Canadian Western Bank | StockChase
204
Canadian Western Bank (CWB-T)

Last Price Recorded: $37.2200 on 2017-12-14

ON STOCKCHASE SINCE Jan 2001

banks
204
Canadian Western Bank (CWB-T)

Last Price Recorded: $37.2200 on 2017-12-14

ON STOCKCHASE SINCE Jan 2001


Canadian Western Bank


Signal Opinion Expert
HOLD
Canadian Western Bank(CWB-T) 

November 17, 2017

Although located in the West, the company is not dependent on oil and gas. They’ve been doing well. Have broken into eastern Canada a little. It is probably worth holding. 2.7% dividend yield.

banks

Although located in the West, the company is not dependent on oil and gas. They’ve been doing well. Have broken into eastern Canada a little. It is probably worth holding. 2.7% dividend yield.

banks
Michael Smedley

Exec VP & Chief Investment Officer, Morgan Meighan & Ass...

PricePrice
$35.310
Owned Owned
Unknown

DON'T BUY

This has had a great recovery with both the oil recovery and housing worries abatement. He wouldn’t look at this in relation to other Canadian banks. Has a yield of under 3%, and you can get Bank of Nova Scotia or Royal Bank that is closer to 4%.

banks

This has had a great recovery with both the oil recovery and housing worries abatement. He wouldn’t look at this in relation to other Canadian banks. Has a yield of under 3%, and you can get Bank of Nova Scotia or Royal Bank that is closer to 4%.

banks
Ryan Bushell

V. P. & Portfolio Manager, Leon Frazer and Asso...

PricePrice
$33.950
Owned Owned
Unknown

BUY
Canadian Western Bank(CWB-T) 

September 21, 2017

It has had a wonderful rally.  He is more constructive now on energy than in quite some time.  This is a help from western Canada.  He prefers US banks to Canadian but certainly this one is acting great and he would not have a problem owning it.

banks

It has had a wonderful rally.  He is more constructive now on energy than in quite some time.  This is a help from western Canada.  He prefers US banks to Canadian but certainly this one is acting great and he would not have a problem owning it.

banks
David Burrows

President & Chief Investment Strategist, Barometer Capital Ma...

PricePrice
$32.000
Owned Owned
Unknown

DON'T BUY

This one is in the work out phase.  He stays with the larger banks.  You are takin on the Western economy with this one.  He prefers BNS-T and TD-T.

banks

This one is in the work out phase.  He stays with the larger banks.  You are takin on the Western economy with this one.  He prefers BNS-T and TD-T.

banks
Rick Stuchberry

Portfolio Manager, Richardson GMP...

PricePrice
$28.540
Owned Owned
No

PAST TOP PICK

*Short*.  (Top Pick Jun 10’16, Up 9.11%) This is a paired trade for him.  He has no specific target.

banks

*Short*.  (Top Pick Jun 10’16, Up 9.11%) This is a paired trade for him.  He has no specific target.

banks
Jerome Hass

Portfolio Manager, Lightwater Partners...

PricePrice
$27.720
Owned Owned
Yes

COMMENT

A levered way to play Canadian banks. When oil prices go down, this bank goes down more than it should. If you think oil prices are near their bottom, and he does, as they go up, this bank will catch up. This could be a really good levered play. Be careful, because if oil were to go back down to $40, this bank goes down.

banks

A levered way to play Canadian banks. When oil prices go down, this bank goes down more than it should. If you think oil prices are near their bottom, and he does, as they go up, this bank will catch up. This could be a really good levered play. Be careful, because if oil were to go back down to $40, this bank goes down.

banks
Bruce Campbell (1)

President, Campbell and Lee Inv...

PricePrice
$27.860
Owned Owned
Unknown

COMMENT

The whole banking sector is quite positive. The chart shows a little head and shoulders. If it can break above $32, it would probably run away pretty nicely. He likes the whole financial sector. (See Top Picks.)

banks

The whole banking sector is quite positive. The chart shows a little head and shoulders. If it can break above $32, it would probably run away pretty nicely. He likes the whole financial sector. (See Top Picks.)

banks
Hap (Robert) Sneddon FCSI

Chief Portfolio Manager & Founder, Castlemoore Inc....

