Scotiabank fundamentals failed to ‘catch up' to valuation: portfolio manager [BNN Bloomberg (Canada)]
KeyCorp (KEY)
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Source: BNN Bloomberg
“It's had a great run, and this is what happens to stocks that generally speaking have a great run,” Mike Vinokur of MV Wealth Partners with iA Private Wealth told BNN Bloomberg in a Tuesday interview. “It's a well-run franchise, it's a well-run bank, but at a certain point in time you have to look at the fundamentals and the fundamentals need to catch up to the valuation.” On Tuesday, Scotiabank reported earnings that missed estimates on higher-than-expected expenses and tax charges , as well as a $379 million one-time impairment charge related to its investment in Bank of Xi'an Co. in China. The Toronto-based lender said it earned $1.57 per share on an adjusted basis in its fourth quarter, less than the $1.60 average estimate of analysts in a Bloomberg survey. Scotiabank shares were down more than three per cent in afternoon trading on Tuesday. Vinokur said that while he has been impressed with the job that Scotiabank has done under the leadership of CEO Scott Thomson who t
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