| BUY | 68.510 | John O'Connell, CFA | Has performed better than most banks. Just acquired another US bank. Good dividend. Good holding for the longer-term view. | 2008-05-15 | |
| BUY | 67.170 | Bruce Campbell | Skated all the sub prime. Have a little bit of US exposure through Commerce Bank, which is retail exposure. Had a long enough ramp up before the closure so were able to get them to clean up any problems before they actually brought it in. | 2008-05-09 | |
| HOLD | 66.800 | Paul Thornton | (Market Call Minute.) Probably the best looking Canadian bank and if you were going to buy one this would be it. | 2008-05-07 | |
| BUY | 63.950 | Laura Wallace | Has acquired the US Commerce Bankcorp. Important questions are; is it a good acquisition, can they integrate it and is it a good foray into the US. She believes the answers are yes. Likes their 2-prong US strategy with the discount brokerage operation and now a more traditional bank. | 2008-04-23 | |
| HOLD | 63.070 | Michael Sprung | (Market Call Minute.) Some of the other banks are more attractively priced. | 2008-04-15 | |
| PAST TOP PICK | 63.060 | Bruce Campbell | (A Top Pick Apr 2/07. Down 5%.) Chose it because it had no US exposure and this is why he still likes it. Still a Hold. Dividend is good. | 2008-04-11 | |
| Comment | 63.220 | Norman Levine | (Market Call Minute.) Not a big fan of Canadian banks right now. If you have to own one, this is not a bad one. | 2008-04-10 | |
| TOP PICK | 63.400 | Andrew Guy, CFA | Has done a great job of managing its business for a number of years. Missed the ABCP problems and haven't been exposed to CDO’s in any meaningful way. Indicates good management. Trades at a bit of a premium to the average. If you are worried about volatility, this is a safer place. | 2008-04-07 | |
| DON'T BUY | 64.000 | Brian Acker, CA | Bank of Nova Scotia (BNS-T), Royal Bank (RY-T) and Toronto Dominion (TD-T) are probably the most expensive banks in North America and possibly even the European banks. The upside in his model price is in single digits. The most upside to his model prices are National Bank (NA-T), CIBC (CM-T) and Bank of Montreal (BMO-T). | 2008-04-03 | |
| WAIT | 60.980 | Lyle Stein | Has suffered because on its exposure in the U.S. The management is some of the best in the banking industry. TD is approaching a good price and it’s a good company. Prefers BMO, it can better deal with this environment, pays you while you’re waiting. | 2008-03-28 | |
| TOP PICK | 63.200 | Paul Harris, CFA | Made several acquisitions in the U.S. Want to grow their retail franchise. Have been very smart. Getting it at a decent price, at a decent multiple with a decent yield. | 2008-03-20 | |
| VAGUE | 62.970 | David Baskin | Thinks this is the middle of the pack, have stronger management. Thinks that the acquisitions in the US have been ill timed. | 2008-03-18 | |
| DON'T BUY | 61.290 | Ron Meisels | Seems to be weathering well. This might be the first one to go. Don’t try to start bargain hunting yet. | 2008-03-14 | |
| BUY | 63.640 | Laura Wallace | (Market Call Minute.) Likes this bank. | 2008-03-12 | |
| TOP PICK | 61.560 | Paul Gardner, CFA | Likes their strategy of focusing on the retail market. Best in class. Highest return on equity. With the Commerce Bancorp (CBH-N) acquisition it will make the bank really focus on its retail operations. Trades at 2.2X book and is the only bank that increased its dividend this year. | 2008-03-10 | |
| HOLD | 64.290 | Michael Sprung | (Market Call Minute.) The only bank that raised their dividend this quarter. Results were better than the other banks but to have a large and growing exposure to the northeast US. | 2008-03-05 | |
| DON'T BUY | 64.060 | David Burrows | If he had to pick a bank, this is probably the one he would pick because of their strong focus on retail banking. The problem is, this group is out of favour and will continue to be so. | 2008-03-03 | |
| Comment | 67.300 | Brian Acker, CA | 2% upside on his model price. | 2008-02-07 | |
| TOP PICK | 66.680 | Andrew Guy, CFA | Very good opportunity at this point. Very strong management team and has the largest retail exposure, which should continue to do well. | 2008-02-06 | |
