Toronto-Dominion Bank (NYSE:TD) Stock, Quote.Headers.trade-ideas

Toronto-Dominion Bank

Toronto-Dominion is one of Canada's two largest banks and operates three business segments: Canadian retail banking, US retail banking, and wholesale banking. The bank's US operations span from Maine to Florida, with a strong presence in the Northeast. It also has a 13% ownership stake in Charles Schwab.

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Toronto-Dominion Bank Corp. (NYSE: TD) shares are seeing positive movement Wednesday. Here&#39;s what you need to know.

What&#39;s Going On With Toronto-Dominion Bank Today?

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HOOD

Shares of Wells Fargo &amp; Company lost 4% following the announcement of a formal agreement with the Office of the Comptroller of the Currency concerning the bank&#39;s anti-money laundering (AML) and sanctions risk management practices.

WFC Signs Agreement With OCC to Fix AML Program, Stock Dips 4%

Earnings

Shares of Bank of Montreal (NYSE: BMO) declined 6.2% on the NYSE in response to weak third-quarter fiscal 2024 (ended July 31) results. Adjusted earnings per share of C$2.64 declined 10.2% year over year.

Bank of Montreal Stock Tanks 6.2% as High Provisions Hurt Q3 Earnings

The Toronto-Dominion Bank

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TD Bank Group shares are trading higher. The company announced its CEO will retire on April 10, 2025.

Toronto-Dominion Bank Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>) shares are seeing positive movement Thursday. Here&#8217;s <a href="https://www.benzinga.com/news/24/09/40937551/td-bank-group-president-and-ceo-bharat-masrani-to-retire-april-10-2025-board-names-raymond-chun-as-s">what you need to know.</a>
What To Know: The bank revealed that Bharat Masrani, who has served as CEO for over a decade and spent 38 years at the institution, will retire on April 10 2025. Masrani&#8217;s tenure saw significant milestones but also faced challenges, particularly toward the end of his leadership, as TD dealt with an unraveling $13.4 billion acquisition of First Horizon Corp and investigations into lapses in money-laundering controls at U.S. branches.
In response to these developments, TD Bank Group&#8217;s Board of Directors has named Raymond Chun, currently Group Head of Canadian Personal Banking, as the successor. Chun will step into the role of Chief Operating Officer on November 1 2024, with responsibility for all business lines, before officially taking over as CEO on April 10 2025. This move is part of TD's ongoing efforts to strengthen its leadership and reassure stakeholders during a challenging period for the bank.
What Else: The leadership transition is taking place while the bank grapples with investigations by the U.S. Department of Justice and financial regulators over its handling of money-laundering controls in its American branches—a division that Masrani had previously overseen. The fallout from these issues has led to the departure of several top executives in the bank&#8217;s legal and compliance departments, contributing to uncertainty about the company's direction.
Price Action: TD shares were trading higher by 2.27% at $64.01 according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
<figure class="wp-block-image size-large is-resized"><a href="https://benzinga.slack.com/archives/D072651PB4K/p1722883001180099"><img loading="lazy" decoding="async" width="1024" height="553" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100258/TD-1024x553.png" alt="" class="wp-image-556379" style="width:509px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100258/TD-1024x553.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100258/TD-300x162.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100258/TD-768x415.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100258/TD.png 1072w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
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Image via Shutterstock.

What's Going On With Toronto-Dominion Bank Today?

TD Bank Group ("TD" or the "Bank") (TSX:<a class="ticker" href="https://www.benzinga.com/stock/TD#TSX">TD</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>) and Chief Executive Officer, Bharat Masrani, today announced his intention to retire on April 10, 2025, after 38 years at the Bank and more than a decade as CEO.
In line with TD Bank Group's succession plan, the Board of Directors announced that Raymond Chun, Group Head, Canadian Personal Banking will be appointed to the Board of Directors and become Chief Operating Officer, TD Bank Group, reporting to Mr. Masrani, effective November 1, 2024, with responsibility for all of TD's lines of business. The Board also announced its intention that Mr. Chun will become Group President and Chief Executive Officer, TD Bank Group, on April 10, 2025, at the Bank's next Annual Meeting of Shareholders. Following his retirement as CEO, Bharat Masrani will continue to serve as an advisor to the Bank until October 31, 2025.

