
| DON'T BUY | 70.790 | Jeff Parent B. Eng. FCSI | Most of the banks are trading where they where in the 1st half of last year. Fundamentally it is not as strong as some of the other banks. The sell off that has occurred in the last couple of days in a row does not look very good. Has the potential to go down to $69. Be very cautious. (See Top Picks.) | 2011-08-22 | |
| BUY on WEAKNESS | 71.100 | David Cockfield | He is not rushing into the banks at the present time. US banks are under a lot of pressure and this tends to spill over. This is one of his core bank holdings and he is not selling. Dividend is not bad. Thinks he might be able to get it cheaper. | 2011-08-19 | |
| BUY | 74.000 | Peter Brieger | Acquisition of Bank of America (BAC-N) credit card portfolio will add $0.05 a share next year and $.10 the year after. Credit cards are going to be a more profitable business going forward. | 2011-08-18 | |
| TOP PICK | 76.880 | Don Lato | (A Top Pick Aug 11/10. Up 10.13%.) Best managed bank in Canada. Trading down now at just a little over 10X earnings. Almost a 3.5% yield. Great growth prospects in the US. Purchase of the credit card portfolio in the US today was a good move. | 2011-08-15 | |
| TOP PICK | 76.880 | Bruce Campbell | (A Top Pick Sept 2/10. Up 8.41%.) Likes the growth as a result of some of their acquisitions. Has the most profitable US retail system of any Canadian bank. Very well managed. Get 1.8 million new customers with their latest acquisition. | 2011-08-15 | |
| TOP PICK | 75.920 | Mohsin Bashir | One of the best in class. Revenues stream is split about 88% personal/commercial and 12% wholesale. Likes their US operations. Very safe. | 2011-08-12 | |
| HOLD | 76.490 | David Cockfield | Financials are suffering from the situation in the US. Big fear is that if an impasse isn't avoided, there would be a pop in interest rates, which is an environment that banks do not do well in. Banks are in a bit of a margin squeeze on their margins versus their lending. Wouldn't add at this time. | 2011-07-29 | |
| BUY | 78.680 | Steve Carlin | One of his top holdings. Executing very well. Strong domestic franchise. Expects the US market will continue to be a sleeper for them in terms of being a positive. His target is $90. | 2011-07-26 | |
| PAST TOP PICK | 78.680 | Steve Carlin | (A Top Pick July 20/10. Up 15.53%.) | 2011-07-26 | |
| DON'T BUY | 78.680 | Michael Sprung | On a multiple basis, it is at the middle of the pack. Are doing better execution in the us than others. Prefers BNS. | 2011-07-26 | |
| Comment | 80.760 | David Baskin | Preferred shares. These pay a fixed dividend so if you think interest rates are going up and inflation is increasing, fixed dividends are not attractive. (Thinks reset rates preferreds are terrific investments.) | 2011-07-22 | |
| TOP PICK | 79.450 | Bruce Campbell | Safe, has the best managed and combination of retail Canadian banking and the best US retail system of the Canadian banks. Thinks it deserves a premium and thinks you will see a dividend increase. | 2011-07-12 | |
| TOP PICK | 80.740 | Don Lato | Likes their US exposure. Has become a dominant player in the US in a number of markets they are in. Best managed bank in Canada. Trading at 11X earnings. Yield of about 3.25%. | 2011-07-07 | |
| Comment | 80.840 | 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 | |
| BUY | 79.600 | Michael Decter | His favourite bank. Likes their high-quality US acquisitions and expects they will earn a lot of money. Banks have had a big run and have come off a little bit from their peaks, but good stocks for the long haul. If you can get this below $80 and you are patient, you will do very well. | 2011-06-27 | |
| TOP PICK | 79.720 | Paul Harris, CFA | Likes US strategy. Likes the fact that they have done something incredible – they have built a brand / franchise in the US. Car financing is how you don’t loose money in the US, not mortgages. | 2011-06-23 | |
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| BUY | 78.920 | Andrew McCreath | Company is in great shape. Really likes what they are doing in the US and will probably be a third of their business a couple of years down the road. Good Canadian franchise. This is definitely a long-term buy and hold for a portfolio. | 2011-06-21 | |
| BUY | 78.310 | Bill Carrigan | Had an A B C correction and is sitting right on the 200 day and thinks it will hold. Financials have to participate in any bull market and he expects one for the next 2 years. | 2011-06-17 | |
