First National Financial

FN-T

TSE:FN

38.86
0.13 (0.33%)
First National Financial Corporation is a Canadian private lending institution based in Toronto, Ontario.
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Analysis and Opinions about FN-T

Signal
Opinion
Expert
BUY
BUY
November 8, 2019
It’s slowly moved up from $28. The pullback is a natural phenomenon after the pop. Lots of volume. He would buy it here.
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It’s slowly moved up from $28. The pullback is a natural phenomenon after the pop. Lots of volume. He would buy it here.
HOLD
HOLD
May 1, 2019
Alternative mortgage companies have been under pressure lately. Longer term, FN-T has done a good job and is a well-managed company. Management owns a large stake too. Eventually he thinks it could become attractive to other players and could be an acquisition target. It has been a consistent dividend grower. Yield 5.9%
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Alternative mortgage companies have been under pressure lately. Longer term, FN-T has done a good job and is a well-managed company. Management owns a large stake too. Eventually he thinks it could become attractive to other players and could be an acquisition target. It has been a consistent dividend grower. Yield 5.9%
HOLD
HOLD
November 30, 2018
They have raised dividends, which signals confidence by management – who also owns the majority of shares. It has a service advantage and get loan turnarounds quickly. Brokers have technological advantages and there is reoccurring capital. Once a mortgage is closed it becomes highly visible and it shows the cash flow path.
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They have raised dividends, which signals confidence by management – who also owns the majority of shares. It has a service advantage and get loan turnarounds quickly. Brokers have technological advantages and there is reoccurring capital. Once a mortgage is closed it becomes highly visible and it shows the cash flow path.
COMMENT
COMMENT
November 29, 2018
Undervalued? Familiar with it but doesn't own it. Anytime you're looking at the financial players especially if they are Canada-centric you want to understand if there is any mortage business and what that book looks like. He is concerned about Canadian household debt now that we see rates start to rise. The discount that you see often in the smaller financial centers in Canada is not that the market is not aware of it or that it's a bargain, it's more to speak to the fact that there is risk in being concentrated on the Canadian economy.
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Undervalued? Familiar with it but doesn't own it. Anytime you're looking at the financial players especially if they are Canada-centric you want to understand if there is any mortage business and what that book looks like. He is concerned about Canadian household debt now that we see rates start to rise. The discount that you see often in the smaller financial centers in Canada is not that the market is not aware of it or that it's a bargain, it's more to speak to the fact that there is risk in being concentrated on the Canadian economy.
HOLD
HOLD
September 17, 2018

Follows it. Well-managed with a decent yield. Very conservative managers. But what happens when the two big shareholders retire or move on? Hold on.

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Follows it. Well-managed with a decent yield. Very conservative managers. But what happens when the two big shareholders retire or move on? Hold on.

BUY
BUY
December 1, 2017

Buy on the dip or wait? They were seriously looking at this stock, but never bought it. A descending triangle, technically you want to buy on the breakout, and it just recently broke out. So long as its hold above $27-26 it's probably a buy. 6% yield.

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Buy on the dip or wait? They were seriously looking at this stock, but never bought it. A descending triangle, technically you want to buy on the breakout, and it just recently broke out. So long as its hold above $27-26 it's probably a buy. 6% yield.

PAST TOP PICK
PAST TOP PICK
May 26, 2017

(A Top Pick April 28/16. Down 1%.) At a higher level than Home Capital (HCG-T), but on a par with Bank of Nova Scotia (BNS-T), which is at the top of the pile. The latest quarter was a tiny bit mixed, but that is probably your opportunity to Buy.

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(A Top Pick April 28/16. Down 1%.) At a higher level than Home Capital (HCG-T), but on a par with Bank of Nova Scotia (BNS-T), which is at the top of the pile. The latest quarter was a tiny bit mixed, but that is probably your opportunity to Buy.

COMMENT
COMMENT
May 9, 2017

This is a different mortgage player. They basically raise their own money and put that into mortgages. They service mortgages, as opposed to using capital as an intermediary to earn a spread. This has been a well-run company. Their software is 2nd to none. It got caught in the downdraft.

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This is a different mortgage player. They basically raise their own money and put that into mortgages. They service mortgages, as opposed to using capital as an intermediary to earn a spread. This has been a well-run company. Their software is 2nd to none. It got caught in the downdraft.

COMMENT
COMMENT
May 3, 2017

$25 was an old point of resistance. Old resistance becomes new support, and this chart shows it. There is a possibility of this moving up, especially if there is good fundamental news such as a takeover. You might see this rise into the $28 area.

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$25 was an old point of resistance. Old resistance becomes new support, and this chart shows it. There is a possibility of this moving up, especially if there is good fundamental news such as a takeover. You might see this rise into the $28 area.

