TSE:TD

Toronto-Dominion Bank (TD.TO)

171.48
+1.11 (0.65%)
as of Sep 18, 2026, 8:00:00 pm Market Open.
2220 watching
0
BUY
Likes the industry. There is the long term growth of financial services in asset management, insurance, retail banking and discount brokerage. Good management. The US BankNorth acquisition will be a good one. Over 3% dividend yield which is competitive with bonds.
TOP PICK
Likes what management is doing. Good value. Have a lot of capital, so can buy back shares, raise dividends, etc. Pleased with their TD Waterhouse deal in the US. Their execution with their US BankNorth will be critical, but will help the company grow over the long term.
TOP PICK
Great management. Have turned it around. Getting back to the retail side in Canada. In the US has a great venture with Ameritrade which will add considerable value overall. The BankNorth situation makes a lot of sense.
COMMENT
Between Bank of Nova Scotia (BNS-T), Royal (RY-T) and Toronto-Dominion (TD-T), TD would be his 1st choice. It has a better valuation and its ROE is quite high. Royal would be his next pick because the ROE growth is spectacular.
BUY ON WEAKNESS
No matter what happens to the brokerages mergers, etc, it is positive for TD Waterhouse and it is worth $3/4 a share. Would buy under $53.
DON'T BUY
In the aggregate, banks have done very little this year. They are all trading at 55 year valuation highs. There's no fair market valuation support for them to go much higher.
BUY
His favourites among the banks. Valuation is in the middle of the range. Starting to get some decent earnings leverage. Still has the US discount electronic brokerage business which has some corporate activity going on. Likes the moves management has made.
PAST TOP PICK
(A Top Pick Mar 22/05. Up 14%.) The 2nd highest rated bank in his data base.
PAST TOP PICK
(A Top Pick Dec 30/04. Up 6.3%.) Still a favourite bank. The BankNorth is a transforming deal. Looks like they will sell TD Waterhouse and get a good price for it.
TOP PICK
A lot of the risk is out of their portfolio from the lending side. Retail side is doing very well. Would hope that they get rid of TD Waterhouse. Likes their Banknorth strategy for US exposure.
TOP PICK
Canadian banks have been good performers. 1st quarter results were up 22%. Gains are coming from better insurance products, real estate loans and good growth in their retail deposit operations.
TOP PICK
12.4 X this year's earnings. Likes the job they have done converting it into a more conservative retail bank. Also likes their US approach.
TOP PICK
3% dividend. Prefers Toronto Dominion (TD-T), National Bank (NA-T) or Bank of Montreal (BMO-T) over Royal Bank (RY-T) because there are wider differentials between the stock prices and his model prices.
TOP PICK
Very conservative management that is returning the base business to the trust company environment where it's more personal. If E*Trade doesn't go in with Ameritrade, Waterhouse has a good chance of being in there.
BUY
One of her 2 favourite banks. Likes their strategy in the US and Waterhouse.
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