PricePrice
$27.380
Owned Owned
Unknown

COMMENT

Compared to Oil prices over the last 5 years, you can see it is a big proxy.  It is not a perfect correlation, but oil is a huge influence.  CWB-T will be a range trader for the next 5 years.

banks

Compared to Oil prices over the last 5 years, you can see it is a big proxy.  It is not a perfect correlation, but oil is a huge influence.  CWB-T will be a range trader for the next 5 years.

banks
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Manageme...

PricePrice
$24.560
Owned Owned
Unknown

COMMENT
Canadian Western Bank(CWB-T) 

February 22, 2017

Has a long term Short on this. Looking back to the last downturn in 2008-2009, it took 17 quarters for them to get back to pre-recession provisioning levels. The current downturn in Alberta has been a lot longer and more protracted, so thinks the time horizon for provisions will probably be even longer than 17 quarters and doesn’t think the street is factoring that in.

banks

Has a long term Short on this. Looking back to the last downturn in 2008-2009, it took 17 quarters for them to get back to pre-recession provisioning levels. The current downturn in Alberta has been a lot longer and more protracted, so thinks the time horizon for provisions will probably be even longer than 17 quarters and doesn’t think the street is factoring that in.

banks
Jerome Hass

Portfolio Manager, Lightwater Partners...

PricePrice
$30.410
Owned Owned
Yes

WEAK BUY
Canadian Western Bank(CWB-T) 

February 16, 2017

(Market Call Minute) Completely exposed to the West.  Its loan book is not as bad as people thought.  It is not going out of business.

banks

(Market Call Minute) Completely exposed to the West.  Its loan book is not as bad as people thought.  It is not going out of business.

banks
David Baskin

President, Baskin Wealth Manage...

PricePrice
$29.900
Owned Owned
Unknown

COMMENT
Canadian Western Bank(CWB-T) 

February 10, 2017

This has most of its operations in Western Canada, and is very tied into the energy market. It will sink or swim with energy stocks. Its underperformed the other banks. If you are a big believer that the worst is over for energy, and that there is growth ahead, then this probably has some leverage. He wouldn’t hedge quite like this. If you want an energy stock, he would buy it, and if you want a bank, he would buy a regular bank.

banks

This has most of its operations in Western Canada, and is very tied into the energy market. It will sink or swim with energy stocks. Its underperformed the other banks. If you are a big believer that the worst is over for energy, and that there is growth ahead, then this probably has some leverage. He wouldn’t hedge quite like this. If you want an energy stock, he would buy it, and if you want a bank, he would buy a regular bank.

banks
Norman Levine

Managing Director, Portfolio Management...

PricePrice
$29.880
Owned Owned
Unknown

COMMENT

This would be reward time for him. Stocks don’t behave this way. A good name and a good company, but anything with bank or financial, has had about a year’s move in 2 months.

banks

This would be reward time for him. Stocks don’t behave this way. A good name and a good company, but anything with bank or financial, has had about a year’s move in 2 months.

banks
Elliot Fishman

Director, US & International E...

PricePrice
$30.740
Owned Owned
Unknown

DON'T BUY
Canadian Western Bank(CWB-T) 

December 7, 2016

It has lagged and the regional exposure is the reason for the lag.  It is undiversified by geography and by line of business.  His concern would be that although the oil commodity complex is picking up, he feels employment has a lagged effect.  Loan losses and credit provisions would be a concern for some time.

banks

It has lagged and the regional exposure is the reason for the lag.  It is undiversified by geography and by line of business.  His concern would be that although the oil commodity complex is picking up, he feels employment has a lagged effect.  Loan losses and credit provisions would be a concern for some time.

banks
Brian Madden

Senior VP & Portfolio Manager, Goodreid Investment ...