TSX:TD

TD Bank Group President And CEO Bharat Masrani To Retire April 10, 2025; Board Names Raymond Chun As Successor

TD Asset Management Expands Offerings With New Mutual Funds And US$ Purchase Options

Shares of Wells Fargo &amp; Company&nbsp;lost 4% following the announcement of a formal agreement with the Office of the Comptroller of the Currency concerning the bank&#39;s anti-money laundering (AML) and sanctions risk management practices.
The agreement points out flaws in the bank&#39;s anti-money laundering internal controls and risk management procedures in several areas, such as the reporting of suspicious activity and currency transactions, customer due diligence and the bank&#39;s customer identification and beneficial ownership initiatives.
The bank first disclosed this probe in its second-quarter Securities and Exchange Commission (SEC) filing, where it mentioned that it is in &quot;resolution discussions&quot; with the U.S. SEC about an investigation related to the cash sweep options it provides to new investment advisory clients.
Wells Fargo has taken a significant step in strengthening its AML and sanctions risk management capabilities with the official agreement with the OCC. The latest agreement is in line with the bank&#39;s continuous efforts to enhance its risk management system and adhere to regulatory requirements.&nbsp;
WFC&#39;s management stated, &quot;We have been working to address a substantial portion of what&#39;s required in the formal agreement, and we are committed to completing the work with the same sense of urgency as our other regulatory commitments.&quot;
<h2>Other Details of WFC&#39;s Agreement With OCC</h2>
The agreement mandates the establishment of a Compliance Committee to oversee Wells Fargo&#39;s adherence to its terms. Specifically, the action plan should be targeted at areas, such as front-line risk management, independent risk management, independent testing, customer identification and suspicious activity detection.
The agreement stipulates that the bank must improve its AML and sanctions risk management procedures, get the OCC to approve its program for evaluating the AML and sanctions risks of new offerings, and notify the OCC prior to expanding any of those products.
<h2>WFC&#39;s Other Regulatory Issues</h2>
Since September 2016, WFC faced significant challenges with numerous penalties and sanctions, including a cap on the asset position by the Federal Reserve.
The bank faced another class action lawsuit in July 2024, alleging that it mismanaged its employee health insurance plan, forcing thousands of U.S.-based employees to overpay for prescription medications. Per the former employees, Wells Fargo&#39;s health plan pays inflated prices to pharmacy benefit managers, who negotiate with drugmakers, health insurance plans and pharmacies to set prescription drug prices.
In June 2024, WFC faced a proposed class action lawsuit alleging the bank for taking part in a $300-million Ponzi scheme. This scheme affected more than 1,000 investors, mainly senior citizens, and left them without substantial life savings. The lawsuit filed stated that WFC knew about the fraudulent activities from 2011 to 2021, and the company provided substantial assistance to the perpetrators while reaping benefits from the scam.
Over the past six months, shares of WFC have lost 8.9% against the industry&#39;s growth of 9.1%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/55/77739.jpg?v=616244626" />
Image Source: Zacks Investment Research
Wells Fargo currently carries a Zacks Rank #3 (Hold).
<h2>Other Finance Firms Under Litigation Probes</h2>
On Sept. 11, 2024, The Toronto-Dominion Bank (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/td#NYSE">TD</a>) agreed to pay a $28 million penalty in response to the Consumer Financial Protection Bureau (CFPB) order concerning credit reporting issues. The bank has been accused of mishandling customers&#39; credit information and failing to make necessary amendments to its practices.
TD signed a consent agreement with the CFPB admitting that it provided false information to consumer reporting companies, at times intentionally, and acknowledging its shortcomings in rectifying the failures that took place.
Earlier this month, in a settlement with the California Department of Justice over crypto withdrawals, Robinhood Markets, Inc.&#39;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hood#NASDAQ">HOOD</a>) cryptocurrency platform is set to pay $3.9 million. Per the claims, HOOD prevented its customers from withdrawing cryptocurrency from their accounts between 2018 and 2022.
Per California&#39;s Attorney General Rob Bonta, HOOD violated California law as it failed to deliver cryptocurrencies that its customers bought, and because of this, customers were unable to withdraw their assets, forcing them to sell the same to exit the platform.
<a href="https://www.zacks.com/stock/news/2336053/wfc-signs-agreement-with-occ-to-fix-aml-program-stock-dips-4?cid=CS-BENZ-FT-analyst_blog|company_news_finance_sector-2336053">To read this article on Zacks.com click here.</a>

