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Bank of Nova Scotia
Symbol C : BNS
Shares Issued 1,227,048,874
Close 2019-01-02 C$ 68.27
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Globe says CIBC was hardest hit bank stock in 2018

2019-01-03 06:53 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce

The Globe and Mail reports in its Thursday, Jan. 3, edition that you can add Canadian banks to the long list of stocks that delivered dismal returns in 2018. The Globe's David Ebner writes that some encouraging developments, however, have emerged from the sell-off: Valuations are low and dividend yields have risen to 4.6 per cent on average, pointing to a good buying opportunity right now. First, let's recap what happened in 2018. The Big Six bank stocks fell by an average of 12 per cent (not including dividends). Share prices fell amid weak oil prices, low mortgage growth and signs of a slowing global economy. Canadian Imperial Bank of Commerce was the weakest of the Big Six banks and pushing aside Bank of Nova Scotia as the year's lagging bank stock after CIBC took a sharp downturn in December. Toronto-Dominion Bank was the best performer, but nonetheless declined 7.9 per cent. Royal Bank of Canada was a close second, with a decline of 9 per cent. According to research from RBC, the Big Six trade at nine times estimated 2019 profits. That is a bargain next to the 10-year average price-to-earnings ratio of 11.1. CIBC, the hardest-hit bank stock in 2018, trades at a mere eight times estimated profit.

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