| BUY | 69.030 | Brendan Caldwell | Interest rates are coming way, way down and banks do well in a declining interest rate environment. They have stated they are free of any sub prime entanglements. They have also indicated that their acquisition they are buying in the US is also free. Good dividend. | 2008-02-01 | |
| DON'T BUY | 68.120 | Norman Levine | In the process of buying Commerce Bank, which they announced near the top of the banking cycle. Valuations of US banks have dropped dramatically but he doesn't see any price change in this deal. TD North has not been performing very well either. | 2008-01-29 | |
| Comment | 66.980 | David Burrows | Chart shows how volatile banks have become recently. If you really want to own a bank for the long-term, this is as good as you are going to find. He is avoiding banks at this time. | 2008-01-28 | |
| BUY | 66.280 | Gordon Higgins, CA, MBA, CFA | This has been one of the better banks to get through all these problems. It didn't have the asset-backed commercial paper. However, 10% of their assets are from TD Bank North and another 10% from TD Ameritrade in the US. Solid balance sheet and trading around 10X earnings. | 2008-01-25 | |
| WATCH | 66.500 | Don Vialoux | Canadian bank stocks have 2 periods of seasonal strength. Next one starts at the end of January and goes through until the end of May. Toronto Dominion (TD-T) or Royal Bank (RY-T) would be his favourites. This one is at its support level. Consider buying closer to February. Also keep an eye on the sector. | 2008-01-16 | |
| TOP PICK | 66.500 | Don Lato | Likes banks generally. Good earnings power. Made some very shrewd decisions. Ratio of bank yields to Canadian bond yields is at a five standard deviation from the norm. An opportunity to buy a great bank at a great price. | 2008-01-16 | |
| Comment | 66.440 | David Baskin | Banks were hit today on news that Citigroup (C-N) was going to take a $18 billion write-off. They completed 2 large US acquisitions in 2007 and nobody really knows what they bought. This is the reason for the selloff. | 2008-01-14 | |
| PAST TOP PICK | 69.500 | Bruce Campbell | (A Top Pick March 6/07. Up 2.6%.) Still his favourite bank. Very little CDO/subprime US exposure. The Commerce acquisition in the US will be pretty well cleaned up by the time they take ownership. Still a Buy under $70. | 2007-12-31 | |
| BUY | 69.120 | Paul Gardner, CFA | In a fantastic position during the subprime issue as they had no exposure. The only negative for them is that they bought Commerce Bank in the US and own Bank North so there is execution risk. Have a fantastic retail network. Strong capital ratios. Also have 49% ownership in TD Waterhouse and Ameritrade. | 2007-12-28 | |
| TOP PICK | 68.720 | Andrew Guy, CFA | Avoided a lot of the banking problems. Good retail bankers. Very disciplined management. | 2007-12-27 | |
| Comment | 70.260 | David Baskin | Likes their stand on refusing to bail out others who created the mess. Have some other problems in that they made some big acquisitions on US banks. Trading at 12X current earnings and 11.5X forward. This is not his favourite bank. | 2007-12-18 | |
| BUY | 72.810 | Alex Ruus | This would be his Top Pick of the Canadian banks. While he thought the Commerce Bancorp acquisition was a little bit pricey, it is an excellent fit for them. This is probably the best consumer bank out there. | 2007-12-13 | |
| BUY | 67.360 | Fred Ketchen | Recently acquired Bank of Commerce in Manhattan and at a half decent price. The growth rate with this bank is going to be attractive. | 2007-11-27 | |
| BUY | 64.480 | Peter Brieger | Bank stocks are starting to look very interesting. He would want to see the 4th quarter results first. He would also like to know how the banks see this coming year. If you don't own it, you might want to take a third of your position now. Until we see an end to the sub prime mess, we don't know how low the banks can go. | 2007-11-26 | |
| TOP PICK | 65.900 | Bruce Campbell | Down almost the same percentage as the other banks but as of Nov/07 is the best performing bank. Exited US lending a few years ago so has no subprime exposure. Probably some small asset-backed commercial paper but any write-offs will be miniscule. Will have the best capital and best year over year earnings growth in this quarter. | 2007-11-22 | |
| HOLD | 67.150 | Don Lato | Likes the Canadian banks in general. Will have some exposure to the sub prime mess, but won’t be near the magnitude of their US counterparts. | 2007-11-08 | |
