City National Corp (NYSE:CYN)
The Company and its subsidiary, City National Bank provide private and business banking services, including investment and trust services to its clients.
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Unemployment and foreclosure rates are still rising, consumer and commercial borrowing remain restricted, and small businesses are getting hammered.
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This account tracks the performance of the investment firm Ruane, Cunniff, and Goldfarb - the investment manager of Sequoia Fund.
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too many bad assets - have to trade at a much lower price to book
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Technicals show a strong bearish trend. I think it has a ways to drop before recovering.
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Best of the banks
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Throwing out the good with the bad in banking on this one. A solid Los Angeles based bank, with little subprime exposure. This bank is an LA institution and very commonly used with the big entertainment firms. I sold CYN at $40 seven and a half years ago to help purchase my home. Up until late 2007, I watched it go up to $78 from my sale in 2000. Recently, I bought some back at $48+ with a 4% dividend! This is good opportunity to purchase a good institution in an out of favor industry
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Recent stock price was adversely affect by more subprime worries in the Financials industry. However, City National does not make subprime mortgage loans and is not involved in the subprime market at all. This fact will provide an advantage versus its peers, and when this is realized, the stock price will adjust accordingly.
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A meeting with officers of City National Bank who discussed the loan portfolio of the bank and their tke on investments in the future.
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Great banking stock in great area!
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Solid management, Steady earnings growth over time, credit quality is embedded in the culture, excellent expense control.
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Strong Management, excellent financial controls. Provides personal banking services to major Southern California market.
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