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Canadian Western Bank Stock Symbol: CWB-T

Last Price Recorded: $33.6200 on 2017-10-18

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Date Signal Expert Opinion Price
2017-10-03 DON'T BUY Ryan Bushell

This has had a great recovery with both the oil recovery and housing worries abatement. He wouldn’t look at this in relation to other Canadian banks. Has a yield of under 3%, and you can get Bank of Nova Scotia or Royal Bank that is closer to 4%.


Price:
$33.950
Subject:
CANADIAN LARGE (DIVIDENDS)
Bias:
UNKNOWN
Owned:
Unknown
2017-09-21 BUY David Burrows

It has had a wonderful rally.  He is more constructive now on energy than in quite some time.  This is a help from western Canada.  He prefers US banks to Canadian but certainly this one is acting great and he would not have a problem owning it.


Price:
$32.000
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Unknown
2017-08-24 DON'T BUY Rick Stuchberry

This one is in the work out phase.  He stays with the larger banks.  You are takin on the Western economy with this one.  He prefers BNS-T and TD-T.


Price:
$28.540
Subject:
CANADIAN LARGE & iNTERNATIONAL ADR's
Bias:
DEFENSIVE
Owned:
No
2017-07-13 PAST TOP PICK Jerome Hass

*Short*.  (Top Pick Jun 10’16, Up 9.11%) This is a paired trade for him.  He has no specific target.


Price:
$27.720
Subject:
CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias:
Bullish on Canadian Equities
Owned:
Yes
2017-07-04 COMMENT Bruce Campbell (1)

A levered way to play Canadian banks. When oil prices go down, this bank goes down more than it should. If you think oil prices are near their bottom, and he does, as they go up, this bank will catch up. This could be a really good levered play. Be careful, because if oil were to go back down to $40, this bank goes down.


Price:
$27.860
Subject:
CANADIAN LARGE
Bias:
OPTIMISTIC
Owned:
Unknown
2017-06-30 COMMENT Hap (Robert) Sneddon FCSI

The whole banking sector is quite positive. The chart shows a little head and shoulders. If it can break above $32, it would probably run away pretty nicely. He likes the whole financial sector. (See Top Picks.)


Price:
$27.380
Subject:
TECHNICAL ANALYSIS & MACRO STRATEGY
Bias:
BULLISH
Owned:
Unknown
2017-05-29 COMMENT Larry Berman CFA, CMT, CTA

Compared to Oil prices over the last 5 years, you can see it is a big proxy.  It is not a perfect correlation, but oil is a huge influence.  CWB-T will be a range trader for the next 5 years.


Price:
$24.560
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-02-22 COMMENT Jerome Hass

Has a long term Short on this. Looking back to the last downturn in 2008-2009, it took 17 quarters for them to get back to pre-recession provisioning levels. The current downturn in Alberta has been a lot longer and more protracted, so thinks the time horizon for provisions will probably be even longer than 17 quarters and doesn’t think the street is factoring that in.


Price:
$30.410
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
CAUTIOUS
Owned:
Yes
2017-02-16 WEAK BUY David Baskin

(Market Call Minute) Completely exposed to the West.  Its loan book is not as bad as people thought.  It is not going out of business.


Price:
$29.900
Subject:
NORTH AMERICAN - LARGE
Bias:
SELECTIVE
Owned:
Unknown
2017-02-10 COMMENT Norman Levine

This has most of its operations in Western Canada, and is very tied into the energy market. It will sink or swim with energy stocks. Its underperformed the other banks. If you are a big believer that the worst is over for energy, and that there is growth ahead, then this probably has some leverage. He wouldn’t hedge quite like this. If you want an energy stock, he would buy it, and if you want a bank, he would buy a regular bank.


Price:
$29.880
Subject:
NORTH AMERICAN
Bias:
UNKNOWN
Owned:
Unknown
2017-01-03 COMMENT Elliot Fishman

This would be reward time for him. Stocks don’t behave this way. A good name and a good company, but anything with bank or financial, has had about a year’s move in 2 months.


Price:
$30.740
Subject:
TECHNICAL ANALYSIS
Bias:
CAUTIOUS
Owned:
Unknown
2016-12-07 DON'T BUY Brian Madden

It has lagged and the regional exposure is the reason for the lag.  It is undiversified by geography and by line of business.  His concern would be that although the oil commodity complex is picking up, he feels employment has a lagged effect.  Loan losses and credit provisions would be a concern for some time.


