|Bid||55.52 x 1400|
|Ask||0.00 x 3200|
|Day's Range||56.39 - 56.78|
|52 Week Range||53.44 - 59.55|
|Beta (5Y Monthly)||0.95|
|PE Ratio (TTM)||12.51|
|Forward Dividend & Yield||2.27 (4.01%)|
|Ex-Dividend Date||Jan 07, 2020|
|1y Target Est||64.12|
TD Bank Group Comments on Expected Impact of TD Ameritrade Holding Corp.'s First Quarter Earnings
(Bloomberg Opinion) -- Every year for the past decade I have been making a list of what I got wrong. This act of contrition allows me to own my mistakes, recognize my fallibility and learn from the experience. I hope you find some value in doing the same exercise.Let’s get to the errors:No. 1. Trading commissions: Last February, I cited a Morningstar survey that found that “fees fell 8 percent in 2017, the largest one-year decline ever reported.” It seemed, according to data on fees, that the point of diminishing returns had been reached. “The race to zero may be reaching its natural limits,” I wrote.Boy, did Charles Schwab Corp. prove me wrong.Although commission-free trading has been around awhile, it was either a niche product or offered as a teaser for other products. After investment giant Schwab said in October that it would offer commission-free trading, everyone from Fidelity to Vanguard to TD Ameritrade followed suit.One caveat: There is no free lunch, and free trading means that offsetting fees may be hidden or buried in the fine print. I continue to believe that, at least in finance, cheap is better than free. No. 2. University endowments underperform: Each October, many college endowments release their investment performance data for the past fiscal year. I wrote about the Ivy League endowments and how they had failed to beat benchmark returns.But I made an assumption that the benchmark these endowments were being compared against was a globally diversified portfolio. I was wrong. As it turns out — buried in a footnote of the research I relied on — the benchmark used for the study was a domestic portfolio. This is not a good comparison because the endowments invest globally. It stands to reason that they would look like laggards in a period of U.S. market outperformance versus the rest of the world. The lesson learned: The footnotes matter — a lot.No. 3. Brexit: I have been saying that the British will eventually come to realize that Brexit is a self-destructive and needless exercise and eventually would reverse the referendum mandating that the U.K. leave the European Union. I said it here, here and here.The election as prime minister of Boris Johnson, an opportunistic Brexiteer, pretty much means that the exit is going to be fast-tracked in a way that his predecessor, Theresa May, could never manage. There is no need to wait for it to be official: I was wrong about Brexit. The only argument left is whether the U.K. will leave the EU with or without a deal setting the terms of the departure.No. 4. Fiduciary rule: I have long argued that the brokerage industry owes consumers a higher level of care than now on offer and that putting client interests first should be the standard. In other words, rules should require brokers to serve as fiduciaries rather than as the glorified used-car salesmen that they historically have been.Despite opposition from the brokerage industry to any rule change, investors have been voting with their dollars and hiring financial advisers that conform to this better standard. It is all but inevitable, I wrote, that this fiduciary standard would be adopted by the industry, albeit with a nudge from the government.But I underestimated what the deeply motivated and deep-pocketed brokerage industry can accomplish in a deeply corrupt Washington. For now, rules requiring the adoption of the fiduciary standard are on hold.No. 5. Facebook didn't flip the 2016 election: I made a mistake on the long-running debate about the role of a weaponized Facebook in the 2016 election, arguing that very few people change their minds based on social media. Mostly, I argued, social media is a giant echo chamber and that people aggressively avoid ideas that challenge their established opinions.Given how close the 2016 election was — decided by a tiny share of the votes cast in three or four states — I am willing to admit that maybe Facebook content did persuade a few people to change their votes or stay home. Theoretically, this could have swung the election. And while I was predisposed to discount the role of social media in 2020, I now believe it could matter a lot. Let’s hope the 2020 election isn’t so close that the role of social media even matters.To contact the author of this story: Barry Ritholtz at firstname.lastname@example.orgTo contact the editor responsible for this story: James Greiff at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Barry Ritholtz is a Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
TD Announces Results of Conversion Privilege of Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 5 (NVCC)
Half of corporate treasury and finance professionals do not believe an economic recession is a threat in 2020, according to a recent survey conducted by TD Bank, America's Most Convenient Bank®, at the 2019 Association of Financial Professionals Annual Conference held in October in Boston, Massachusetts.
