Toronto-Dominion Bank (TD.TO)

He likes the growth profile in the US, which he thinks is starting to pay off. Its operations will be bigger in the US, than in Canada. It is very well run and managed. Yield 3.4%. (Analysts’ price target is 85.56$)

They didn’t have a great quarter. The wholesale business was down whereas retail was higher. In the US it is doing exceptionally well. Investment Banking is doing very well also but they are not huge in this area. But the stock has been doing very well for a long time.

The best story in Canadian banking with the U.S. expansion leading to great results. Yes, there is risk in Canadian banking (from real estate), but TD has diversified its capital and is beating earnings. It's trading at a premium to the sector, but TD earned that premium.

(A Top Pick July 7/17, Up 25%) They have such a large weighting in the US that it could affect how they can do business in the US. He likes it and continues to own it.

(A Top Pick April 20/18 - Up 12%.) The banks are an anchor in the portfolios. You use them as a top pick when on a relative basis they have underperformed. It was a good timing. A core holding. Still would buy it here.

One of the more expensive Canadian banks and so doesn't own much of it. Trading at much over x2 book value. Dividend at 3.4% yield. Expanded well into America, but expansion costs a lot of capital--what is the return on this capital? Well-managed and done some great things. Dividend could rise.

It's had a simple uptrend since 2016 and continues to make newer highs. A very good chart. Canadian bank charts as a whole look fantastic. (3.4% yield, Analysts' price target $83.88)

(Past Top Pick, Sept. 1, 2017, Up 21%) It's his favourite bank. It's kept its nose clean in all catastrophes since 1980--and he likes that. Plus, they have superb customer relationships (he's one).

One of his main Canadian bank holdings. Great idea to use DRIPs. Wouldn’t buy more right now if you already own. Great job growing the US franchise. Well diversified. Not trading at a crazy multiple. A stock you can own forever. (Analysts’ price target is $83.75.)

He thinks the banks still have some room to move higher. He thinks there is about 6 months more runway space. He has some longer term concerns with a pullback because of the economy. (1 year target price $75.00)

(A Top Pick August 17/17 Up 26%) They were pulling back into a good valuation area when he bought them. He still owns it and likes it with an expectation of a dividend increase in the next two quarters. He expects positive earnings to be reported in the near future.

He prefers to get US exposure by buying US banks directly. If someone prefers to get US banking exposure while staying in Canada, TD is the right way to go, but he recommends US banks instead.

(Past Top Pick on Sept 21, 2017, Up 16%) He took some profits. A great name wth a great chart. He swapped it out for BMO in December. Still likes TD. The issue with the banks in general is how much runway do they have left (in the housing market).

Buy now or wait? His second-largest position. Owned for a long time, and won’t be selling. Would probably add at this level. No longer a Canadian bank, it’s a North American bank and their favourite NA one. More US branches than Canadian, and the US economy is booming.

(A Top Pick July 27/17, Up 24%) Best performing Canadian bank stock. Benefiting from growth in net interest margin south of the border. Given where we are in the market, if going to buy, buy half a position, and be paid while you wait for future opportunities. Has the best dividend and price growth.