Price:
$31.320
Subject:
CANADIAN EQUITIES & FIXED INCOME
Bias:
BULLISH
Owned:
Unknown
2016-12-05 SELL ON STRENGTH Don Vialoux

Banks have been coming out with strong fourth quarter results and this one is about to report.  Technically this is in an upward trend.  It looks okay.  Banks usually move higher from August until the end of November.  This is usually the time to take money off the table.  Look for such an opportunity to sell on strength over the next couple of weeks.


Price:
$29.500
Subject:
TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias:
BULLISH
Owned:
Unknown
2016-12-01 DON'T BUY Colin Stewart

He likes the financial sector, but believes the US banks are the better place to invest right now. A well-run company, but the stock is up quite a bit in recent months, probably around optimism on oil prices. The stock is not overly cheap. Feels there are better places to invest in, in financials.


Price:
$30.310
Subject:
NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias:
OPTIMISTIC
Owned:
Unknown
2016-10-19 PAST TOP PICK Gavin Graham

(A Top Pick June 3/15. Down 6.69%.) Given what is happening in Alberta and with the Alberta housing market, this is down. They bought a vehicle financing business, and sold off their custodian and their PNC insurance business. He still likes it.


Price:
$25.390
Subject:
NORTH AMERICAN/GLOBAL - LARGE
Bias:
UNKNOWN
Owned:
Yes
2016-10-04 PAST TOP PICK Jerome Hass

(A Top Pick Nov 24/15. Down 1.28%.) Short. (A pairs trade with a Long on Callidus Capital (CBL-T).)


Price:
$24.370
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
Yes
2016-09-23 SELL John Stephenson

(Market Call Minute.) Oil and gas.


Price:
$25.150
Subject:
NORTH AMERICAN - LARGE & RESOURCE
Bias:
UNKNOWN
Owned:
Unknown
2016-08-31 COMMENT Mohsin Bashir

Canadian Banks were really superstars this last quarter. A lot of that had to do with them being overly pessimistic regarding provisions for credit losses, particularly relating to the energy industry. This bank would be even more so. Trades at a significant discount to the rest of the group. Given the way the dynamics for oil is playing out, the forward curve for crude, you are probably going to be in a good scenario for the next 6-12 months with this bank.


Price:
$26.330
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2016-07-20 DON'T BUY Peter Imhof

Because it is one of the smaller banks with a lot of exposure to Alberta, the stock sold off. Earnings growth rate has come down quite a bit, so multiples have contracted as well. You could play the larger banks where you don’t have that concentration risk in terms of Alberta. Feels the next couple of quarters could be difficult for them. Had sold his holdings.


Price:
$25.860
Subject:
NORTH AMERICAN - SMALL
Bias:
UNKNOWN
Owned:
No
2016-07-14 SELL John Stephenson

(Market Call Minute.) Take your money and run.


Price:
$25.550
Subject:
NORTH AMERICAN - LARGE & RESOURCE
Bias:
CAUTIOUS
Owned:
Unknown
2016-06-13 BUY on WEAKNESS Larry Berman CFA, CMT, CTA

The correlation with this bank and energy prices, etc. is what this bank is all about. It is a proxy for Shorting the energy sector. He doesn’t like this one at this time. Expects oil to hit $40 before it hit $60, and therefore potential weakness. Can see a probable 10% downside, at which point he would think about buying if you want a longer-term play on the recovery story of Fort McKenzie.


Price:
$26.320
Subject:
NORTH AMERICAN & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-06-10 TOP PICK Jerome Hass

*SHORT* His concern is driven by what happened with them in the last downturn. It took 8 quarters from the start of the last recession before impaired loans peaked, and 17 quarters to get down to the pre-recession levels. We are only 4 quarters into that, and he sees a tripling of their loan provisions coming forward, and another 3.5 years ahead. Dividend yield of 3.45%.


Price:
$26.550
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
CAUTIOUS
Owned:
Yes
2016-06-02 COMMENT Michael Sprung

Just reported in the last day or 2. People were looking for really bad news, and he feels they surprised the street by coming out with much better results than expected. Although provisions for credit losses went up to 78 basis points from 18 last quarter, it wasn’t as bad as people thought it could be. You have to ask yourself if you want to ride out the fact that they are an Alberta-based bank in the current environment, when you can get a better yield at competitive pricing with their larger competitors. He would rather take the yield advantage of some of their peers. (See Top Picks.)


Price:
$25.940
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
No
2016-05-31 BUY Steve DiGregorio

(Market Call Minute.) This is the most sensitive when rates go up. It is one you want to own, but you have to have a bit of patience.