(Bloomberg) -- Oil erased some of the losses that followed the U.S. inventory report after the U.S. and China inked the first phase of a broader trade pact on Wednesday.Futures in New York settled 0.7% lower after falling as much as 1.5% earlier. China agreed to buy $52.4 billion of additional U.S. energy products as part of a landmark trade deal signed by the world’s two top economic superpowers. But a bearish US government report that showed swelling fuel inventories held back further gains from the newly minted deal.Oil rebounded from a low because of the signing of the initial U.S.-China trade deal, said Bart Melek, head of global commodity strategy at TD Bank in Toronto. “This agreement could pave the way for global demand to improve after nearly two years into the dispute.”Still, U.S. crude futures remained under pressure as traders focused on the nearly 15-million-barrel rise in U.S. petroleum inventories to the highest in four months, a sign of weak demand. At the same time, domestic oil production hit a fresh record.Additionally, the Organization of Petroleum Exporting Countries increased its forecasts for growth in output from non-members this year. This comes as tension between the U.S. and Iran is fading since the killing of an Iranian general earlier this month, easing concerns about supply from the Middle East.West Texas Intermediate crude for February delivery settled 42 cents lower to $57.81 a barrel on the New York Mercantile Exchange, after earlier falling to as low as $57.36.The prompt WTI futures spread remained in contango, a relationship normally suggesting oversupply. The February contract traded as low as a 7-cent discount to March.Brent futures for March settlement fell 49 cents to $64 a barrel on the ICE Futures Europe exchange. The global benchmark crude traded at a $6.16 premium to WTI for the same month.The EIA report shows U.S. gasoline stockpiles rose 6.68 million barrels last week, while distillate supplies increased 8.17 million barrels. In particular, the dip in distillate demand is counter seasonal, and likely due to recent warmer weather in the Northeast. U.S. crude production hit 13 million barrels a day. The rise in fuel stocks and production overshadowed the 2.55-million-barrel decrease in oil stockpiles.\--With assistance from James Thornhill, Elizabeth Low and Grant Smith.To contact the reporter on this story: Sheela Tobben in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: James Herron at email@example.com, Mike Jeffers, Christine BuurmaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Low-income residents of Broward County in South Florida will have additional affordable housing options in 2021. The Housing Authority of the City of Fort Lauderdale (HACFL) will revitalize Suncrest Court a 66-unit public housing community, by replacing it with 116 new, modern and affordable apartment units.
Toronto-Dominion (TD) and Canadian Imperial Bank of Commerce (CM) will likely incur restructuring charges in fiscal 2020 to drive earnings growth, while other Canadian banks might not.
Toronto Dominion Bank and Canadian Imperial Bank of Commerce chief executives declined to rule out restructuring charges on Tuesday as Canadian banks turn to controlling costs to drive earnings growth in what is expected to be a tough year. Royal Bank of Canada's chief executive, meanwhile, said its focus will be on eliminating unproductive activities rather than employees, while Bank of Montreal's CEO acknowledged "restructure fatigue" after the lender's repeated one-off charges over several reporting periods. The executives spoke at RBC Capital Markets' Canadian Bank CEO conference, which was webcast and monitored by Reuters.
(Bloomberg) -- Investors and analysts returning to work this week after the festive break found an unwanted item on their desks: a geopolitical puzzle with a bevy of players, complex rules and no clear solution. They’ve spent every minute since trying to figure it out.As the market turmoil sparked by the U.S. killing of an Iranian military leader eases, Wall Street is mapping out scenarios that range from retaliation by Tehran through proxies to tit-for-tat escalations.The threat appeared to intensify Tuesday after Iran said it is evaluating 13 possible ways to inflict a “historic nightmare” on America, while dozens were killed in a stampede at the general’s funeral.“The market is underestimating the risk,” said Fabrizio Fiorini, the chief investment officer at Pramerica Sgr Spa in Milan. “Investors are forgetting that equity is discounting a perfect alignment of planets in terms of monetary and fiscal stimulus and economic rebound and political stability. What happened in Iraq is suggesting that the planets are not aligned.”Here’s a look at some of the scenarios money managers and strategists are considering, in their own words:BlackRockBase case: Iranian retaliation is likely; energy infrastructure in the region is particularly vulnerable.Status quo: We prefer U.S. Treasuries to lower-yielding peers as portfolio ballast and like inflation-protected securities against inflation risks.Escalation: We believe markets are underestimating political risks, especially in the Gulf, North Korea and in cyberspace.Morgan Stanley Wealth ManagementBase case: Tensions are high and risk is elevated, but Iran and the U.S. have constraints that likely limit escalation.Status quo: Possible near-term Iranian retaliation includes attacks against Israel using Hezbollah, proxy escalations in northern Iraq and cyberattacks. Iran could pursue a more aggressive strategy, but the regime remains mindful of U.S. military power. Meanwhile, election-year politics likely limit U.S. engagement.Escalation: The primary threat to oil prices is an Iranian escalation that draws catastrophic U.S. reprisal. Middle East military escalation historically meant higher oil prices, but as we wrote in The New Economics of Oil, even a major escalation would likely drive prices for only a short time.Nomura InternationalBase case: The more likely scenario involves a retaliation from Iran, but not enough to spark an outright war with the U.S.Status quo: Even if we assign relatively a high probability (of around 80%) to the scenario of no severe escalation and maintain our view that the positive themes of U.S.