National Bank of Canada (NA.TO)

Best-performing Canadian bank over last 10 years, right up there with RY. Wants to keep payout ratio at 50% or less. Raised dividend because earnings kept growing. 2024 won't see such earnings growth, with prudent loan loss provisions. Market's sniffing out better earnings for 2025. 10x PE, and dividend will keep growing.

It doesn't get as much attention as the big five Canadian banks yet has out-performed them based on the share price 5, 10 and 15 years ago. This should continue. It has doubled in the last 5 years and that is twice the total return of the Canadian bank index. It doesn't do much business in the U.S. which is a good thing. He is overweight.

NA is less exposed to mortgage renewals than other Canadian banks, because the housing prices in Quebec didn't rocket up like other areas of Canada. Also, the yield is great and the PE low. They are a little exposed on their proprietary trading, but they have a strong presence in Quebec. The best Canadian bank.

For the last year and a half, he's been incredibly defensive on the bank side. But you have to own something, because it's too big a sector not to.

He'd recommend NA. The most defensive of all the banks because they don't have to deal with mortgage issues. They do more custodial services and have an investment arm. Reasonable 1.2x price to book, PE around 9x. Outperformed all the other banks. Conservative.

He prefers BNS or TD. A good time, generally, to start looking at the banking sector to get back in.

Best performer of the Big 6, doing well on wealth management in custodial services. She chose banks that were more geographically diversified. Likes banks as a whole due to the pullback. Valuation is at a higher multiple than others. She's sticking with her choices, but has no problem adding a small position in this one.

Uninspiring. Still down YOY. Higher costs, layoffs, not a lot of catalysts for growth. A bit early for the sector. Missed on capital markets, provisions for credit losses spiked. A great business, especially with third-party handling of accounts.

Owns shares in company - has owned since 2004.
Very strong ability to generate profits.
Quebec housing market business turning out well.
Expansion into wealth management has gone well.
Excellent management with strong balance sheet.
Dividend yield strong and dependable. 

Fits the financial theme until the end of the year. Broke out to new highs, now testing the upper end of the range. The leader of the big 6 banks. Fantastic chart. Yield is 4.06%.

Most of its mortgage and retail banking is in Quebec. House prices in Quebec are not the same as in Toronto and Vancouver so there are not the same mortgage concerns as with the other Canadian banks. It also has a substantial capital market business and seems to be doing well at it. It is very prudent with recent results being the best of Canadian banks. The dividend is safe. He feels that all Canadian banks are well priced.
Buy 8  Hold 5  Sell 1

Not tempted to buy the Canadian banks right now. This is the one Canadian bank he owns. He looks for the best companies that have the best management, add value over 3-5 years, and not worry about day to day stock prices.

Mainly in Quebec market, which is more conservative. Focused on wealth management and proprietary trading. Very consistent, raised dividend. Terrific balance sheet. His favourite bank, still buying. What's important are quality of the business and management, not its size.

It has been the best performing bank stock in Canada over the last 15 years. It is not involved in other markets around the world and half of its business is in Quebec. Its business in the rest of Canada is mostly wealth management. It is a core holding.

Still the best-looking bank chart in Canada. Others are underperforming, so he'd still pick this one.

Best-looking Canadian bank. Strong chart. Wants to make new highs.