Toronto-Dominion Bank

Toronto-Dominion Bank operates retail and commercial banking across Canada and the United States, serving 27+ million customers through branches, digital platforms, and wealth management services. TD generates revenue through Canadian Retail (personal/business banking, credit cards, mortgages), U.S. Retail (operating as TD Bank with 1,100+ branches in Eastern states), Wealth Management (TD Ameritrade integration, asset management), and Wholesale Banking (capital markets, corporate lending). The Canadian operations provide stable deposit franchises and mortgage lending, while U.S. expansion offers growth and geographic diversification.

TD combines the stability of Canadian banking oligopoly (five major banks control 90%+ market share) with U.S. growth exposure through its Eastern seaboard footprint. The bank benefits from disciplined underwriting, strong capital ratios, and moderate loan growth. Canadian residential mortgages dominate the loan book but carry lower default risk than U.S. peers. Risks include U.S. regulatory scrutiny (recent AML issues), Canadian housing market vulnerabilities, and modest revenue growth in mature markets. TD trades at 10-12x earnings with a 5%+ dividend yield, appealing for income.

In Canada, TD competes with Royal Bank of Canada, Bank of Nova Scotia, Bank of Montreal, and CIBC in a concentrated banking market. In the U.S., TD faces PNC Financial, Citizens Financial, and M&T Bank in regional markets from Maine to Florida. For wealth management, competitors include Charles Schwab (which acquired TD Ameritrade's U.S. brokerage) and Morgan Stanley. TD's dual-country model is unique among major North American banks, though regulatory complexity limits further U.S. expansion near-term.

TD has paid dividends since 1857 and currently yields approximately 5.3%, among the highest of major North American banks. Canadian banking regulations require conservative capital buffers, allowing TD to sustain payout ratios around 45-50% of earnings through economic cycles. The bank has grown dividends at a 7-10% annual rate over the past decade, though recent growth has moderated due to regulatory penalties and elevated provisions. TD's dividend is paid quarterly in Canadian dollars, exposing U.S. investors to currency fluctuation.

TD last closed at $107.46, down 0.22% in the most recent trading session. Over the past 52 weeks, the stock has traded between a low of $86.92 and a high of $146.40. The current price represents 35% of its 52-week range, which helps investors gauge where the stock sits relative to its recent trading history.

Among 23 analysts covering TD, the consensus rating is Buy — 15 rate it a buy, 7 hold, and 1 sell. The average price target sits at $453.98, implying 322% upside from the current price. Keep in mind that analyst targets reflect 12-month expectations and can shift quickly after earnings reports or major company events.

Toronto-Dominion Bank generated $62.29B in revenue during fiscal year 2026, with $27.38B reaching the bottom line as net income. The net profit margin of 33.5% is strong by most industry standards.

TD trades at a P/E ratio of 11.35 on trailing earnings of $12.66 per share. That's below the S&P 500 average, suggesting the market may see limited growth or is pricing in sector-specific risks. Comparing this multiple against Banking sector peers gives better context than the broad market alone, since P/E norms vary significantly across industries.

Performance varies across timeframes, reflecting shifting market conditions. Returns by timeframe: +9.42% (3M), +31.69% (6M), +69.82% (1Y), +13.67% (YTD). Comparing these figures against the S&P 500 and sector benchmarks helps determine whether TD is outperforming or lagging the broader market.