-China trade, improving global data and a bottoming of the semiconductor down-cycle continue, the risk-reward of holding our current level of positive Asia risk has fallen from what it was a few weeks ago. Thus, we reduce some of our outright short USD/Asia FX positions.Escalation: The risk that the situation in the Middle East could intensify is undeniable and, if this occurs, it could lead to a further rise in crude oil prices and risk reduction. The sensitivity of major currencies to crude oil prices and global stock prices since October 2019 indicates that JPY appreciation is likely to become evident when crude oil prices rise during risk-off periods. Thus, in the short term, JPY long positions are effective as a hedge against the worsening situation in the Middle East.RabobankBase case: A nervous waiting game is likely to continue as investors brace themselves for Iran’s retaliation. It is worth noting that gold is trading only modestly below the recent high and USD/JPY is struggling to gain a better upside traction following its recent fall.Status quo: An indication that geopolitical risk remains elevated is Brent crude holding well above the pre-Iran crisis level. The sharp spike in oil does not bode well for energy importers. In the CEEMEA space Turkey and South Africa are particularly vulnerable as domestic factors are a major source of risk as well.Escalation: Geopolitical tensions may escalate substantially in the coming days as Iran is reportedly assessing 13 scenarios to revenge the killing of Qassem Soleimani.TD SecuritiesBase case: The reality is nobody can say with any confidence how the U.S.-Iran tensions will evolve. As such, the TD securities team would be keeping an open mind to changing the crude oil view should tensions escalate into 2020.Status quo: For now, the recent oil spike is being faded as we take at face value Iran’s “promise” to stick to military targets and keep any retaliation proportional.Escalation: The risk of increasing geopolitical tensions and a potential negative supply shock originating from the oil market could well mean that gold can move north of $1,600 should tensions escalate further, which also would help to send the rest of the precious metals complex to new multi-year highs.\--With assistance from Yakob Peterseil, Cecile Gutscher and Anchalee Worrachate.To contact the reporter on this story: Sam Potter in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Sam Potter at email@example.com, Sid Verma, Yakob PeterseilFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Wells Fargo & Co. has hired a local TD Bank executive to serve as its chief strategic enterprise risk officer. Price Sloan will join the San Francisco-based company on Jan. 13 and report directly to Chief Risk Officer Mandy Norton. Sloan held several leadership roles for TD Bank, most recently serving as executive vice president and head of acquisition integration and TD Ameritrade Bank Product Partnerships president.
(Bloomberg) -- Stock bulls are facing their first big test of 2020, and seem to be emerging unscathed.After one of the best years for risk assets in decades, investors spent the fourth quarter unraveling safety trades that dominated 2019 and piling on risk. But with geopolitical uncertainty quickly rearing up to test their mettle, some began to wonder whether that rotation was premature.There’s certainly a fresh backdrop for this bunch of newly rejiggered portfolios. Just weeks ago, the low-volatility stock trade was losing its allure, flows into fixed-income funds were slowing in relation to equities, and everyone seemed to be rushing into shares that should outperform in an economic rebound. A U.S. airstrike that killed a top Iranian commander has altered the calculus behind that shift, but -- for now -- investors are holding the course.“People aren’t changing their investment theses based on it,” JJ Kinahan, chief market strategist at TD Ameritrade, said by phone. “They’re going to wait it out a little bit and see what the next escalation point, if there is one, is.”Despite the fiery rhetoric, market reaction so far has been contained. The benchmark’s fallen about half a percentage point from its record highs, after a year in which the S&P 500 Index gained almost 30%. A rebound in economic growth and corporate profits is still widely expected, but with billions of dollars recently shifting from defense to offense, the stakes are high.Investors poured $90 billion into equity ETFs in the three months ended December, the most in two years and more than twice the amount that flocked to bond funds, Bloomberg Intelligence data show. That brought total inflows for stock exchange-traded funds to $161 billion in 2019, and ended three quarters in which debt demand topped appetite for equities.Sector funds tracking technology and energy experienced their best three-month periods since 2016, taking in more cash than any other industry. Meanwhile, bond proxies including consumer staples and utilities ETFs, suffered their first quarter of outflows since the start of 2018.