Price:
$25.810
Subject:
CANADIAN DIVIDEND
Bias:
UNKNOWN
Owned:
Unknown
2016-05-25 DON'T BUY David Burrows

His macro view is that structurally energy could be tough for a longtime.  He does not like something that is broken and that you hope is fine.  He prefers outside of Western Canada.


Price:
$25.900
Subject:
NORTH AMERICAN - LARGE
Bias:
CONTRARIAN
Owned:
Unknown
2016-04-28 WAIT Bruce Campbell (1)

(Market Call Minute.) Hold off on this for another couple of quarters until you see if the Alberta Renaissance gets a little better. Would prefer Toronto Dominion (TD-T) right now.


Price:
$27.840
Subject:
CANADIAN LARGE
Bias:
OPTIMISTIC
Owned:
Unknown
2016-03-31 COMMENT Lyle Stein

Preferreds, Series B.  They had to issue them with quite a high interest rate.  Shareholders of previous issues want to sell and buy this one.


Price:
$24.150
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Unknown
2016-03-10 DON'T BUY Christine Poole

The banks are all quite attractively priced.  She likes her Top Pick today as well as TD-T for their US exposure.  CWB-T is exposed to Western Canada.


Price:
$23.890
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH on US ECONOMY
Owned:
No
2016-03-01 COMMENT Jim Huang

Tough going right now out West, and as a result banks lending primarily to Western provinces are having some troubles. Historically a very well-run company, solid business and diversified, but in the current territories they are in a bit of trouble. Stock has been beaten down a long way. From a loan loss point of view, you can expect to see some losses showing up. He would prefer to see a bottoming in the Western economy before he got aggressive on this.


Price:
$20.480
Subject:
NORTH AMERICAN
Bias:
OPTIMISTIC
Owned:
Unknown
2016-02-08 COMMENT Jerome Hass

This bank had a great run over the previous 10 years, but has gone through a rough patch recently. He is Short this, largely because of its exposure to Western Canada. Thinks there is a rough patch coming. If you look at how they performed in 2008-2009, a lot of the provisions really didn’t come in until late 2009, and carried on until 2011. Feels the market is not anticipating some of the issues they are going to have. Also, in the last conference call, they have a very substantial “preferred share book” which has been very hard hit. They did not take a write down to that portfolio, but it they wrote it down to its current market value, it would essentially wipe out at least the last quarter if not more in terms of earnings. He can still see a 10%-20% downside.


Price:
$22.160
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
Yes
2016-01-12 COMMENT Christine Poole

Because of its geographic concentration, and that all of the banks have underperformed, she would rather buy one of the larger ones. Dividend yield of 4.4%.


Price:
$21.030
Subject:
NORTH AMERICAN - LARGE
Bias:
BULL on US EQUITIES
Owned:
Unknown
2016-01-04 BUY on WEAKNESS Larry Berman CFA, CMT, CTA

Earnings expectations set it at 8.6 times, which is very low.  But there could be another 10% down in the stock if oil stays low much longer.  It is an energy trade and will recover proportionately if oil does.  You could nibble away here.


Price:
$23.510
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2015-12-30 COMMENT Lyle Stein

Has been punished because everybody thinks that every loan in Alberta is going to go under. That just isn’t the case. You are buying this at about 8X earnings compared to other bank stocks where you are paying 10X or 10.5X earnings. You’ll get a 1% multiple bump over a 5-7 year period, and you are probably going to get a nice growth bump, because the earnings that are not going down will show enhanced growth as Alberta recovers. This is exactly what a contrarian investor would be looking at. Dividend yield of 3.8%.


Price:
$23.700
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Unknown
2015-12-10 DON'T BUY Bruce Tatters

It has not had a good year and is less expensive now.  The problem is the exposure to lending in Western Canada.  There were not a tremendous amount of debt restructurings in 2015 so he is cautious the longer oil stays low.


Price:
$23.170
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2015-11-25 DON'T BUY Jason Mann

(Market Call Minute.) This has suffered from a slowdown out West. It is the middle of the pack for him. Has an okay yield. There is no compelling reason to own this when some of the other banks are trading at some of the same valuations.


Price:
$25.580
Subject:
NORTH AMERICAN
Bias:
UNKNOWN
Owned:
No
2015-11-24 TOP PICK Jerome Hass

Short. (A pairs trade with a Long on Callidus Capital (CBL-T).) This is essentially to take out some of the market specific risk and industry specific risk. Dividend yield of 3.41%.