| BUY | 69.520 | Alex Ruus | His favourite Canadian bank. Looking at their long-term strategy, they know where they're going in the next 5 years and execute on that. | 2007-11-05 | |
| BUY | 69.210 | Patrick Kim | Over the long term you will be a winner with either Toronto Dominion (TD-T) or Royal RY-T). Fantastic retail franchises, which will really determine the winners in the banking space. This stock has been knocked back a bit so you are getting a better valuation than with Royal. | 2007-11-02 | |
| TOP PICK | 69.210 | Andrew Guy, CFA | Could have picked any one of the Canadian banks. Doesn't expect there is a contagion that will flow back from the US. Percentage of its earnings from the retail business is the highest of any of the banks. Excellent management. Attractive valuation. | 2007-11-02 | |
| HOLD | 69.890 | Brian Acker, CA | Canadian banks are very, very difficult. They don't have the value in them that the US ones do. His model price is $75.20, a 7% positive differential. There is more value elsewhere. | 2007-11-01 | |
| Comment | 71.350 | Veronika Hirsch | She is neutral on banks. This is a good one. | 2007-10-31 | |
| WEAK BUY | 68.720 | Steve Carlin | Bank north is a solid investment, think it’s a fantastic long term investment for TD. The housing market issue is lingering over TD. Well run. Evaluation right now look attractive. | 2007-10-25 | |
| BUY | 68.220 | Bruce Campbell | Out of all the banks TD is his favourite. At $68 it is a great entry point. It is down by more than 10% due to the acquisition of Commerce Bank which is a US retail bank. Believes it should be okay. Buy half now and half tomorrow. | 2007-10-24 | |
| BUY | 71.250 | Peter Brieger | Are currently buying. One of their two favourites. | 2007-10-17 | |
| Comment | 71.110 | Paul Gardner, CFA | Just acquired Commerce Bank, a fantastic retail franchise, in the US. Expensive, but good. Will be dilutive to their earnings, which is why the stock came off 4% yesterday. | 2007-10-03 | |
| BUY | 72.540 | Norman Levine | This market has and will be led down by financials in general and will be led back by them. This gives investors the opportunity to buy quality at lower than normal prices. Short-term may see it drop further, but long-term it is a good investment. | 2007-10-02 | |
| Comment | 76.330 | Chyanne Fickes | If she was going to own a bank, the 3 that she likes would be this one, Royal (RY-T) and Scotia (BNS-T). They have the least exposure to the sub primes. | 2007-10-01 | |
| HOLD | 76.260 | Ron Meisels | Has managed to get into a new all-time high area and looks very interesting. | 2007-09-27 | |
| VAGUE | 72.750 | Peter Brieger | Second favourite bank. Doing things to cut costs in the states. | 2007-09-13 | |
| Comment | 71.890 | John Zechner | Still remains his highest ranked bank and the earnings justify it. | 2007-09-12 | |
| DON'T BUY | 69.430 | Brian Acker, CA | Out of the 6 major banks, this one has the worst upside to his model price. His model price is $67.67, a negative of 2%. The biggest upside would be National Bank (NA-T) at 38%. | 2007-08-22 | |
| PAST TOP PICK | 69.200 | Laura Wallace | (A Top Pick Aug 21/06. Up 8.5%.) Good dividend. Still likes. Had some issues in the US, which they are addressing. | 2007-08-02 | |
| WAIT | 67.800 | Veronika Hirsch | If you don't own, wait until September to see what the mood of the market is. | 2007-08-01 | |
| BUY | 68.260 | Michael Decter | Switched from this to Royal (RY-T) about 6 months ago. Got a little worried about the Bank North acquisition in the US. Pretty good bank for the long haul. | 2007-07-31 | |
| BUY | 68.850 | Bruce Campbell | Just bought some today. It was down the most of all the banks. Good price. | 2007-07-30 | |
| DON'T BUY | 72.950 | David Baskin | Their US asset Bank North has not worked out as well as they had hoped. Also TD Ameritrade is not making the kind of money that they wanted it to make. | 2007-07-17 | |
| TOP PICK | 72.670 | Peter Gibson | One of the risks is that bond yields rise. He expects they will hold below the 5.2% level for the time being. Their ROE has begun to accelerate. 15 X earnings is cheap relative to the TSX. | 2007-07-16 | |
| PAST TOP PICK | 72.940 | Laura Wallace | Then $57.36
Still one of their top banks.