Shares of Bank of Montreal (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bmo#NYSE">BMO</a>) declined 6.2% on the NYSE in response to weak third-quarter fiscal 2024 (ended July 31) results. Adjusted earnings per share of C$2.64 declined 10.2% year over year.
A significant jump in provision for credit losses and lower net interest income (NII) primarily hurt the results. However, an increase in non-interest income, higher loans and deposit balance and lower expenses acted as a tailwind.
After considering non-recurring items, net income was C$1.87 billion ($1.37 billion), which grew 19.2% from the year-ago quarter.
<h2>BMO&#39;s Revenues Rise, Expenses Dip</h2>
Total revenues (on an adjusted basis), net of insurance claims, commissions and changes in policy benefit liabilities (CCPB), were C$8.21 billion ($5.99 billion), up marginally year over year.
NII declined 2% year over year to C$4.81 billion ($3.51 billion). On the other hand, non-interest income came in at C$3.4 billion ($2.48 billion), up 3.4%.
Adjusted non-interest expenses decreased 5% to C$4.7 billion ($3.43 billion).
The adjusted efficiency ratio (net of CCPB) was 57.3%, down from 60.3% as of July 31, 2023.
Provision for credit losses (adjusted) was C$906 million ($515.5 million) in the reported quarter, surging 84.1% from the year-ago quarter.
<h2>Loans &amp; Deposits Rise for Bank of Montreal</h2>
As of July 31, 2024, total assets were C$1.4 trillion ($1 trillion), up 1.9% from the prior quarter end.
Bank of Montreal&#39;s total net loans grew 2.5% sequentially to C$673.2 billion ($486.9 billion). Total deposits increased 3% to C$965.2 billion ($698.1 billion).
<h2>BMO&#39;s Profitability Ratios Decline, Capital Ratios Improve</h2>
Bank of Montreal&#39;s return on common equity (as adjusted) was 10.6% in the fiscal third quarter compared with 12.5% on July 31, 2023. Adjusted return on tangible common equity was 14.2% compared with 17.1% in the year-ago quarter.
As of July 31, 2024, the Common Equity Tier-I ratio was 13%, up from 12.3% a year ago. The Tier-I capital ratio was 14.8% compared with the previous year&#39;s 14%.
<h2>Our Take on BMO</h2>
Bank of Montreal&#39;s focus and efforts align with its organic and business restructuring strategies and are anticipated to support revenues in the upcoming period. However, elevated expenses and an uncertain macroeconomic backdrop are headwinds.
<div class="chart_embed">
<h3>Bank Of Montreal Price, Consensus and EPS Surprise</h3>
<img alt="Bank Of Montreal Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/59/1724849830.png" style="height:265px; width:584px" title="" />
Bank Of Montreal price-consensus-eps-surprise-chart | Bank Of Montreal Quote
Currently, BMO carries a Zacks Rank #4 (Sell).
</div>
<h2>Performance &amp; Earnings Date Other Canadian Banks</h2>
Toronto-Dominion Bank (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/td#NYSE">TD</a>) incurred a loss on a GAAP basis in the third quarter of fiscal 2024 (ended July 31). The quarterly loss was primarily due to provisions for the penalties related to investigations concerning its anti-money laundering practices by the U.S. regulators.
Net loss (GAAP basis) was C$181 million ($132.2 million) against net income of $2.88 billion in the prior-year quarter.
Huge increases in provisions for credit losses and higher expenses acted as undermining factors. On the other hand, growth in NII and non-interest income and higher loan balance offered much-needed support to TD&#39;s quarterly performance.
Canadian Imperial Bank of Commerce (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cm#NYSE">CM</a>) is slated to announce quarterly numbers on Aug. 29.
Over the past seven days, the Zacks Consensus Estimate for CM&#39;s quarterly earnings has been revised marginally lower.
<a href="https://www.zacks.com/stock/news/2328317/bank-of-montreal-stock-tanks-6-2-as-high-provisions-hurt-q3-earnings?cid=CS-BENZ-FT-analyst_blog|earnings_article-2328317">To read this article on Zacks.com click here.</a>

RBC Capital analyst Darko Mihelic maintains Toronto-Dominion Bank (NEOE: TD) with a Outperform and lowers the price target from C$89 to C$88.

