When Canadian banks were oh-so-cheap a couple of years ago, I bought a lot of bank stock. I invested heavily in the Bank of Nova Scotia when it was less than $30 a share. I wasn't quite so astute, read lucky, with my purchase of Royal Bank shares. Lately, I have tried averaging down a little whenever Royal shares drop below $45.
Today the Daily Edge posted by ScotiaBank contained the following:
[Canadian] bank dividend yields are compelling, P/E multiples low. We expect the market to chase bank dividend yield when systemic risk moderates.
■ Reiterate: Overweight the Bank Group. Reiterate 1-SO on TD, RY and CM. Maintain 2-SP on CWB, LB and BNS, with 3-SU on NA and BMO.
If correct, my shortcut is taking me where I want go. I'm staying my financial course.