PricePrice
$31.320
Owned Owned
Unknown

SELL ON STRENGTH
Canadian Western Bank(CWB-T) 

December 5, 2016

Banks have been coming out with strong fourth quarter results and this one is about to report.  Technically this is in an upward trend.  It looks okay.  Banks usually move higher from August until the end of November.  This is usually the time to take money off the table.  Look for such an opportunity to sell on strength over the next couple of weeks.

banks

Banks have been coming out with strong fourth quarter results and this one is about to report.  Technically this is in an upward trend.  It looks okay.  Banks usually move higher from August until the end of November.  This is usually the time to take money off the table.  Look for such an opportunity to sell on strength over the next couple of weeks.

banks
Don Vialoux

Research Analyst, TimingTheMarket.CA &...

PricePrice
$29.500
Owned Owned
Unknown

DON'T BUY
Canadian Western Bank(CWB-T) 

December 1, 2016

He likes the financial sector, but believes the US banks are the better place to invest right now. A well-run company, but the stock is up quite a bit in recent months, probably around optimism on oil prices. The stock is not overly cheap. Feels there are better places to invest in, in financials.

banks

He likes the financial sector, but believes the US banks are the better place to invest right now. A well-run company, but the stock is up quite a bit in recent months, probably around optimism on oil prices. The stock is not overly cheap. Feels there are better places to invest in, in financials.

banks
Colin Stewart

CEO & Portfolio manager, JC Clark Investments...

PricePrice
$30.310
Owned Owned
Unknown

PAST TOP PICK
Canadian Western Bank(CWB-T) 

October 19, 2016

(A Top Pick June 3/15. Down 6.69%.) Given what is happening in Alberta and with the Alberta housing market, this is down. They bought a vehicle financing business, and sold off their custodian and their PNC insurance business. He still likes it.

banks

(A Top Pick June 3/15. Down 6.69%.) Given what is happening in Alberta and with the Alberta housing market, this is down. They bought a vehicle financing business, and sold off their custodian and their PNC insurance business. He still likes it.

banks
Gavin Graham

Trustee, Pointbreak ETFs...

PricePrice
$25.390
Owned Owned
Yes

PAST TOP PICK

(A Top Pick Nov 24/15. Down 1.28%.) Short. (A pairs trade with a Long on Callidus Capital (CBL-T).)

banks

(A Top Pick Nov 24/15. Down 1.28%.) Short. (A pairs trade with a Long on Callidus Capital (CBL-T).)

banks
Jerome Hass

Portfolio Manager, Lightwater Partners...

PricePrice
$24.370
Owned Owned
Yes

SELL
Canadian Western Bank(CWB-T) 

September 23, 2016

(Market Call Minute.) Oil and gas.

banks

(Market Call Minute.) Oil and gas.

banks
John Stephenson

President & CEO, Stephenson & Company...

PricePrice
$25.150
Owned Owned
Unknown

COMMENT

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.

banks

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.

banks
Mohsin Bashir

VP Investments, Stone Asset Manageme...

PricePrice
$26.330
Owned Owned
Unknown

DON'T BUY

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.

banks

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.

banks
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc...

PricePrice
$25.860
Owned Owned
No

SELL

(Market Call Minute.) Take your money and run.

banks

(Market Call Minute.) Take your money and run.

banks
John Stephenson

President & CEO, Stephenson & Company...

PricePrice
$25.550
Owned Owned
Unknown

BUY on WEAKNESS

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.

banks

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.

banks
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Manageme...

PricePrice
$26.320
Owned Owned
Unknown

TOP PICK

*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%.

banks

*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%.

banks
Jerome Hass

Portfolio Manager, Lightwater Partners...

PricePrice
$26.550
Owned Owned
Yes

COMMENT

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.)

banks

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.)

banks
Michael Sprung

President, Sprung Investment Ma...

PricePrice
$25.940
Owned Owned
No

BUY

(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.

banks

(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.

banks
Steve DiGregorio

Portfolio Manager, Canoe Financial...