Price Target

RBC Capital Maintains Outperform on Toronto-Dominion Bank, Lowers Price Target to C$88

Charles Schwab (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) stock is trading lower on Thursday after TD Bank sold 40.50 million shares of Schwab common stock, worth about $2.6 billion as of Wednesday, reducing its ownership interest from 12.3% to 10.1%
According to Reuters, TD Bank is anticipating penalties from United States regulatory probes related to inadequacies in its anti-money laundering program. The sale of Schwab stock is intended to help mitigate the expected financial impact of these penalties.
The United States regulatory probes connects to allegations that Chinese drug traffickers used TD to launder approximately $650 million from 2016 through 2021. In addition, a bank employee took bribes which furthered the laundering of drug money.
&#8220;We recognize the seriousness of our U.S. AML program deficiencies and the work required to meet our obligations and responsibilities is of paramount importance,&#8221; TD CEO Bharat Masrani said in a statement. &#8220;Our remediation program is well underway. TD has strengthened its U.S. AML program.&#8221;
The U.S. regulatory probes are set to come to a resolution by the end of the year. The bank could face monetary and non-monetary consequences. Analysts expect that non-monetary consequences could mean restrictions on either natural growth or acquisitions for possibly years to come per <a href="https://uk.finance.yahoo.com/news/td-bank-takes-2-6-211703377.html?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAALZbvtT_islpE7R1b7oeNcxYd5yH-7RfqRPNDKeq2dy2ZXvEpvQTNWJaepp6t5POwPQiY83Dj_zJq6fH7YYWQ1jD9wCN5lIXI28Hxdlutyebgym7FB3QDtYZUTIWByI6QOPjV-IzjpgfTSE0IF3Y9J1mv_x7NzrVvAC7Xcou6lRc">Yahoo Finance</a>.
"The big question remains: What could the non-monetary penalties be? Hard to tell at this point in time," Desjardins Capital Markets analyst Doug Young said in a report. "And we highly doubt that management will comment on this right now."
Separately, &nbsp;Jefferies Financial Group Inc. analyst John Aiken said in a note to clients, "While the market now has certainty surrounding the amount of the charge, this is offset by the fact that it is larger than expectations and the impact this has on capital. The valuation impact will hinge on tomorrow's earnings, but it is already behind the eight-ball."
Related Link: <a href="https://www.benzinga.com/news/earnings/24/08/40491106/why-is-bank-of-hawaii-down-6-3-since-last-earnings-report">Why Is Bank of Hawaii Down 6.3% Since Last Earnings Report?</a>
SCHW Price Action: At the time of publication, Schwab stock is moving 0.76% lower at $64.07 per data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.
Image: Photo via Shutterstock

SCHW

Why Charles Schwab Shares Are Moving Lower Thursday

TD CEO Masrani Says Anti-Money Laundering Related Failures Were "Serious. We Own It"; Current Intention Is To Not Go Below 10% Stake In Charles Schwab

Toronto Dominion Bank shares are trading lower after the company reported worse-than-expected Q3 adjusted EPS results.

