Toronto-Dominion Bank (TD.TO)

(Market Call Minute) It has had a nice move upwards.

A Top Pick Aug 29/13. Up 31.1%.) A great story. Not trading at a huge multiple. One of the few banks in Canada that has built a reputation in the US. Although those assets have not shown much fruition, they will over the longer term. They have really dedicated themselves to being a retail bank, and stayed away from being a big global investment bank.

He thinks the banks will work higher. There is no sign of a peak in the banks. Feels the lower fruit has been picked and gains from here are going to be muted, but there will still be gains. For the banks, he would probably pick the ETF of ZEB. It pays every month and you get the 5 big banks in there.

You have to love the banks here. Earnings are up. Wealth management division is doing very well. Also, did well on the credit card deal with CIBC. Domestic retail has done very well. Definitely hold it.

As an operating bank, this is excellent. One of the few Canadian banks that have gone into the US and have done well and he thinks this is going to continue. Your dividends are going to be good and you are going to get dividend increases as earnings go up. Well diversified.

This is a retail bank and is now bigger in the US than it is in Canada. He likes the outlook for US banks, better than Canadian. If you want exposure to the US through a Canadian bank, he would prefer this to the others.

This is his long-term Hold, and he has done tremendously well with it. There is nothing negative to say about the stock. The trend is definitely positive. Seasonals tend to benefit the first half of the year rather than the last half.

Thinks they can grow their operational earnings by 8.7% in the next couple of years. The US banking exposure is going to limit some of their growth right now. Have very favourable trends in credit expenses. Thinks you can get $59-$60 over the next 12 months combined with a nice dividend.

His favourite. The market short term is overbought. It is not a good time to buy this. He might put money in if he had a 3 year time horizon. Buy at a pullback.

There has been an appreciation in all of the banks. This one has deployed a lot of capital into the US, and he is not sure what the return on capital employed really is. Whether it is sufficient that the shareholders should be happy. He prefers Bank of Nova Scotia (BNS-T).

Canadian banks are behaving better than any banks in the world and TD is the best in Canada. This one is very well set up. So long as they continue to generate the numbers, he would hesitate selling it, thinking it is hitting a peak. He prefers asset management companies but would hold this bank.

Had been hoping this would pull back one or two dollars, so he could Buy for new clients. At $52-$53, he would be all over it. Earnings are coming in August for banks. This one’s will be fine.

One of his favourite banks. Held it since day one. The US strategy is still in the works, but would not be surprised if they did not haul in a lot of profitability from it. Their asset management business is solid. The P & C business is suffering a little bit. The payout ratio is on the higher side. 7-8% appreciation including dividend for a year.

(A Top Pick June 27/13. Up 36.68%.) Thinks they continue to execute incredibly well. Made some very strong acquisitions that will not only help them in Canada, but also in the US.

(A Top Pick July 19/13. Up 29.24%.) Still likes this. Have managed to enter the US like other Canadian banks, but have made a success of it. Their technology is as good as anything you’ll find in the US.