PricePrice
$25.810
Owned Owned
Unknown

DON'T BUY

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.

banks

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.

banks
David Burrows

President & Chief Investment Strategist, Barometer Capital Ma...

PricePrice
$25.900
Owned Owned
Unknown

WAIT

(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.

banks

(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.

banks
Bruce Campbell (1)

President, Campbell and Lee Inv...

PricePrice
$27.840
Owned Owned
Unknown

COMMENT

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.

banks

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.

banks
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$24.150
Owned Owned
Unknown

DON'T BUY

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.

banks

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.

banks
Christine Poole

CEO & Managing Director, GlobeInvest Capital ...

PricePrice
$23.890
Owned Owned
No

COMMENT

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.

banks

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.

banks
Jim Huang

President, T.I.P. Wealth Manage...

PricePrice
$20.480
Owned Owned
Unknown

COMMENT
Canadian Western Bank(CWB-T) 

February 8, 2016

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.

banks

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.

banks
Jerome Hass

Portfolio Manager, Lightwater Partners...

PricePrice
$22.160
Owned Owned
Yes

COMMENT
Canadian Western Bank(CWB-T) 

January 12, 2016

Because of its geographic concentration, and that all of the banks have underperformed, she would rather buy one of the larger ones. Dividend yield of 4.4%.

banks

Because of its geographic concentration, and that all of the banks have underperformed, she would rather buy one of the larger ones. Dividend yield of 4.4%.

banks
Christine Poole

CEO & Managing Director, GlobeInvest Capital ...

PricePrice
$21.030
Owned Owned
Unknown

BUY on WEAKNESS

Earnings expectations set it at 8.6 times, which is very low.  But there could be another 10% down in the stock if oil stays low much longer.  It is an energy trade and will recover proportionately if oil does.  You could nibble away here.

banks

Earnings expectations set it at 8.6 times, which is very low.  But there could be another 10% down in the stock if oil stays low much longer.  It is an energy trade and will recover proportionately if oil does.  You could nibble away here.

banks
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Manageme...

PricePrice
$23.510
Owned Owned
Unknown

COMMENT
Canadian Western Bank(CWB-T) 

December 30, 2015

Has been punished because everybody thinks that every loan in Alberta is going to go under. That just isn’t the case. You are buying this at about 8X earnings compared to other bank stocks where you are paying 10X or 10.5X earnings. You’ll get a 1% multiple bump over a 5-7 year period, and you are probably going to get a nice growth bump, because the earnings that are not going down will show enhanced growth as Alberta recovers. This is exactly what a contrarian investor would be looking at. Dividend yield of 3.8%.

banks

Has been punished because everybody thinks that every loan in Alberta is going to go under. That just isn’t the case. You are buying this at about 8X earnings compared to other bank stocks where you are paying 10X or 10.5X earnings. You’ll get a 1% multiple bump over a 5-7 year period, and you are probably going to get a nice growth bump, because the earnings that are not going down will show enhanced growth as Alberta recovers. This is exactly what a contrarian investor would be looking at. Dividend yield of 3.8%.

banks
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$23.700
Owned Owned
Unknown

DON'T BUY
Canadian Western Bank(CWB-T) 

December 10, 2015

It has not had a good year and is less expensive now.  The problem is the exposure to lending in Western Canada.  There were not a tremendous amount of debt restructurings in 2015 so he is cautious the longer oil stays low.

banks

It has not had a good year and is less expensive now.  The problem is the exposure to lending in Western Canada.  There were not a tremendous amount of debt restructurings in 2015 so he is cautious the longer oil stays low.

banks
Bruce Tatters

Founding Partner and CIO, Triumph Asset Manage...

PricePrice
$23.170
Owned Owned
Unknown

DON'T BUY
Canadian Western Bank(CWB-T) 

November 25, 2015

(Market Call Minute.) This has suffered from a slowdown out West. It is the middle of the pack for him. Has an okay yield. There is no compelling reason to own this when some of the other banks are trading at some of the same valuations.

banks

(Market Call Minute.) This has suffered from a slowdown out West. It is the middle of the pack for him. Has an okay yield. There is no compelling reason to own this when some of the other banks are trading at some of the same valuations.

banks
Jason Mann

CIO & Co-Founder, Edgehill Patners...