“We’ve gone from ultimate bearishness to essentially euphoria in the last few months,” Mike Dowdall, a portfolio manager at BMO Global Asset Management, which oversees $260 billion, said late December. “It’s a little bit surprising.”Perhaps more surprising is that investors seem to be maintaining their appetite for risk this year, even as tensions in the Middle East ratchet higher.Funds buying oil, energy stocks, gold or Treasuries -- which could all benefit from escalation -- have seen little additional interest. Instead, economically-sensitive areas of the stock market garnered attention, with investors pouring $700 million into the $11.8 billion Industrial Select Sector SPDR Fund on Friday, the most for any day since 2016.Granted, that ETF holds defense stocks alongside machinery companies, but investors also flocked to consumer discretionary and financial funds last week. The SPDR S&P 500 ETF Trust -- the world’s largest ETF -- meanwhile saw inflows of $4.6 billion.“The escalation of tensions with Iran warrants close watching,” said Sandip Bhagat, Whittier Trust’s chief investment officer, citing its potential impact on oil prices and global growth. “Even as uncertainty dissipated on several fronts in late 2019, the early days of 2020 have now seen an unexpected spike in geopolitical risks.”While gold prices have jumped in recent days, cash has yet to flood back into ETFs that own the precious metal. Going into the year, appetite for the safety of gold ETFs had soured, with funds tracking the commodity losing cash in the fourth quarter for the first time in over a year.Still, after weeks of underperformance, Todd Rosenbluth, director of ETF research at CFRA Research, sees potential upside for some more conservative strategies, such as those that pick low-volatility stocks.The firm’s equity analysts hold a year-end price target for the S&P 500 of 3,435. That would imply a gain of roughly 6%, far short of last year’s performance, and potentially a boon for funds like the $37 billion iShares Edge MSCI Min Vol USA ETF, which trades under the ticker USMV.“Given a lower expected return, we think investors will continue to focus on ways to reduce their equity risk profile and USMV is built to do just that,” according to Rosenbluth.(Updates market move in fifth paragraph.)To contact the reporter on this story: Sarah Ponczek in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeremy Herron at email@example.com, Rachel Evans, Rita NazarethFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
/R E P E A T -- Media Advisory - TD Bank Group Executive to Present at the RBC Capital Markets Bank CEO Conference/
TD Announces Dividend Rates on Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 5 (NVCC) and Non-Cumulative Floating Rate Preferred Shares Series 6 (NVCC)
(Bloomberg) -- Oil in New York capped its biggest annual increase since 2016, as OPEC’s production cuts tempered supplies while a trade pact between the U.S. and China buoyed the outlook for demand.West Texas Intermediate futures fell 1% Tuesday yet climbed 34% this year as OPEC and its allies cut production and a trade deal between Washington and Beijing neared. With hedge funds’ net-bullish bets at a seven-month high, even protesters storming the American embassy in Iraq, OPEC’s second-biggest producer, couldn’t support prices on the final trading day of the year.“The U.S.-China trade war was in the driver’s seat when we entered 2019 and remains there as we exit the year,” said Vandana Hari, founder of industry consultant Vanda Insights in Singapore.Prices initially picked up on Tuesday as dozens of Iraqi militiamen and their supporters stormed the U.S. Embassy complex in Baghdad to vent their rage over deadly American airstrikes against an Iranian-backed force. The U.S. had launched air strikes on five bases in Iraq and Syria used by an Iranian-backed militia as a warning to Tehran over its aggressive moves in the region, the State Department said. The attack heightened concerns of destabilization in Iraq, which pumps nearly 5 million barrels of oil each day, or roughly 5% of global supplies. Iran, which the U.S. blamed for September’s strike on Saudi Arabia and earlier attacks on oil tankers, said this week that it detained a ship carrying smuggled fuel near the Strait of Hormuz.“The market is looking past the Iraq developments at this stage, as it is unlikely that there will be an impact on supply in the near term,” says Bart Melek, head of global commodity strategy at TD Bank in Toronto. “Any attempt by Iran to disrupt Iraq supply is not a factor at this time.”Oil markets have faced a tumultuous year, with much of WTI’s gains coming in its first few weeks. Prices saw their steepest one-day loss in four years on Aug. 1 after President Trump threatened to impose more tariffs on China, then soared the most in more than a decade in September when key oil facilities in Saudi Arabia were disabled in a missile attack.WTI for February delivery fell 62 cents to $61.06 a barrel on the New York Mercantile Exchange. Prices advanced by about $16 a barrel this year.Brent for March settlement fell 67 cents to $66.00 a barrel on London’s ICE Futures Europe exchange. The commodity ended the year 23% higher, posting the biggest annual gain since 2016.See also: Commodities Set for Best Year Since 2016 as Trade Worries EbbIn 2020, oil prices are likely to remain in check as OPEC+ production cuts are offset by higher output from other countries and a mixed outlook for demand, analyst forecasts show. Nevertheless, prices are seen climbing in the middle of the year amid stronger emerging-market consumption.\--With assistance from James Thornhill and Saket Sundria.To contact the reporters on this story: Kriti Gupta in New York at firstname.lastname@example.org;Grant Smith in London at email@example.com;Alex Longley in London at firstname.lastname@example.orgTo contact the editors responsible for this story: David Marino at email@example.com, Catherine TraywickFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Moody's has reviewed the following ABCP program in conjunction with the proposed addition. At this time the addition, in and of itself, will not result in any rating impact on the respective program's ABCP. Moody's does not believe it will have an adverse effect on the credit quality of the securities such that the Moody's rating is impacted.