Price:
$25.810
Subject:
CANADIAN - LONG & SHORT
Bias:
UNKNOWN
Owned:
Yes
2015-11-16 DON'T BUY Larry Berman CFA, CMT, CTA

Banks in general may be soft for a year or two.  He would prefer ZWB-T, which does not own CWB-T.  He would not step into ZWB-T yet.


Price:
$25.330
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
No
2015-11-06 WAIT Rick Stuchberry

This bank is so tied to the energy complex in the west and the western economy, there is probably going to be a little bit of rough water before calm seas set in. He would be more comfortable buying one of the bigger banks, as they are breaking out of their technical formations, meaning they are making better money. Watch the loan loss provisions get built into the big banks when they report in a month. If they start to go way up, that augurs poorly for this bank.


Price:
$25.510
Subject:
CANADIAN LARGE & ADRs
Bias:
OPTIMISTIC
Owned:
No
2015-11-04 COMMENT Lyle Stein

This has been unduly hit because of Alberta. He is trying to figure out how to play the Alberta recovery. (See Top Picks.)


Price:
$25.050
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2015-10-08 BUY Douglas Kee

It has been hit by the energy price.  This one is down more because of where they are.  It is a well managed bank.  He has no problem with the stock.


Price:
$26.500
Subject:
CANADIAN DIVIDEND
Bias:
OPTIMISTIC
Owned:
No
2015-09-22 PAST TOP PICK Todd Johnson

(A Top Pick May 22/14. Down 33.35%.) Thinks the selloff has been overdone. This bank trades with oil. 40% of its assets are in Alberta. Last quarter earnings were quite good. It has sub-20 provisions for credit losses, which is well below all the other banks. Trading close to BV, and with a 3-5 year time horizon, it is a great buy.


Price:
$23.860
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Yes
2015-09-21 WEAK BUY Jeff Young

A lot of equipment financing.  He thinks reserves for loan losses will go up.  If you have patience and can handle some volatility, it will pay off, even at these levels.


Price:
$23.900
Subject:
CANADIAN DIVIDEND
Bias:
SELECTIVE
Owned:
No
2015-09-15 DON'T BUY Jerome Hass

To some extent, he thinks the market has been unduly harsh, but it is really viewed as one of the best pure proxies on the economy in Western Canada. As a consequence there have been a lot of Shorts on the name. Believes it is one of the worst performing Canadian banks over the last 12 months, and doesn’t see that changing in the near future.


Price:
$23.260
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
No
2015-09-14 WATCH Larry Berman CFA, CMT, CTA

Very regional player.  Banks came down recently.  When oil turns around, this will tend to lead banks.  A steeper yield curve would be better for all banks, if interest rates start to rise.


Price:
$22.540
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2015-09-11 PARTIAL BUY Steve DiGregorio

His preferred pick would be Toronto Dominion (TD-T) because of their access to the US and the revenue that is coming out of there. This is a bank that traditionally always trades at a premium of all the banks, because of the growth profile. It is currently trading at a discount. This is the bank that is going to perform the best when interest rates start to rise. Nibbling away at this would be a good investment for the long-term.


Price:
$22.660
Subject:
CANADIAN DIVIDEND
Bias:
BULLISH on DIVIDEND STOCKS
Owned:
Yes
2015-07-15 HOLD Bruce Tatters

This wouldn’t have the exposure to Eastern Canadian lending, but it does have Vancouver lending in its mix. Also, has Alberta exposure, which is the weakest province from an economic standpoint. Stock has been hit quite hard, but he wouldn’t be a buyer here. (See Top Picks.)


Price:
$25.510
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2015-06-15 COMMENT Barry Schwartz

This has really underperformed because of their exposure to Alberta, although he doesn’t know if that is fair. Have raised their dividend. Probably worth another look. A good one for the long-term. (He owns some of their preferred shares and some of their fixed income.)


Price:
$27.870
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2015-06-10 COMMENT Hap (Robert) Sneddon FCSI

An interesting story. The $26 level was pretty relevant back in 2012-2013. It became relevant again at the beginning of this year. If you are a long-term investor, you can buy at this level. You don’t want to see the $26 range broken. Risk/reward is really, really good at this level.