PricePrice
$25.580
Owned Owned
No

TOP PICK
Canadian Western Bank(CWB-T) 

November 24, 2015

Short. (A pairs trade with a Long on Callidus Capital (CBL-T).) This is essentially to take out some of the market specific risk and industry specific risk. Dividend yield of 3.41%.

banks

Short. (A pairs trade with a Long on Callidus Capital (CBL-T).) This is essentially to take out some of the market specific risk and industry specific risk. Dividend yield of 3.41%.

banks
Jerome Hass

Portfolio Manager, Lightwater Partners...

PricePrice
$25.810
Owned Owned
Yes

DON'T BUY
Canadian Western Bank(CWB-T) 

November 16, 2015

Banks in general may be soft for a year or two.  He would prefer ZWB-T, which does not own CWB-T.  He would not step into ZWB-T yet.

banks

Banks in general may be soft for a year or two.  He would prefer ZWB-T, which does not own CWB-T.  He would not step into ZWB-T yet.

banks
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Manageme...

PricePrice
$25.330
Owned Owned
No

WAIT
Canadian Western Bank(CWB-T) 

November 6, 2015

This bank is so tied to the energy complex in the west and the western economy, there is probably going to be a little bit of rough water before calm seas set in. He would be more comfortable buying one of the bigger banks, as they are breaking out of their technical formations, meaning they are making better money. Watch the loan loss provisions get built into the big banks when they report in a month. If they start to go way up, that augurs poorly for this bank.

banks

This bank is so tied to the energy complex in the west and the western economy, there is probably going to be a little bit of rough water before calm seas set in. He would be more comfortable buying one of the bigger banks, as they are breaking out of their technical formations, meaning they are making better money. Watch the loan loss provisions get built into the big banks when they report in a month. If they start to go way up, that augurs poorly for this bank.

banks
Rick Stuchberry

Portfolio Manager, Richardson GMP...

PricePrice
$25.510
Owned Owned
No

COMMENT
Canadian Western Bank(CWB-T) 

November 4, 2015

This has been unduly hit because of Alberta. He is trying to figure out how to play the Alberta recovery. (See Top Picks.)

banks

This has been unduly hit because of Alberta. He is trying to figure out how to play the Alberta recovery. (See Top Picks.)

banks
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$25.050
Owned Owned
No

BUY

It has been hit by the energy price.  This one is down more because of where they are.  It is a well managed bank.  He has no problem with the stock.

banks

It has been hit by the energy price.  This one is down more because of where they are.  It is a well managed bank.  He has no problem with the stock.

banks
Douglas Kee

Chief Investment Officer, Leon Frazer & Associ...

PricePrice
$26.500
Owned Owned
No

PAST TOP PICK
Canadian Western Bank(CWB-T) 

September 22, 2015

(A Top Pick May 22/14. Down 33.35%.) Thinks the selloff has been overdone. This bank trades with oil. 40% of its assets are in Alberta. Last quarter earnings were quite good. It has sub-20 provisions for credit losses, which is well below all the other banks. Trading close to BV, and with a 3-5 year time horizon, it is a great buy.

banks

(A Top Pick May 22/14. Down 33.35%.) Thinks the selloff has been overdone. This bank trades with oil. 40% of its assets are in Alberta. Last quarter earnings were quite good. It has sub-20 provisions for credit losses, which is well below all the other banks. Trading close to BV, and with a 3-5 year time horizon, it is a great buy.

banks
Todd Johnson

Portfolio Manager, BCV Asset Management...

PricePrice
$23.860
Owned Owned
Yes

WEAK BUY
Canadian Western Bank(CWB-T) 

September 21, 2015

A lot of equipment financing.  He thinks reserves for loan losses will go up.  If you have patience and can handle some volatility, it will pay off, even at these levels.

banks

A lot of equipment financing.  He thinks reserves for loan losses will go up.  If you have patience and can handle some volatility, it will pay off, even at these levels.

banks
Jeff Young

Co-CEO & CIO, NexGen Financial...

