In spite of short-term risks, Canadian banks will continue to do what they do best: post billions of dollars in profits every quarter and steadily raise their dividends
These purchases were executed at Monday’s closing prices and consumed $1,645.30 of the model dividend portfolio’s “cash” balance. The model portfolio uses virtual money, but I also own all of these banks personally.
, deposits in Canada have shown steady growth. Also, the dominant market position of the big banks in Canada provides each with relative deposit stability,” Paul Holden, an analyst with CIBC Capital Markets, said in a recent note. Another reason I’m adding to my bank positions is that the stocks have attractive valuations. The sector trades at an average multiple of about nine times’ estimated fiscal 2023 earnings, which is roughly a 13-per-cent discount compared with the second quarter of 2019, Scott Chan, an analyst with Canaccord Genuity, said in a recent note to clients. As a result, the dividend yield, which moves in the opposite direction to the price, has risen to an average of about 5 per cent.
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