TD Bank Financial Group Shares
Toronto-Dominion Bank Financial Group was formed in 1955 when two of Canada's leading banks - Bank of Toronto and Dominion bank merged. Registered at the New York Stock Exchange and the Toronto Stock Exchange as TD, it is Canada's second largest bank in terms of deposits and capital. In Canada it is known as TD Canada Trust (Canada Trust was acquired by TD Bank back in 2000) and in USA as TD bank. It boasts of a large customer base of seventeen million across the globe, and has under its umbrella about seventy thousand employees working through a network of over a thousand branches. It came at number 95 on the prestigious Forbes list of 2000 and was declared the top employer by Maclean's and Toronto Star, two of Canada's leading financial gazettes.
While the financial world suffered through the recession of 2008, TD Bank was also not spared. But it still emerged a better bet than most. In 2008, it was the highest ranked bank in Canada as per customer satisfaction polls conducted by J D Power and Associates. This poll also revealed that the customer satisfaction was at a high in US too, particularly in the Mid Atlantic states. Assets reported were at more than $C 500 billions and revenues were also greater than C$ 14 billions. Capital ratio was also at a reasonable high of 9.4%. 2008 which left losses all around was not too heavy on TD Bank as the stock price at the end of the year was approximately C$ 56.
The stock prices have been climbing up steadily since, keeping in pace with the earnings reported at the end of the third financial quarter of year 2009. Assets continue to grow as do loans and deposits. The capital ratio has also climbed up at 11.2% much higher than the statutory requirement of 7%. The investors are getting optimistic of getting good returns of shares bought as earnings per share has been reported as C$ 1.47, the same being at a little above C$ 1 at the end of the third quarter of 2008. Things are looking up for the earnings of this bank and this reflects in the steadily climbing share price, which is stands at approximately C$ 64. The analysts are also giving a thumbs up to the shares of this bank and the advice to all is to hold and not sell.
The strategic move of the bank to continue selling its equity shares is turning in it's favor. It is continuing its strategy to increase base in the United States too, where financial institutions, especially banks have suffered in 2008, but Canadian Banks still have the novelty of being more reliable and considered a good investment.
TD Bank Financial Group is a good investment in the fickle market of today which has withstood hard times through sheer strength and strategy. Its continued growth is a pointer that in times to come, it will remain to be a reliable name in the world of financial services.