PricePrice
$23.900
Owned Owned
No

DON'T BUY
Canadian Western Bank(CWB-T) 

September 15, 2015

To some extent, he thinks the market has been unduly harsh, but it is really viewed as one of the best pure proxies on the economy in Western Canada. As a consequence there have been a lot of Shorts on the name. Believes it is one of the worst performing Canadian banks over the last 12 months, and doesn’t see that changing in the near future.

banks

To some extent, he thinks the market has been unduly harsh, but it is really viewed as one of the best pure proxies on the economy in Western Canada. As a consequence there have been a lot of Shorts on the name. Believes it is one of the worst performing Canadian banks over the last 12 months, and doesn’t see that changing in the near future.

banks
Jerome Hass

Portfolio Manager, Lightwater Partners...

PricePrice
$23.260
Owned Owned
No

WATCH
Canadian Western Bank(CWB-T) 

September 14, 2015

Very regional player.  Banks came down recently.  When oil turns around, this will tend to lead banks.  A steeper yield curve would be better for all banks, if interest rates start to rise.

banks

Very regional player.  Banks came down recently.  When oil turns around, this will tend to lead banks.  A steeper yield curve would be better for all banks, if interest rates start to rise.

banks
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Manageme...

PricePrice
$22.540
Owned Owned
Unknown

PARTIAL BUY
Canadian Western Bank(CWB-T) 

September 11, 2015

His preferred pick would be Toronto Dominion (TD-T) because of their access to the US and the revenue that is coming out of there. This is a bank that traditionally always trades at a premium of all the banks, because of the growth profile. It is currently trading at a discount. This is the bank that is going to perform the best when interest rates start to rise. Nibbling away at this would be a good investment for the long-term.

banks

His preferred pick would be Toronto Dominion (TD-T) because of their access to the US and the revenue that is coming out of there. This is a bank that traditionally always trades at a premium of all the banks, because of the growth profile. It is currently trading at a discount. This is the bank that is going to perform the best when interest rates start to rise. Nibbling away at this would be a good investment for the long-term.

banks
Steve DiGregorio

Portfolio Manager, Canoe Financial...

PricePrice
$22.660
Owned Owned
Yes

HOLD

This wouldn’t have the exposure to Eastern Canadian lending, but it does have Vancouver lending in its mix. Also, has Alberta exposure, which is the weakest province from an economic standpoint. Stock has been hit quite hard, but he wouldn’t be a buyer here. (See Top Picks.)

banks

This wouldn’t have the exposure to Eastern Canadian lending, but it does have Vancouver lending in its mix. Also, has Alberta exposure, which is the weakest province from an economic standpoint. Stock has been hit quite hard, but he wouldn’t be a buyer here. (See Top Picks.)

banks
Bruce Tatters

Founding Partner and CIO, Triumph Asset Manage...

PricePrice
$25.510
Owned Owned
No

COMMENT

This has really underperformed because of their exposure to Alberta, although he doesn’t know if that is fair. Have raised their dividend. Probably worth another look. A good one for the long-term. (He owns some of their preferred shares and some of their fixed income.)

banks

This has really underperformed because of their exposure to Alberta, although he doesn’t know if that is fair. Have raised their dividend. Probably worth another look. A good one for the long-term. (He owns some of their preferred shares and some of their fixed income.)

banks
Barry Schwartz

CIO & Portfolio Manager, Baskin Wealth Manage...

PricePrice
$27.870
Owned Owned
Yes

COMMENT

An interesting story. The $26 level was pretty relevant back in 2012-2013. It became relevant again at the beginning of this year. If you are a long-term investor, you can buy at this level. You don’t want to see the $26 range broken. Risk/reward is really, really good at this level.

banks

An interesting story. The $26 level was pretty relevant back in 2012-2013. It became relevant again at the beginning of this year. If you are a long-term investor, you can buy at this level. You don’t want to see the $26 range broken. Risk/reward is really, really good at this level.

banks
Hap (Robert) Sneddon FCSI

Chief Portfolio Manager & Founder, Castlemoore Inc....

