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Canadian Western Bank Stock Symbol: CWB-T

Last Price Recorded: $33.3900 on 2017-10-17

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Date Signal Expert Opinion Price
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
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