TD - 1 Magnificent High-Yield Stock Down 33% to Buy and Hold Forever
2024-07-17 04:55:00 ET
The narrative around Toronto-Dominion Bank (NYSE: TD) isn't great today, thanks to concerns from the market about reports of shortfalls in the company's money-laundering controls. It is a big deal in the near term, but it is not going to alter the Canadian banking giant's long-term trajectory.
Here's why this bad short-term news that led to a 33% decline in TD Bank's share price could create a great buying opportunity for long-term income investors.
TD Bank had a deal lined up to buy a regional U.S. bank, a move that would have expanded its reach in the country. As a giant in the highly protected Canadian market, growth has largely come from TD Bank's U.S. arm. It seemed like a slam dunk, but, somewhat strangely, it seemed to attract extra attention from regulators. Eventually, the deal was called off.
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1 Magnificent High-Yield Stock Down 33% to Buy and Hold Forever