TORONTO-DOMINION BANK $80(Toronto symbol TD; Conservative Growth Portfolio, Finance sector; Shares outstanding: 908.2 million; Market cap: $72.7 billion; Price-to-sales ratio: 3.2; Dividend yield: 3.6%; TSINetwork Rating: Above Average; www.td.com) is Canada’s second-largest bank, with total assets of $773.2 billion.
TD is also cutting its exposure to troubled European countries. It held $691 million of investments from these nations on April 30, 2012, down from $1.0 billion on October 31, 2011.
The bank earned $1.7 billion in its second quarter, up 13.9% from $1.5 billion a year earlier. Earnings per share rose 11.7%, to $1.82 from $1.63, on more shares outstanding. These gains are largely the result of TD’s recent $6.8-billion purchase of MBNA’s Canadian credit card business. Revenue rose 11.5%, to $5.8 billion from $5.2 billion.
Adding MBNA also pushed up TD’s loan-loss provisions by 11.2%, to $388 million from $349 million. Still, bad loans accounted for just 0.37% of TD’s total loans, unchanged from a year ago.
The stock trades at 10.9 times the $7.35 a share that TD will probably earn in 2012. The $2.88 dividend yields 3.6%.
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