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TD Bank Fiscal 2018 Earnings & Price Target

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TD Bank (TD) has $1.3T in assets (Oct-31-2018) and 40% of earnings from the US. This is the largest bank in Canada measured by assets and the sixth largest bank in North America by number of branches. They have been the leader in the online brokerage business in Canada and the US. TD operates in 3 segments. TD Bank Canadian operations include personal banking, business banking, wealth management and insurance operating as TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. personal and commercial banking operations include TD Bank, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD ranks among the world's leading online brokerage services.

In Sept-2017, they acquired Scottrade Bank, a US federal savings bank from Scottrade for $1.6B (US$1.4B). Scottrade Bank merged with TD Bank, N.A. TD has agreed to accept sweep deposits from Scottrade clients, expanding the Bank's sweep deposit activities. The acquisition contributed $15B of investment securities, $5B of loans, and $19B of deposit liabilities. Goodwill of $34M reflects the excess of the consideration paid over the fair value of the identifiable net assets acquired. TD Ameritrade also concurrently completed its acquisition of Scottrade on Sept-18-2017 for cash and TD Ameritrade shares. Pursuant to its pre-emptive rights, the TD Bank purchased 11.1M new common shares in TD Ameritrade.(AMTD-NYSE)

FINANCIAL

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