| TOP PICK | 79.600 | Bruce Campbell | This is his favourite Canadian bank. Given this pullback here you can get 10% plus dividend on it here. Have by far the best US branch system of the Canadian banks. | 2011-06-07 | |
| TOP PICK | 85.290 | Douglas Kee | (A Top Pick June 2/10. Up 22.38%.) Going to the US has been excellent for them. Emphasis on retail, which is lower ROE but more stable. Thinks the market will pay more for retail. Expect their multiple will go to a premium in 18 months. | 2011-05-25 | |
| BUY | 85.290 | 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 | 83.510 | Don Lato | Bought US assets very, very cheaply. Has yet to do as well as he would like. Is his number 1 bank pick. The US assets will eventually produce as branches up here have. | 2011-05-18 | |
| BUY | 83.340 | Paul Gardner, CFA | TD Bank has the best in class board of directors. ROE is very strong. They now have 50% of their branches in the U.S. Returns in Canada have been fantastic, while in the U.S. they have been poor. Great company not cheap though. | 2011-05-17 | |
| PAST TOP PICK | 81.580 | Laura Wallace | (A Top Pick Nov 18/10. Up 12.68%.) | 2011-05-12 | |
| PAST TOP PICK | 82.530 | Bruce Campbell | (Top Pick May 17/10, Up 18.51% Total Return) Amongst his 4 favorites. When you start to press $100 in banks they split. It’s a positive short term (about 2 weeks). Doing really well in the US. Very stable and mostly retail. Safe stock to own. | 2011-05-10 | |
| TOP PICK | 82.090 | David Cockfield | Making great inroads in the US and he sees the US economy slowly recovering. This part of the business has turned the corner and is becoming more profitable. Good long-term buy. | 2011-04-15 | |
| Comment | 84.350 | Barry Schwartz | Any bank, especially for a long-term hold, will do really, really well, but this one is not his favourite. Prefers National (NA-T) or Royal (RY-T) right now. Royal is thinking of selling off their US holdings, which should unlock a lot of value in their earnings. | 2011-04-11 | |
| Comment | 84.350 | John O'Connell, CFA | Has done an outstanding job. All banks have had a great move and are all trading at fair valuation but not cheap. His sense is that bank earnings growth in the next 10 years is going to be more modest. You’ll probably average a total 10% return. This bank has done an outstanding job with their US acquisitions. A headwind is the strong Canadian dollar. | 2011-04-11 | |
| BUY | 84.500 | David Burrows | One of his favourite holdings. What they are doing in the US is really quite something. Building market share. Taking the customer service approach down to their US affiliates. | 2011-04-07 | |
| BUY | 83.650 | Peter Brieger | Buys it for new accounts. He would say hold on to it. | 2011-03-14 | |
| PAST TOP PICK | 83.600 | Laura Wallace | (A Top Pick Nov 18/10. Up 9.32%.) Just reported earnings that were excellent and raised the dividend 8%. Likes their strategy of moving into the US. A 2 pronged approach. Discount brokerage and willing to take a lower position to get a better return. Branding through Bank North is everywhere and are taking market share. | 2011-03-03 | |
| BUY | 79.930 | Barry Schwartz | Banks had a terrific run. Like the others it should have great earnings. Doesn’t think they will raise dividend. Favourite is National Bank. | 2011-03-01 | |
| PAST TOP PICK | 79.420 | Don Lato | (Top Pick Feb 10/10, Up 27.45) Solid management, descent dividend. Still reasonably valued. | 2011-02-22 | |
| Comment | 78.520 | Steve Carlin | Probably his favourite stock from an operations perspective. Closing in on his target price. Expecting a high single digit rate of return from this point on. Good long-term hold. Royal (RY-T) has better upside if you are trading around your account. | 2011-02-10 | |
| PAST TOP PICK | 78.520 | Steve Carlin | (A Top Pick Dec 16/09. Up 24.94%.) Still likes. | 2011-02-10 | |
| BUY | 75.360 | Peter Brieger | One of his 2 favourites. Likes what they have been doing in the US. Well run. | 2011-01-27 | |
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| TOP PICK | 74.920 | David Cockfield | Likes its ratios. Made some interesting US acquisitions. Went through the US crisis with very little peripheral damage. Buying the Chrysler finance company is probably a good move. Can see some real potential growth from its US holdings. Great at developing their domestic operations. | 2011-01-21 | |
| Comment | 76.170 | Michael Sprung | Have positioned themselves as a great retail bank. Recently acquired Chrysler Financial, which gives them some systems in a market where they already had smaller exposure to in the US. Well managed. | 2011-01-14 | |