Price:
$28.600
Subject:
TECHNICAL ANALYSIS
Bias:
UNKNOWN
Owned:
Unknown
2015-06-08 COMMENT Michael Sprung

An underperformer relative to the other banks. We have slipped into a territory where, year to date, most banks are slightly in negative territory on a price point, but this one far more than the others. Despite that in the recent quarter, their provision for credit losses, seem to be holding up fairly well up. However, on a multiple basis, it doesn’t look exceedingly cheap relative to the other banks, except maybe on a Price to book basis. As the fallout from low energy prices reverberates through the economy, it is going to affect loan losses. Because of its much lower yield, he would prefer other banks. For a longer term play, it is not a bad place to be.


Price:
$28.050
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
No
2015-06-03 TOP PICK Gavin Graham

This has been tarred with the oil collapse so it is off 28% in the last year. Even though it has been much more oil concentrated in the past, it knows its business and it runs it really well. Yield of 1.94%.


Price:
$28.620
Subject:
GLOBAL
Bias:
CAUTIOUS
Owned:
No
2015-06-01 COMMENT Bruce Campbell (1)

Probably got hit a little bit more than it should have, given their long-term track record of being pretty good about managing through energy downturns. They tend not to be overly exposed to retail. Loan losses have ticked up, but not incredibly. A one-year target would be $30-$32.


Price:
$28.010
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
No
2015-05-22 COMMENT David Cockfield

Very much a local Alberta bank, and is so focused in that area that when you see a slowdown going, you have to look at who they lend the money to. There is a higher risk than with other banks, and the market is reflecting that.


Price:
$28.820
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2015-05-11 WATCH Larry Berman CFA, CMT, CTA

It tends to be levered to the success of Alberta and Western Canada.  This one took a hard hit when oil prices rolled over.  You have to ask if oil has bottomed.  He thinks it will range between $40 and $65.  If it gets near the lows it makes sense to accumulate, but don’t expect a massive recovery.


Price:
$29.420
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2015-05-11 COMMENT Michael Smedley

Practically anything that is in Western Canada, people will see ghosts. This probably provides an opportunity for this bank. Importantly it doesn’t have much direct exposure to oil/gas accounts. It was unduly hit.


Price:
$29.420
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2015-03-18 WAIT Mohsin Bashir

Has been punished in this energy downturn. There is some sort of opportunity emerging here, because this isn’t a business that is entirely dependent on oil production itself. It is dependent on the customers that are out there in that space. E&P companies have been out consolidating and shoring up their balance sheets. Eventually there is going to be a point where a lot of these assets and a lot of these businesses are going to be up for sale at bargain prices. Over the long term, you probably have an opportunity with this bank. Wait for an oil price improvement first.


Price:
$26.280
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2015-03-17 BUY on WEAKNESS Ross Healy

He was interested in it when he took a look yesterday.  It is cheaper than the other Canadian banks.  The earnings forecasts have held out recently for Canadian banks so this one is not getting itself into trouble.  He would prefer a little more dividend, but it is getting value.  At $24 he would like it a lot.


Price:
$26.270
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2015-03-13 COMMENT Gavin Graham

This bank is off 20% in the last year. It is well-run and conservatively run, but is down purely on sentiment because of the oil patch. They are not nearly as exposed to energy as people think. Thinks it is on sale. Probably worth looking at.


Price:
$25.550
Subject:
GLOBAL
Bias:
UNKNOWN
Owned:
Unknown
2015-03-11 WAIT Keith Richards

This bank is very influenced by what is going on out west, and energy has not been a great place to be. It is coming back to the $26 support level that it had seen a couple of times since 2012. You want to see a successful test off of that. It looks like it is trying to bounce off the $26 level, but he would give it a bit more time.


Price:
$26.030
Subject:
TECHNICAL ANALYSIS
Bias:
CAUTIOUS
Owned:
Unknown
2015-02-05 DON'T BUY Jason Donville

This is a great bank, but has taken more of a hit than the other banks. Because they know they are in the middle of oil and gas country, they avoid direct lending to oil/gas companies and keep it quite low. Nonetheless, they are tangentially affected. This bank is off, but not often enough to give really excited about it. Their earnings will be fine, but he doesn’t think the stock will go anywhere significant for the next little while.


Price:
$28.720
Subject:
GROWTH & FINANCIALS
Bias:
CAUTIOUS
Owned:
Unknown
2015-01-26 WATCH Patrick Horan

One of the smaller Canadian banks.  He is cautious on it right now.  You want to see loan loss provision scale up.  Wait for it to get down to a 5% yield.


Price:
$28.550
Subject:
NORTH AMERICAN
Bias:
BULLISH
Owned:
Unknown
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