Strong Quarter for Toronto-Dominion With Midteens Return on Common Equity; Maintaining FVE
Wide-moat-rated Toronto-Dominion Bank reported fiscal first-quarter results that were ahead of our short-term expectations, but we are maintaining our fair value estimates of CAD 63 and $49 for now. If the bank continues to hit numbers similar to those seen this quarter, there will be room for further upside to our fair value estimate. The bank also announced further increases in the return of capital to shareholders, with a 5-cent (9%) increase in the dividend and the potential to repurchase an...Toronto Dominion Bank provides financial services. Co.'s segments comprised of: Canadian Retail, which include Canadian personal and commercial banking businesses, Canadian credit cards, TD Auto Finance Canada and Canadian wealth and insurance businesses; US Retail, which includes the US personal and commercial banking businesses, US credit cards, TD Auto Finance US, US wealth business and the Bank's investment its subsidiary, TD Ameritrade Holding Corporation; and Wholesale Banking, which provides a range of capital markets, investment banking, and corporate banking products and services. As of Oct 31 2017, Co. had total assets of C$1.28 trillion and total deposits of C$832.82 billion.
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