TD is particularly well positioned in the Canadian banks. | 2007-06-08 | |
| Comment | 72.070 | Brian Acker, CA | Spot on the model price. | 2007-06-07 | |
| DON'T BUY | 74.250 | Ross Healey | Not particularly strong on this sector, TD not his favourite. | 2007-06-01 | |
| HOLD | 72.500 | Pat McHugh | Has a growth platform focused in the US. As a result, it has exposure to the Cdn$ and perhaps to some of the situations that are impacting the US economy. Long-term, a very good investment but short term would prefer others. | 2007-05-28 | |
| BUY | 70.900 | Peter Brieger | Adding to new accounts. Banks have rolled over recently, probably due to higher interest rates. He looks for an 8%-10% average capital gain plus the yield. | 2007-05-16 | |
| BUY | 70.900 | David Burrows | If he were adding a bank he would add a bank that has exposer outside of Canada. Would prefer Bank of Nova Scotia. | 2007-05-16 | |
| WATCH | 69.730 | Patrick Kim | Hasn't done as well as some of the other banks, mainly because of its US subsidiary Bank North. Now going to be run by TD. Canadian operations have been fantastic. Should see signs towards the end of the year of their progress. | 2007-05-14 | |
| PAST TOP PICK | 69.360 | Bruce Campbell | (A Top Pick May 31/06. Up 16.1%.) Still has the same attributes and he still likes. His favourite bank stock. | 2007-05-09 | |
| HOLD | 68.680 | Don Vialoux | Seasonal period from end of September until the end of May. He says the chart is “beautiful”, only concern is the strength relative to the rest of the market is going negative. This is with banks in general. | 2007-05-05 | |
| BUY | 67.930 | Peter Brieger | Banks have been underperforming. Like the TD (prefer Commerce, rates Commerce as #1, TD as #2).
| 2007-05-02 | |
| BUY | 68.570 | Paul Harris, CFA | Has executed very well. One of the best retail franchises. Has spent a lot of time and energy on their wealth management business. US strategy makes a lot of sense to grow organically. | 2007-04-23 | |
| DON'T BUY | 69.030 | Robert Floyd | Have been adding to their US side of the business. Some of the US numbers have been weak. Expects only modest growth from Canadian banks. | 2007-04-19 | |
| HOLD | 69.170 | Paul Harris, CFA | Canadian banks are not excessively cheap but you can expect an 8% to 12% return, which is pretty good. Although they've had some problems with the US franchise, this is getting sorted out. | 2007-04-12 | |
| TOP PICK | 68.880 | Bruce Campbell | (A Top Pick May 31/06. UP 15.6%.) Their US TD Bank North is taking a write-off, about a 4%-5% restructuring of staffing. Growth plus dividend gives about a 15% return. | 2007-04-02 | |
| Comment | 68.880 | John Zechner | A little concerned that profit growth on banks will slow down this year. Loan losses are probably at cycle lows. If the economy slows down, these may start to rise. Likes this one better than most. | 2007-04-02 | |
| BUY | 69.750 | Brad Willock | Likes this bank. Canadian banks have no US sub-prime mortgage exposure. There is now a big valuation spread between the two. Could be at a point where Canadian banks may be sold in order to buy US ones. | 2007-03-22 | |
| BUY | 69.220 | Paul Gardner, CFA | Banking sector has had a great run in the last 3 years. Expects this year will be a dividend plus 3%-4% year giving a 7% to 8% return. This one has a slightly better retail branch operation. | 2007-03-19 | |
| Comment | 67.600 | Laura Wallace | Its US subsidiary, Bank North, will benefit from the conservative nature of its Canadian parent’s lending practices and shouldn't be hit as hard by sub-prime and prime mortgage problems. | 2007-03-14 | |
| Comment | 68.250 | Norman Levine | Believes they do have exposure, through their US Bank North, to sub prime mortgages. This could be affecting them in the short-term. | 2007-03-13 | |
| Comment | 69.450 | Chyanne Fickes | Likes the banks in general, but this one wouldn't rank as high as some of the others. Have more problems in the US than some of the others. Prefers Bank of Nova Scotia (BNS-T), which has more growth potential because of its Caribbean and Latin American exposure. | 2007-03-12 | |
| PAST TOP PICK | 69.000 | Gavin Graham | (A Top Pick Dec 7/06. No change.) Worries about interest-rate cuts and bad debts held the stock back. He still likes and would buy. | 2007-03-06 | |
| TOP PICK | 69.000 | Bruce Campbell | Excellent quarter. Well-managed. At current price, his target would give you 10%-11% plus the dividend for a total of 13%-14%. Good entry point. | 2007-03-06 | |
| Comment | 69.950 | Michael Sprung | Investors are looking at this one because of their expansion into the Northeast US through TD Bank North. Earning an extraordinarily high ROE at the present time. Its profile is more retail than a lot of the banks. He prefers other banks. | 2007-02-20 | |
