CA - TD Bank: Why I Piled In At $78
2024-02-19 04:19:41 ET
Summary
- TD Bank's stock recently set a new 52-week low.
- I purchased TD shares at this historically low level due to their cheap valuation compared to other bank shares.
- The Company is one of the biggest banks in North America, with a strong competitive position and perceived safety as a systemically important bank.
- In this article, I explain why I consider TD stock a buy today.
The Toronto-Dominion Bank ( TD ) ( TD:CA ) flirted with 52-week lows last week, closing below $78 for the first time since October 2023. There was little news about the company at the time, however, the trading in bank stocks was generally weak during the period. This year, banks have somewhat counterintuitively been selling off whenever treasury yields rise, as depressed treasury prices contributed to bank failures during the Crisis of Spring 2023 . Last week, treasury yields rose, leading to weakness in TD and other bank stocks....
TD Bank: Why I Piled In At $78