COMMENT
COMMENT
March 20, 2017

One of the alternative lenders. A great earnings story and a stable company. The fears regarding real estate is what caused the draft down in the stock price, in the latter half of 2016. However, as a dividend generator, it is a pretty stable business. A very tightly controlled company which he likes. Their software is 2nd to none. This is the kind of name you can own and feel comfortable doing so.

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One of the alternative lenders. A great earnings story and a stable company. The fears regarding real estate is what caused the draft down in the stock price, in the latter half of 2016. However, as a dividend generator, it is a pretty stable business. A very tightly controlled company which he likes. Their software is 2nd to none. This is the kind of name you can own and feel comfortable doing so.

DON'T BUY
DON'T BUY
October 12, 2016

A non-traditional, mortgage only bank. Mortgage rule changes last week have caused a pullback. No one knows for sure what the impact of the rule changes will be. She would stay with the big six banks rather than this group. 6.8% yield.

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A non-traditional, mortgage only bank. Mortgage rule changes last week have caused a pullback. No one knows for sure what the impact of the rule changes will be. She would stay with the big six banks rather than this group. 6.8% yield.

BUY
BUY
June 9, 2016

(Market Call Minute) This is the highest grade of mortgage, non-bank companies in the land. It ranks up there with BNS-T.

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(Market Call Minute) This is the highest grade of mortgage, non-bank companies in the land. It ranks up there with BNS-T.

TOP PICK
TOP PICK
April 28, 2016

He hopes there will be a cheaper entry point. The company is brilliant because they are the top of their class in mortgage broking. They are above all the other banks. TD-T sends them their external mortgage broking business.

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He hopes there will be a cheaper entry point. The company is brilliant because they are the top of their class in mortgage broking. They are above all the other banks. TD-T sends them their external mortgage broking business.

DON'T BUY
DON'T BUY
May 15, 2014

Are the preferreds a good long term investment? They are in the mortgage origination financing business. It has a speculative triple ‘B’ rating. There is a possibility that the company does not do well. Thinks it will not get called. 5.5% yield. The return on the equity is 7%.

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Are the preferreds a good long term investment? They are in the mortgage origination financing business. It has a speculative triple ‘B’ rating. There is a possibility that the company does not do well. Thinks it will not get called. 5.5% yield. The return on the equity is 7%.

BUY
BUY
March 18, 2014

Stock has performed well and it is very well managed. Would be comfortable adding to your position right now. Very nice dividend. They are set up for a good year coming up.

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Stock has performed well and it is very well managed. Would be comfortable adding to your position right now. Very nice dividend. They are set up for a good year coming up.

COMMENT
COMMENT
February 14, 2014

In the business of originating and then later bundling and selling mortgages, mostly to some of the larger Canadian banks. With his views on the Canadian consumer, where housing is and slowing mortgage growth, he thinks this company’s business will slow. Would prefer places where you get higher growth in financial services.

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In the business of originating and then later bundling and selling mortgages, mostly to some of the larger Canadian banks. With his views on the Canadian consumer, where housing is and slowing mortgage growth, he thinks this company’s business will slow. Would prefer places where you get higher growth in financial services.

BUY
BUY
December 24, 2013

(Market Call Minute) Always screens well. Has HCG but would have no trouble switching.

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(Market Call Minute) Always screens well. Has HCG but would have no trouble switching.

DON'T BUY
DON'T BUY
November 22, 2013

Are the preferreds a good choice? It is about 7%. Also has a great discount at about $17. With a reset in early 2016. This is a P3 preferred, not in investment grade territory. Because it is trading at such a discount, there is upside potential. Come 2016, this is not going to be Called, but is going to be Reset. This is why it trades where does. Also, we are getting to the tax loss selling season and a lot of these names that have been down tend to take it on the chin going into December. Not an income play he would look at.

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Are the preferreds a good choice? It is about 7%. Also has a great discount at about $17. With a reset in early 2016. This is a P3 preferred, not in investment grade territory. Because it is trading at such a discount, there is upside potential. Come 2016, this is not going to be Called, but is going to be Reset. This is why it trades where does. Also, we are getting to the tax loss selling season and a lot of these names that have been down tend to take it on the chin going into December. Not an income play he would look at.

WATCH
WATCH
November 5, 2013

Chart looks beautiful. Shows a long base running from late 2011 with a breakout occurring later this year. This kind of strong breakout is going to have to pull back. On any kind of a reasonable pull back, when the momentum oscillators become oversold, he would be all over this.

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Chart looks beautiful. Shows a long base running from late 2011 with a breakout occurring later this year. This kind of strong breakout is going to have to pull back. On any kind of a reasonable pull back, when the momentum oscillators become oversold, he would be all over this.