| Comment | 69.590 | Stephen Carlin | Earnings growth on Canadian banks looks good, but the valuations relative to US and global banks have crept up considerably. If he had to pick one bank, this would be the one because of their domestic business, which continues to be strong. | 2007-02-14 | |
| PAST TOP PICK | 70.000 | Bruce Campbell | (A Top Pick Nov 15/06. Up 3.8%.) Would still be his favourite of Canadian banks. Still doesn't have their US Bank North firing on all cylinders but is starting to turn around. | 2007-02-05 | |
| Comment | 69.580 | Peter Gibson | At about the midpoint in the range of valuation for Canadian banks. Royal (RY-T) and Bank of Nova Scotia (BNS-T) are his favourites, followed by CIBC (CM-T). This Bank would be his 4th pick. | 2007-01-30 | |
| Comment | 68.930 | Norman Levine | Long-term outlook for Canadian banks in general is excellent. This is one of the better run ones. Returns on their US Bank North have been low and they have changed management and will be able to build on it. | 2007-01-09 | |
| BUY | 67.810 | Brian Acker, CA | Model price is $73.73, a 9% positive differential. | 2006-12-21 | |
| BUY | 67.810 | Bruce Campbell | His favourite. Out of favour having lagged the others with their troubles with US TD Bank North, which got squeezed on margins. Bank North is a small percentage of their assets and is an easier fix. | 2006-12-21 | |
| WEAK BUY | 67.950 | Norman Levine | Everyone should have bank representation and this is a good one to own. Feels there’s better valuations in banks outside of Canada. | 2006-12-20 | |
| DON'T BUY | 67.770 | Chyanne Fickes | Financials have had a great run. This one is the weakest of the 5 banks. Having some problems with their credit and loan quality that the others are not having. Growth hasn’t been up to par. | 2006-12-18 | |
| BUY | 67.350 | Michael Sprung | Banks are a relatively good place to be. Earning extremely good return on equity. Capital investment market has been fairly strong. Not as interest sensitive as they used to be. Good dividend yields. Recently made an offer to Buy in the rest of their US asset, Bank North. Slowdown in the US could be a concern, | 2006-12-08 | |
| TOP PICK | 68.000 | Gavin Graham | Has been the under performer in banks because of concerns of their US holding, Bank North. This is turning around, making acquisitions, etc. Expect earnings will increase next year. 2.8% dividend could be increased. | 2006-12-07 | |
| BUY | 66.590 | Peter Brieger | The cheapest bank in terms of current valuation. Good yield. One of his favourites. Likes that they have taken over management of their US Bank North subsidiary. | 2006-11-29 | |
| BUY on WEAKNESS | 67.410 | Alex Ruus | Banks are great long-term investments. Historically they increase their dividends every year. In the short term, this one could be in for a little bit of rocky road because of their US Bank North holdings. This is probably the best run Canadian bank long term. | 2006-11-22 | |
| TOP PICK | 67.290 | Bruce Campbell | (A Top Pick Aug 10/06. Up 13.7%) Has moved, so it’s probably average for the rest of the group, but feels it’s the best bank. US side is slowly turning around. Looking for 11%-12% total return. | 2006-11-15 | |
| BUY | 67.020 | David Driscoll | Banks are going to do OK. Feels rates are going to stay the same giving them leeway to raise dividends, which is the reason to own them. Royal (RY-T) and Toronto Dominion (TD-T) are the biggest retailers, so have the highest margins. | 2006-11-09 | |
| BUY on WEAKNESS | 66.900 | Stephen Carlin | One of the top 2 banks in Canada. Excellent retail franchise. US operations created some market concerns, but only represents 14% of earnings. Up 5%-6% in the last week because of income trust issues. Expect financials to roll back a little bit. | 2006-11-08 | |
| BUY | 66.990 | Ian Nakamoto | Their US subsidiary, Bank North, has been disappointing. Have had a change of management. Still likes this bank overall. | 2006-11-07 | |
| PAST TOP PICK | 66.860 | Chyanne Fickes | (A Top Pick Aug 21/06. Up 5.8%.) They are having some issues on earnings from their US operations. | 2006-11-06 | |
| WEAK BUY | 66.780 | Peter Gibson | It would rank 4th out of the 6 banks that he looks at, but it is part of a group of interest sensitive, high ROE, stable companies. Prefers others. | 2006-11-03 | |
| TOP PICK | 64.660 | Gavin Graham | Bank North earnings have not been great because of margin squeeze. CEO is being replaced. TD Ameritrade is doing well on high trading volumes. 2nd biggest retail bank in Canada with a very strong position in mutual funds. 3% yield. | 2006-10-30 | |
| BUY | 63.710 | Michael Smedley | You do well holding this in your portfolio along with other banks. | 2006-10-19 | |
| WEAK BUY | 63.710 | David Burrows | Bank space is a less attractive than some of the other spaces. A little concerned about the news of BankAmerica giving free online trades. You probably won't get hurt and they do give a nice yield. Would prefer a bank with more global exposure. | 2006-10-19 | |
Experts that have talked about Toronto Dominion
