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

COMMENT

Question was on a dividend bonanza. TD has the most excess capital of all banks and owns a large position in Charles Schwab corporation. Dividends should increase incrementally so no dividend bonanza since it doesn't want to have to cut back on a dividend at some point.

BUY

His clients own shares in National, TD and Royal, the top three banks. Some are concerned about a recession and other negative factors - TD has one of the best exposures to rising interest rates. He likes the banks and the pullback has created good prices.

BUY

TD is increasingly a force to be reckoned with in the US. When the First Horizons deal closes, TD will be the 6th biggest US bank. Good way to get exposure to US banking. Dominant position in the domestic market as well.

DON'T BUY

You could pick up in the low $90s. Doesn't think it is the right time to buy currently. Would look at it at the low $80s. Central bank moves will still affect them more.

BUY

Good chance to buy with the pullback. Not expensive at 11x earnings. Will suffer from slower fees on banking side, IPOs and M&As are down. Great job of growing retail franchise, especially in US. Dividend will increase. Yield is 3.7%.

BUY

She'd add here. Acquisition in the US will be positive for future earnings growth. Earnings will still grow this year and next. Question is how potentially slowing economy will factor into their provisions. Anticipates more dividend increases.

BUY

Share price volatility is not specific to the banks. Markets have been volatile. Recent acquisition in US is consistent with its long-term strategy. Valuation at 11x forward earnings is reasonable. Favourable environment for all banks. Share prices are not as attractive as they once were, but still lots of value.

HOLD

Purest retail play, now one of the top 10 US banks. Snowbirds have an easy time moving money to and from the US via TD. Consistent, extremely well run, best in class, solid dividend growth. Recent US acquisition makes it more sensitive to the USD, so if the USD declines, TD will be hit more than the other Canadian banks.

BUY

It is just above its very long term mid-point range. Conservatively run with an ongoing return of 11%. Buy it, hold it and forget it for a 3 to 5 year term. He is not concerned about the government raising taxes on the banks. Came through the pandemic unscathed.

TOP PICK

It is the second largest Canadian bank and could be the 6th largest in the U.S. with the acquisition of First Horizon. This will be 10% accretive and bring in $610 million in U.S. synergies. It is the best capitalized bank in Canada. It has exposure to lines of business, capital markets, wealth management. Its 3 1/2% dividend has grown at a 10% compound rate over 10 years. TD and the other banks should continue to outperform the TSX. It is a core holding and they are continuing to buy. Buy 6, Hold 8, Sell 1. (Analysts’ price target is $108.83)

BUY ON WEAKNESS

Broadly, Canadian banks are all driven by the consumer and mortgage market. RY is the premier name in Canada, he owns it at full weight, no plans to sell, not buying for new clients until there's a pullback. Canadian franchise is solid, great capital markets business, good long-term. Forays into US appear solid. One of the lower dividend yields in the space. BNS has one of the highest yields, more focused in Latin America, recent Chilean acquisition still TBD. He owns a small position. His other preference is TD. He's not adding to any of the banks, waiting to see how market digests rate increases and hoping for a market pullback.

SELL ON STRENGTH

TD or a US bank? Except for BAC or JPM, there's not a good fundamental reason to pick a US bank. Fed is increasing rates, but yield curve is not conducive to making money. If TD tries to rally above $109, he'd sell and look for something cheaper. His model price is $109.09. All Canadian banks are at the top of the zone.

HOLD

Has built a great retail franchise in the US. Canadian banking in general is good for the long term. Great business.

COMMENT

Take profits and buy oil or fertilizer instead? If you bought and held a Canadian bank, you'd beat the market. TD is flush with cash; they just bought a US bank. A great stock to hold. Short-term, banks are declining because of higher rates could squeeze them and there's a fear that some creditors can't pay them. You can sell 5-10% of TD and buy an oil stock--but remember to sell oil (within six months).

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PAST TOP PICK

(A Top Pick Dec 07/21, Up 1.78%)Stockchase Research Editor: Michael O’Reilly Our PAST TOP PICK with TD has triggered its stop at $97. To remain disciplined, we recommend covering at this time. We will watch for another re-entry.

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