PricePrice
$28.600
Owned Owned
Unknown

COMMENT

An underperformer relative to the other banks. We have slipped into a territory where, year to date, most banks are slightly in negative territory on a price point, but this one far more than the others. Despite that in the recent quarter, their provision for credit losses, seem to be holding up fairly well up. However, on a multiple basis, it doesn’t look exceedingly cheap relative to the other banks, except maybe on a Price to book basis. As the fallout from low energy prices reverberates through the economy, it is going to affect loan losses. Because of its much lower yield, he would prefer other banks. For a longer term play, it is not a bad place to be.

banks

An underperformer relative to the other banks. We have slipped into a territory where, year to date, most banks are slightly in negative territory on a price point, but this one far more than the others. Despite that in the recent quarter, their provision for credit losses, seem to be holding up fairly well up. However, on a multiple basis, it doesn’t look exceedingly cheap relative to the other banks, except maybe on a Price to book basis. As the fallout from low energy prices reverberates through the economy, it is going to affect loan losses. Because of its much lower yield, he would prefer other banks. For a longer term play, it is not a bad place to be.

banks
Michael Sprung

President, Sprung Investment Ma...

PricePrice
$28.050
Owned Owned
No

TOP PICK

This has been tarred with the oil collapse so it is off 28% in the last year. Even though it has been much more oil concentrated in the past, it knows its business and it runs it really well. Yield of 1.94%.

banks

This has been tarred with the oil collapse so it is off 28% in the last year. Even though it has been much more oil concentrated in the past, it knows its business and it runs it really well. Yield of 1.94%.

banks
Gavin Graham

Trustee, Pointbreak ETFs...

PricePrice
$28.620
Owned Owned
No

COMMENT

Probably got hit a little bit more than it should have, given their long-term track record of being pretty good about managing through energy downturns. They tend not to be overly exposed to retail. Loan losses have ticked up, but not incredibly. A one-year target would be $30-$32.

banks

Probably got hit a little bit more than it should have, given their long-term track record of being pretty good about managing through energy downturns. They tend not to be overly exposed to retail. Loan losses have ticked up, but not incredibly. A one-year target would be $30-$32.

banks
Bruce Campbell (1)

President, Campbell and Lee Inv...

PricePrice
$28.010
Owned Owned
No

COMMENT

Very much a local Alberta bank, and is so focused in that area that when you see a slowdown going, you have to look at who they lend the money to. There is a higher risk than with other banks, and the market is reflecting that.

banks

Very much a local Alberta bank, and is so focused in that area that when you see a slowdown going, you have to look at who they lend the money to. There is a higher risk than with other banks, and the market is reflecting that.

banks
David Cockfield

Managing Director, Northland Wealth Man...

PricePrice
$28.820
Owned Owned
No

WATCH

It tends to be levered to the success of Alberta and Western Canada.  This one took a hard hit when oil prices rolled over.  You have to ask if oil has bottomed.  He thinks it will range between $40 and $65.  If it gets near the lows it makes sense to accumulate, but don’t expect a massive recovery.

banks

It tends to be levered to the success of Alberta and Western Canada.  This one took a hard hit when oil prices rolled over.  You have to ask if oil has bottomed.  He thinks it will range between $40 and $65.  If it gets near the lows it makes sense to accumulate, but don’t expect a massive recovery.

banks
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Manageme...

PricePrice
$29.420
Owned Owned
Unknown

COMMENT

Practically anything that is in Western Canada, people will see ghosts. This probably provides an opportunity for this bank. Importantly it doesn’t have much direct exposure to oil/gas accounts. It was unduly hit.

banks

Practically anything that is in Western Canada, people will see ghosts. This probably provides an opportunity for this bank. Importantly it doesn’t have much direct exposure to oil/gas accounts. It was unduly hit.

banks
Michael Smedley

Exec VP & Chief Investment Officer, Morgan Meighan & Ass...

