Stockchase Opinions

Lorne Steinberg Bank of Nova Scotia (Pref.) BNS.PR.O-T COMMENT Mar 13, 2023

Owns the five major Canadian banks. Bank of Nova Scotia is looking for a change in strategy with the new CEO. CIBC is one of the cheapest.

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Stock price when the opinion was issued

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BUY
Prefers are somewhat compelling. Because of the selloff, it is trading below its Call. With the recent changes in the tax laws, a 5% yield comparable to an after-tax yield is about 7.5%.
HOLD
5.75% preferred shares probably makes sense.