First National Financial

FN-T

TSE:FN

38.67
0.01 (0.03%)
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
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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