PricePrice
$29.420
Owned Owned
No

WAIT

Has been punished in this energy downturn. There is some sort of opportunity emerging here, because this isn’t a business that is entirely dependent on oil production itself. It is dependent on the customers that are out there in that space. E&P companies have been out consolidating and shoring up their balance sheets. Eventually there is going to be a point where a lot of these assets and a lot of these businesses are going to be up for sale at bargain prices. Over the long term, you probably have an opportunity with this bank. Wait for an oil price improvement first.

banks

Has been punished in this energy downturn. There is some sort of opportunity emerging here, because this isn’t a business that is entirely dependent on oil production itself. It is dependent on the customers that are out there in that space. E&P companies have been out consolidating and shoring up their balance sheets. Eventually there is going to be a point where a lot of these assets and a lot of these businesses are going to be up for sale at bargain prices. Over the long term, you probably have an opportunity with this bank. Wait for an oil price improvement first.

banks
Mohsin Bashir

VP Investments, Stone Asset Manageme...

PricePrice
$26.280
Owned Owned
No

BUY on WEAKNESS

He was interested in it when he took a look yesterday.  It is cheaper than the other Canadian banks.  The earnings forecasts have held out recently for Canadian banks so this one is not getting itself into trouble.  He would prefer a little more dividend, but it is getting value.  At $24 he would like it a lot.

banks

He was interested in it when he took a look yesterday.  It is cheaper than the other Canadian banks.  The earnings forecasts have held out recently for Canadian banks so this one is not getting itself into trouble.  He would prefer a little more dividend, but it is getting value.  At $24 he would like it a lot.

banks
Ross Healy

Chairman, Strategic Analysis C...

PricePrice
$26.270
Owned Owned
No

COMMENT

This bank is off 20% in the last year. It is well-run and conservatively run, but is down purely on sentiment because of the oil patch. They are not nearly as exposed to energy as people think. Thinks it is on sale. Probably worth looking at.

banks

This bank is off 20% in the last year. It is well-run and conservatively run, but is down purely on sentiment because of the oil patch. They are not nearly as exposed to energy as people think. Thinks it is on sale. Probably worth looking at.

banks
Gavin Graham

Trustee, Pointbreak ETFs...

PricePrice
$25.550
Owned Owned
Unknown

WAIT

This bank is very influenced by what is going on out west, and energy has not been a great place to be. It is coming back to the $26 support level that it had seen a couple of times since 2012. You want to see a successful test off of that. It looks like it is trying to bounce off the $26 level, but he would give it a bit more time.

banks

This bank is very influenced by what is going on out west, and energy has not been a great place to be. It is coming back to the $26 support level that it had seen a couple of times since 2012. You want to see a successful test off of that. It looks like it is trying to bounce off the $26 level, but he would give it a bit more time.

banks
Keith Richards

Portfolio Manager, ValueTrend Wealth Ma...

PricePrice
$26.030
Owned Owned
Unknown

DON'T BUY
Canadian Western Bank(CWB-T) 

February 5, 2015

This is a great bank, but has taken more of a hit than the other banks. Because they know they are in the middle of oil and gas country, they avoid direct lending to oil/gas companies and keep it quite low. Nonetheless, they are tangentially affected. This bank is off, but not often enough to give really excited about it. Their earnings will be fine, but he doesn’t think the stock will go anywhere significant for the next little while.

banks

This is a great bank, but has taken more of a hit than the other banks. Because they know they are in the middle of oil and gas country, they avoid direct lending to oil/gas companies and keep it quite low. Nonetheless, they are tangentially affected. This bank is off, but not often enough to give really excited about it. Their earnings will be fine, but he doesn’t think the stock will go anywhere significant for the next little while.

banks
Jason Donville

President & CEO, Donville Kent Asset ...

PricePrice
$28.720
Owned Owned
Unknown

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