Why BofA believes U.S. banks offer better value than Canadian lenders. Plus, a ‘buy and hold' portfolio that really works [Globe and Mail, The (Toronto, Canada)]
Toronto Dominion Bank (The) (TD)
Last toronto dominion bank (the) earnings: 2/27 06:30 am
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Source: Globe and Mail, The
BofA Securities analyst Ebrahim Poonawala completed a series of interviews with top Canadian bank executives and concluded that for institutional money managers, U.S. banks provide better value. The analyst, who's the head of North American banks research at BofA, is primary concerned that provisions for credit losses (PCLs) will remain elevated. These provisions, funds set aside to protect bank balance sheets from consumer and corporate credit defaults, are subtracted from earnings and limit profit growth. Higher PCLs are a direct result of Bank of Canada rate hikes that have increased borrowing costs. Mr. Poonawala notes that domestic consumer insolvencies are up 23 per cent year over year and business insolvencies jumped 60 per cent, albeit from extremely low levels. BofA forecasts that higher rates will also drastically slow mortgage lending, from a 2021 peak of 11 per cent year over year growth to below 4 per cent by the end of 2024. The S&P/TSX Banks Index has underperf
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News
- Bargain Alert: I've Been Buying Dips in These Canadian Bank Stocks [Yahoo! Finance Canada]Yahoo! Finance Canada
- The Toronto-Dominion Bank (NYSE: TD) was downgraded by analysts at StockNews.com from a "hold" rating to a "sell" rating.MarketBeat
- 2 Top Dividend Stocks for RRSP Investors [Yahoo! Finance Canada]Yahoo! Finance Canada
- Premium Income Corporation Announces Semi-Annual Results [Financial Post (Toronto, Ontario, Canada)]Financial Post
- 'Sonic brand' strikes the right tone with TD Bank's ATM users [Yahoo! Finance]Yahoo! Finance
TD
Earnings
- 5/23/24 - Beat
TD
Sec Filings
- 6/28/24 - Form FWP
- 6/28/24 - Form FWP
- 6/28/24 - Form 424B2
- TD's page on the SEC website