Media Advisory - TD Bank Group Executive to Present at the RBC Capital Markets Bank CEO Conference
This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.
(Bloomberg) -- Oil edged higher in light trading, but the rally was limited on news that Kuwait aimed to reach a deal with Saudi Arabia that will restore crude output along their border, and as U.S. shale drillers boosted drilling.February futures rose 0.1% New York Monday. Hedge funds increased bullish bets in the week ended Dec. 17 to the highest level in more than seven months amid optimism over for a U.S.-China trade truce, according to data released Friday. But gains were capped as investors weighed news the Kuwait-Saudi shared neutral zone, which has been shut for at least four years due to disputes between the two countries, can produce as much as 500,000 barrels a day.Oil is having one of its best months of the year on U.S.-China trade optimism and after an agreement to deepen output cuts by the Organization of Petroleum Exporting Countries and its allies also provided a boost. Still, analysts cautioned of a potential supply surplus next year.“We think the rally is overdone on the upside in spite of OPEC cuts and the demand picture,” said Bart Melek, head of global commodity strategy at TD Bank in Toronto. “Even considering a better economic environment, we are still seeing a significant surplus for the next two quarters.”Working oil rigs in the U.S. increased by 18 last week to 685. In the Permian Basin of Texas and New Mexico, drillers deployed 15 additional rigs, wiping out several weeks of declines.West Texas Intermediate for February delivery gained 8 cents to $60.52 a barrel on the New York Mercantile Exchange. The contract on Friday settled at $60.44.Brent for February settlement gained 25 cents to $66.39 a barrel on the ICE Futures Europe Exchange, after losing 40 cents on Friday. The global benchmark crude traded at a $5.87 premium over WTI.See also: Oil’s 2019 Milestones Tell Decade’s Story of Energy AbundanceKuwait and Saudi Arabia could reach an agreement on the neutral zone by the end of this year, Kuwaiti Oil Minister Khaled Al-Fadhel said on Sunday. An actual resumption of output at the zone’s Wafra and Khafji oil fields would depend on a political decision. The area wouldn’t add oil to global markets because both nations adhere to OPEC supply limits, a person familiar with Saudi thinking said in October.\--With assistance from James Thornhill and Ann Koh.To contact the reporters on this story: Kriti Gupta in New York at firstname.lastname@example.org;Grant Smith in London at email@example.comTo contact the editors responsible for this story: David Marino at firstname.lastname@example.org, Mike JeffersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Out of thousands of stocks that are currently traded on the market, it is difficult to identify those that will really generate strong returns. Hedge funds and institutional investors spend millions of dollars on analysts with MBAs and PhDs, who are industry experts and well connected to other industry and media insiders on top of that. Individual investors can piggyback […]
TORONTO , Dec. 19, 2019 /CNW/ - The Toronto-Dominion Bank (TD) (TD) announced today that the Toronto Stock Exchange (TSX) and the Office of the Superintendent of Financial Institutions Canada (OSFI) have approved TD's previously announced normal course issuer bid. As previously announced, TD intends to terminate its existing normal course issuer bid and launch a new normal course issuer bid to repurchase for cancellation up to 30 million of its common shares. The new normal course issuer bid will commence on December 24, 2019 and end on December 23, 2020 , such earlier date as TD may determine or such earlier date as TD may complete its purchases pursuant to the notice of intention filed with the TSX.