| DON'T BUY | 74.080 | Stan Wong | Cdn banks have gone sideways for the last 7-8 months. If you are looking for income the banks are fine. This is one of the stronger ones with a good balance sheet. Not sure if there’s much growth coming from the banks. | 2011-01-13 | |
| PAST TOP PICK | 74.200 | Don Lato | (A Top Pick Feb 10/10. Up 18.72%.) Still likes. | 2011-01-12 | |
| BUY | 73.820 | Bruce Campbell | Favourite bank, Canadian and US retail. Thinks they will raise the dividend in either the Feb report or the next one. Likes to buy at $73. | 2011-01-06 | |
| TOP PICK | 74.250 | Michael Decter | Likes their US assets. Very customer friendly bank. | 2010-12-31 | |
| TOP PICK | 73.820 | Paul Harris, CFA | Great retail bank and they understand retailing. Loves the recent Chrysler Financial deal as they only paid a small premium to book.. | 2010-12-23 | |
| BUY | 73.200 | Don Lato | Earnings were a little disappointing and probably took a hit from their US exposure. Based on earnings estimates, it has the lowest multiple of all the big 5 banks. Expecting dividend increases from all of the banks next year. | 2010-12-08 | |
| Comment | 73.290 | Terry Shaunessy | Incredibly well run bank if you have a longer term horizon. They are looking for growth on the US side and expect they will end up being a major bank in the US market. He plays financials through the iUnits S&P Financial (XFN-T). (Not adding to this but when it goes through $25 he’ll start rotating into energy (iUnits S&P/TSX Energy ETF(XEG-T)), which he expects to do better next year.) | 2010-12-02 | |
| DON'T BUY | 73.290 | Michael Simpson, CFA | Just announced 24% growth. More employees in US than in Canada. Low ROE in the US at 6%. Canadian costs are up. Home ownership in Canada is at record highs and doesn’t see a lot more in home ownership. Doesn’t expect lending and mortgages to grow as much. Would like to see a lower price. | 2010-12-02 | |
| PAST TOP PICK | 74.690 | Joey Mack | (A Top Pick Jan 6/10. Up 1.45%.) Floating rate note maturing February 15/11. | 2010-11-30 | |
| Comment | 74.470 | Chyanne Fickes | There is a big question on dividends of the banks and at this point they are able to increase dividends, but because of the uncertainty of Basil 3, none of them seem willing. This one and Bank of Nova Scotia (BNS-T) are best positioned to increase them. Probably in the 1st quarter of 2011. | 2010-11-22 | |
| TOP PICK | 74.240 | Laura Wallace | Thinks it will be the first of the big 5 to raise its dividend as it has the lowest payout ratio. Expects all the banks to earn sluggish type earnings, 6%-7% increases, but looking at 8%-10%. Likes their US strategy. | 2010-11-18 | |
| BUY | 73.030 | Bill MacLachlan | Likes Cdn banks. In a period of rising interest rates, which he doesn’t expect to happen soon, they might find a little squeeze in terms of their book. Expecting dividend increases over the next couple of years. | 2010-11-17 | |
| TOP PICK | 73.600 | Steve Carlin | Strong leader in domestic franchise. Better earnings growth than most of the other banks. Comfortable with their US exposure. | 2010-11-10 | |
| TOP PICK | 74.770 | Douglas Kee | (A Top Pick Nov 19/09. Up 14.2%.) Did a great job expanding into the US retail market. | 2010-10-25 | |
| Comment | 75.280 | Rick Stuchberry | Watch the entire sector. They have had a pretty good run. Don’t chase any of these financials. Be very selective. US expansion is going fairly well. TD has a plan in the states and so far so good. He doesn’t think a big bet in the US right now is that prudent and they are not doing that. | 2010-10-21 | |
| Comment | 74.930 | George Young | TD Capital Trust II Bonds callable 2012, due 2052 with a 6.792% coupon. Fairly confident these will be called Dec 31/12. When this was initiated, it was always intended to be a 10-year deal. | 2010-10-13 | |
| BUY | 75.190 | Peter Brieger | Has owned it forever along with BMO and RY. One of the worries he has, not for this year, is the direction of interest rates. There is a risk they will go up sometime next year. He thinks banks are selling at a discount to the market. | 2010-10-12 | |
| Comment | 75.720 | Stan Wong | Starting to get a bit overbought and is starting to turn. Banks are decent long-term plays and you are getting a good dividend so good for a long-term hold. Dividend increase is forecast. If you want to trade, you can sell and buy back at $70-$72.50, the 50 and 200 day moving averages. | 2010-09-16 | |
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| PAST TOP PICK | 74.620 | Douglas Kee | (A Top Pick Nov 19/09. Up 13%.) Gone substantially more into retail banking in the US. Well managed bank with a great model. (See Top Picks.) | 2010-09-09 | |