COMMENT
COMMENT
September 30, 2013

Rate Reset Preferred? This is not a big issuer in Canada. Has been hit by the overall “perfect storm” that we went through in the summer. (See comments in Past Top Picks.) Even though the credit may be stable, it is not easily tradable within a larger portfolio so he doesn’t own. If you’re happy with the yield you are getting and it is a longer-term hold, you could hold this. If you are looking to trade in and out, you might be better with something else.

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Rate Reset Preferred? This is not a big issuer in Canada. Has been hit by the overall “perfect storm” that we went through in the summer. (See comments in Past Top Picks.) Even though the credit may be stable, it is not easily tradable within a larger portfolio so he doesn’t own. If you’re happy with the yield you are getting and it is a longer-term hold, you could hold this. If you are looking to trade in and out, you might be better with something else.

DON'T BUY
DON'T BUY
August 23, 2013

On the very long-term, there has been some sort of a lid at around $19. We are right near the top of the basic trading band. He would be a little bit cautious.

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On the very long-term, there has been some sort of a lid at around $19. We are right near the top of the basic trading band. He would be a little bit cautious.

COMMENT
COMMENT
February 6, 2013

Above average quality company. Very well run. In terms of valuation, he would favour Home Capital (HCG-T) and Equitable Trust instead. If you purely want dividend and give up some of the growth, he would go with this one. 7% yield.

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Above average quality company. Very well run. In terms of valuation, he would favour Home Capital (HCG-T) and Equitable Trust instead. If you purely want dividend and give up some of the growth, he would go with this one. 7% yield.

COMMENT
COMMENT
January 8, 2013

Probably a beneficiary of the tightening up of lending standards. Mortgage rules have changed and there is a slowdown in transactions so if there is a big shift in mortgages as the market reacts that is when you will see the mortgage market react. His guess is that this company will do fine. Very well managed company. Feels the 6.9% dividend is sustainable.

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Probably a beneficiary of the tightening up of lending standards. Mortgage rules have changed and there is a slowdown in transactions so if there is a big shift in mortgages as the market reacts that is when you will see the mortgage market react. His guess is that this company will do fine. Very well managed company. Feels the 6.9% dividend is sustainable.

COMMENT
COMMENT
May 7, 2012
Technically this is not a bank but is a mortgage lender. 8% dividend. Other high-yielders that you might want to look at would be Carfinco Financial (CFN-T) or Davis + Henderson (DH-T). When looking at yielders, you have to both the yield and the payout ratio because some companies will pay out all their cash and others will only pay out half.
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Technically this is not a bank but is a mortgage lender. 8% dividend. Other high-yielders that you might want to look at would be Carfinco Financial (CFN-T) or Davis + Henderson (DH-T). When looking at yielders, you have to both the yield and the payout ratio because some companies will pay out all their cash and others will only pay out half.
SELL
SELL
October 17, 2011
Well-managed. Because of its growth rate it is rolling over. Earnings are really starting to flatten out. Expect that talk of the distribution cut will become more and more significant.
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Well-managed. Because of its growth rate it is rolling over. Earnings are really starting to flatten out. Expect that talk of the distribution cut will become more and more significant.
DON'T BUY
DON'T BUY
June 27, 2011
Very strong management team. 7.8% dividend is sustainable but he is quite negative on Canadian real estate. There is already some decline in permits. Be cautious on this one. Would like to pick it up after he sees a decline in the Canadian housing market.
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Very strong management team. 7.8% dividend is sustainable but he is quite negative on Canadian real estate. There is already some decline in permits. Be cautious on this one. Would like to pick it up after he sees a decline in the Canadian housing market.
HOLD
HOLD
August 30, 2010
Had an expectation of mortgage origination growth but it came in slower than expected and affected Q1 and Q2 numbers. Building a nice base at the current level. Good yield.
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Had an expectation of mortgage origination growth but it came in slower than expected and affected Q1 and Q2 numbers. Building a nice base at the current level. Good yield.
PAST TOP PICK
PAST TOP PICK
August 6, 2010
(A Top Pick Oct 16/09. Up 9.76%.) Still likes.
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(A Top Pick Oct 16/09. Up 9.76%.) Still likes.
HOLD
HOLD
July 7, 2010
Originate and then sell mortgages. In Q1 they reported lower mortgage origination than analysts had expected. Cut distribution in anticipation of conversion. Some concern that volumes will drop on mortgage originations. Management owns more than 70% of the shares. Good company.
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Originate and then sell mortgages. In Q1 they reported lower mortgage origination than analysts had expected. Cut distribution in anticipation of conversion. Some concern that volumes will drop on mortgage originations. Management owns more than 70% of the shares. Good company.
PAST TOP PICK
PAST TOP PICK
May 14, 2010
(A Top Pick Oct 16/09. Up 13.55%.) Will Sell above $18.50-$19.
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(A Top Pick Oct 16/09. Up 13.55%.) Will Sell above $18.50-$19.
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