Toronto Dominion (TD.TO) Buy, Sell or Hold

Toronto Dominion (TD.TO)

169.33

+0.70 (0.42%)

as of Jun 19, 2026, 8:00:00 pm Market Open.

1435 watching

HOLD

Fears of future debt by governments The banks in North America have been market laggards, waiting for a recovery in the economy and the yield curve. TD is now bigger in the US than Canada, but he prefers owning a US bank directly. But TD is fabulously run. No reason to sell this.

BUY

Tough year for the banks. Q4 will be released in a few weeks, and you never know what you're going to get. Brighter days are ahead, and the market's already figured that out. BMO is not his favourite. Prefers National, TD, Royal. You'll do fine with the Canadian banks. Some concerns around fintech. Low interest rates will be a problem, but offset by recovering economy. Good time to add for dividend seekers.

BUY ON WEAKNESS

Likes the group as a whole. Level of loss provisions has peaked. US economy has improved faster than thought, a good sign. In Canada, financial assistance has helped on the mortgage side. Watch as mortgage moratorium ends. Yields are attractive, but not allowed to increase this year. Attractive valuation. Hold, and buy on weak days like today.

BUY

Beaten up, value play. Trade around your favourites with the banks. Low US margins have punished TD. Steepening yield curve in the States, and looking to continue, need to start re-rating TD. Great story, dividend, and valuation. Probably can't go wrong buying at these levels.

HOLD

Going forward, Canadian banks will face low interest rates for quite some time, as well as a struggling economy. Government won't allow mass credit losses. Banks will muddle along, you get your dividend. TD is his first choice of the Canadian banks.

PAST TOP PICK

(A Top Pick Nov 18/19, Down 18%) Decent job through the pandemic, conservative on credit losses. Cheap valuation, good dividend with growth. Still buying it as a good long-term hold.

HOLD

Bad news is outside margin pressure in US. Dividend is great, not going away. Terrific balance sheet. Earnings were in line last quarter. Pretty good valuation. Expensive relative to its peers, but exceptionally well run. We're at the bottom of the cycle. Concern is credit. With a better economy, should do very well.

HOLD

A great company. In general, Canadian banks have done a good job reserving for loan losses. The yield is quite high. There are worse names to own. It is a high quality holding that is being extra conservative. Income payments are positive.

PAST TOP PICK

(A Top Pick Oct 28/19, Down 13%) Still their bank of choice in Canada. A big mistake for Canadians is to hold too many Canadian banks. TD is underindexed on oil and gas, dividend has increased this year, franchises have grown, insurance has done well. Predicts job cuts later this year.

BUY

Canadian bank outlook The Canadian banks offer decent value though have lagged the overall market. The banks have provisioned in Q2 and Q3, and this level has likely peaked, so these levels should decline ahead. Look out for the next quarterly report, because the banks heavily warned about mortgages and commercial loans and many of these will start to roll off. The banks offer good dividend yields that she expects to hold. The banks entered the pandemic with strong capital and continued to strengthen it. She also own RY. Like this and TD. She'd buy both presently.

TOP PICK

It has one of the best retail franchises in North America. They have done a very good job of executing. They are well capitalized. They have lots of capital. It may take a couple of quarters and then it will out perform. (Analysts’ price target is $67.50)

COMMENT

Earnings expectations for the quarter is $1.19 which is a decline of 25% year over year. The banks have reported okay earnings in the recent quarters but there is uncertainty on mortgage default, lending to commercial real estate companies, etc. Overall, estimates have not been shaved a lot. The PE is reasonable based on 2020 earnings.

COMMENT

Generally, the Canadian banks will get loan loss provisions. This quarter won't be as bad as the last, but the next one will be telling when all the car- and mortgage-loan forgiveness comes off the books, when we find out if people can afford homes or not. The banks are issuing more debt that pay 4.5% still have issues with car loans and mortgages.

COMMENT

BNS and TD have performed the best during his career. TD is well-managed and it expanded to the US at a good time, but loan opportunities in the US are not good. BNS has invested heavily in Latin America, and moving into digital banking with Tangerine. Latin American can offer upside, but is also risky. The overall bank industry faces concerns over loan losses during COVID--we'll see what happens. Markets will tend to fear over these losses, which he feels is overdone. This week, we'll see the data.

BUY ON WEAKNESS

It could be a good time to accumulate around these levels. They have probably passed their highest credit losses now. Government support is also important and losses were not as high as expected. They have good capital and the dividend is here to stay and is safe. Interest rates support a good performance in the years to come.

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