| TOP PICK | 73.170 | Bruce Campbell | Just reported very solid numbers. Likes the US where they are quite profitable. Could see $80. About 3% yield and is almost certain they will raise the dividend in 2011. | 2010-09-02 | |
| TOP PICK | 71.610 | Rick Stuchberry | Has done a strategic job of getting into the US market and operating their acquisitions. He is buying below $70. There is no rush. | 2010-08-30 | |
| Comment | 70.150 | Marc-Andre Gaudreau | Capital Trust II bonds callable 12/31/2012 due 2025 with a 6.792 coupon rate. Likelihood of them being called on 12/31/2012? Very high probability as banks have always called them even during a crisis. Banks are over capitalized right now. | 2010-08-19 | |
| PAST TOP PICK | 70.820 | Joey Mack | (A Top Pick June 24/09. Up 10.74%.) Bank rate reset preferred shares (TD.PR.A-T). Still likes. | 2010-08-12 | |
| TOP PICK | 71.720 | Don Lato | (A Top Pick Aug 5/09. Up 13% including dividends.) This is his core Canadian bank holding. Still reasonably priced at 10X next year's earnings. 3.5% dividend yield. Likes their recent moves into the US. | 2010-08-11 | |
| WEAK BUY | 72.920 | Paul Gardner, CFA | Deploys capital very efficiently. Big risks going forward would be expansion in the US but have such a dynamic retail business he is not concerned. Expect a normalized rate of return of dividend plus 5%. | 2010-07-26 | |
| PAST TOP PICK | 70.550 | Don Lato | (A Top Pick Aug 5/09. Up 13.39%.) | 2010-07-21 | |
| TOP PICK | 71.680 | Steve Carlin | Sees 14% earnings growth from 2011 versus 2010. Dominant market share in Canada in the personal/commercial business. Growing in the US. Part of the earnings growth comes from his belief that credit losses will continue to improve. As interest rates rise, it helps the margins. | 2010-07-20 | |
| PAST TOP PICK | 71.490 | Mark Carpani | (A Top Pick July 21/09. Up 13%.) 4.779% bond due12/14/16. This is one of his favourite banks. Good balance sheet. | 2010-07-19 | |
| BUY | 68.590 | Jason Donville | If you have a horizon of more than 3 months you will be happy. The strong consumer franchise in the States will work out. Now is the time to buy. | 2010-06-29 | |
| PAST TOP PICK | 70.690 | Bruce Campbell | (A Top Pick June 25/09. Up 25%.) His favourite bank. | 2010-06-28 | |
| PAST TOP PICK | 71.310 | Joey Mack | (A Top Pick June 24/09. Up 9.63%.) Bank rate reset preferred shares (TD.PR.A-T). | 2010-06-25 | |
| BUY | 72.630 | Don Lato | Likes Canadian banks at this level. Very good PE ratio and dividend yields. This is his favourite, followed by Royal (RY-T). Made very good acquisitions in the US market. | 2010-06-23 | |
| HOLD | 73.630 | Steven Conville | At the peak price in the current market rally. Great management at handling risks. Shown tremendous resiliency to manage US credit issues. Have made fantastic acquisitions that should bear fruit in the long-term. | 2010-06-21 | |
| TOP PICK | 71.440 | Douglas Kee | None of banks are raising dividends this year because of changing rules on capital requirements. Great retail network in Canada and the network in the States. Big leverage on retails side and less risky. Good leverage on margins. Thinks they will increase dividends in the future. Favorite bank. | 2010-06-02 | |
| WAIT | 72.090 | Colin Stewart | Very strong retail franchise and didn't get into too much trouble with regards to US businesses. Took advantage of opportunistic purchases in the US. Long-term, a good place to be. A little concerned about Cdn real estate market and would wait for a lower entry point. | 2010-05-25 | |
| TOP PICK | 71.980 | Bruce Campbell | Just made some US acquisitions. Concentrating on North American retail. A place to hide in uncertain markets. Decent earnings growth of 9% plus 3%-4% dividend gives a 12% return. | 2010-05-17 | |
| VAGUE | 73.600 | Jamie Horvat | (Market Call) Pros and cons. ROEs have peaked in the short term. Canadian banks continue to get interest as a safe haven. | 2010-05-11 | |
| WAIT | 71.920 | David Cockfield | Banks are good for a long-term investment. There was a correction late January/early February and the TSX bounced off the 200 day moving average at least twice. He would wait to see if it is going to bounce again. If it breaks through then it will gather some downside momentum. Too early. | 2010-05-07 | |
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| DON'T BUY | 73.600 | Norman Levine | Banks have gone up too far when people were chasing yields. Would prefer to see it in the $60's. Too early at this time. | 2010-05-05 |
