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TD Bank Q3-2019 Earnings & Price Target Update

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TD Bank (TD) has $1.4T in assets (Jul-31-2019) with 40% of earnings from the US. This is the largest bank in Canada measured by assets and the fifth 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. TD Bank owns 41.6% of TD Ameritrade. In Sept-2017, they acquired Scottrade Bank, a US federal savings bank from Scottrade for $1.6B (US$1.4B). TD Bank will become the primary credit card issuer for Air Canada's new loyalty program when it launches in 2020 through to 2030. Greystone Managed Investments Inc. acquisition for $817M was completed on Nov-1-2018.


Adjusted net income for Q3-2019 was $3.3B(1.79 per share) compared to $3.1B(1.67 per share) an increase of 7% per share. Dividends increased from $0.67 per share for Q3-2018 to $0.74 per share for Q3-2019 an increase of 10.4%. The payout ratio increased to 41% from 40%.

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