Topic: How To Invest

Dividend Advisor Hotline – Friday, August 30, 2024

Article Excerpt

TORONTO-DOMINION BANK, $80.75, Toronto symbol TD, is still a buy. With the January 2024 payment, TD raised your quarterly dividend by 6.3%. Investors now receive $1.02 a share instead of $0.96. The new annual rate of $4.08 yields a solid 5.1%. In its fiscal 2024 third quarter, ended July 31, 2024, TD set aside $3.57 billion (or $2.6 billion U.S.) for fines it expects to pay due to lapses in its anti-money laundering processes at its U.S. retail banking operations. That’s in addition to an earlier provision of $615 million in the second quarter. The bank continues to negotiate with U.S. authorities, and it expects to reach a final settlement by December 31, 2024. Meantime, it’s strengthening its compliance systems at both its U.S. and Canadian operations. To help cover those fines, TD sold some of its holding in U.S. online brokerage firm Charles Schwab Corp. (New York SCHW) for $3.4 billion. That cut its stake from 12.3% to 10.1%. TD has also completed a..