Index futures trading point to a slightly positive start on Thursday, with some key Main Street data likely directing the market. Sentiment could remain guarded as traders look ahead to the 3-day Jackson Hole Symposium that kickstarts on Thursday, with Federal Reserve Chairman Jerome Powell delivering his address on Friday. Earnings news has been mixed. With traders baking in a September rate cut, the near-term catalyst is likely to be Nvidia, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) earnings due next week.
&#8220;Move over, Fed, it's all about Nvidia's earnings on August 28th. The waiting is the hardest part,&#8221; said Gina Bolvin, President of Bolvin Wealth Management Group.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.07%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.06%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.07%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.20%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Thursday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) climbed 0.16% to $561.50, and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.18% to $483.38, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session: 
U.S. stocks ended Wednesday&#8217;s session higher, rebounding from the previous session&#8217;s slide, as traders relished the dovish message from the Federal Open Market Committee&#8217;s July meeting minutes and the Bureau of Labor Statistics&#8217; annual revision taking down the non-farm payroll numbers sharply.
The Nasdaq Composite and the S&amp;P 500 Index stayed mostly above the unchanged line, while the Dow Jones Industrial Average was relatively more volatile. All three closed firmly in the green. Small-caps outperformed the major indices, with the Russell 2,000 advancing 1.32%.
The S&amp;P 500 is now closing in on its all-time high of 5,667.20 hit on July 16 and the Nasdaq Composite ended at its highest levels since July 17.
Most S&amp;P 500 sectors, baring energy and financials, ended higher for the day, with consumer discretionary and material stocks seeing particular strength.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+0.57%</td>
<td>17,918.99</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.42%</td>
<td> 5,620.85</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.14%</td>
<td>40,890.49</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+1.32%</td>
<td>2,170.56</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
In a report released ahead of BLS&#8217; annual revision, Morgan Stanley&#8217;s Lisa Shalett said Wall Street analysts' current profit estimates appear ambitious, calling for accelerating and double-digit growth rates over the next six quarters, even as margins are already near record highs.
She said slowing nominal GDP will hurt companies&#8217; pricing power and profitability, adding that gains from falling costs and the advantages of a strong U.S. dollar may also fade. If companies choose to cut labor, in response, and job losses rise significantly, it could put the soft landing at risk, she added.
Carson Group&#8217;s Ryan Detrick noted that the S&amp;P 500 Index has been above the 200-day moving average for more than 200 days now. This has happened three times in the past and on those three instances, the index stayed above the 200-day MA for another 277 days, 242 days, and 195 days, he said. &#8220;If you are bearish b/c this is a long rally, be careful,&#8221; he added.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">S&amp;P 500 above the 200-day MA for more than 200 days (ok 201 to be exact). Sounds like a lot, right? Past 3 times it got to 200 days it stayed above for another 277 days, 242 days, and 195 days. In other words, if you are bearish b/c this is a long rally, be careful. <a href="https://t.co/43AgD1RQUD">pic.twitter.com/43AgD1RQUD</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1826462026203308204?ref_src=twsrc%5Etfw">August 22, 2024</a></blockquote>
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Upcoming Economic Data
<ul>
<li>The Labor Department is scheduled to release the weekly jobless claims report at 8:30 a.m. EDT. Economists, on average, expect the number of individuals claiming unemployment benefits to come in at 230,000 for the week ended Aug. 17, up from 227,000 in the previous reporting week.</li>
<li>S&amp;P Global will release its flash manufacturing and service sector purchasing managers&#8217; indices for August at 9:45 a.m. EDT. The consensus estimates call for the manufacturing PMI to edge down from 49.6 in July to 49.5 in August, and the service PMI is expected at 54 for August, down from 55 in July.</li>
<li>The National Association of Realtors is due to release the existing home sales report for July at 10 a.m. EDT. Existing home sales may have come in at a seasonally adjusted annual rate of 3.94 million units for July, up from June&#8217;s 3.89 million units.</li>
<li>The Treasury will auction four- and eight-week notes at 11:30 a.m. EDT and 30-year TIPS at 1 p.m. EDT.</li>
</ul>
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures </a>
Stocks In Focus:
<ul>
<li>Agilent Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/A#NYSE">A</a>) rose over 2% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the company&#8217;s quarterly results announcement. </li>
<li>Among the other stocks moving on earnings are Urban Outfitters, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/URBN#NASDAQ">URBN</a>) (down over 10%), Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) )down over 9%), Zuora, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZUO#NYSE">ZUO</a>) (up over 7.50%), Wolfspeed, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NYSE">WOLF</a>) (up over 8%), Synopsys, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>) (up over 2%), and Zoom Video Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) (up over 3.50%).</li>
<li>Advance Auto Parts, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAP#NYSE">AAP</a>), Baidu, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>), Bilibili Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BILI#NASDAQ">BILI</a>), NetEase, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTES#NASDAQ">NTES</a>), BJ&#8217;s Wholesale Club Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BJ#NYSE">BJ</a>), Canadian Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSIQ#NASDAQ">CSIQ</a>), Peloton Interactive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTON#NASDAQ">PTON</a>) and Williams-Sonoma, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSM#NYSE">WSM</a>) are among the <a href="https://www.benzinga.com/calendars/earnings">notable companies due to release their quarterly results</a> before the market opens.</li>
<li>Those reporting earnings after the close include BILL Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BILL#NYSE">BILL</a>), CAVA Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAVA#NYSE">CAVA</a>), Intuit Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>), Ross Stores, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROST#NASDAQ">ROST</a>) and Workday, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDAY#NASDAQ">WDAY</a>).</li>
<li>Charles Schwab Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) <a href="https://www.benzinga.com/markets/equities/24/08/40500034/charles-schwab-shares-drop-over-4-after-hours-as-td-bank-cuts-stake-following-2-6b-anti-money-la">slipped over 4% </a>after Toronto-Dominion Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>) sold shares in the former to provision for $2.6 billion in potential fines from U.S. regulators.</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures rose marginally, while gold futures slipped further away from their record high. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose following the FOMC minutes and approached the $61K level and the yield on the 10-year Treasury note rose 4.2 basis points to 3.818%.
The Asian markets had a mixed session, while European stocks were higher in early trading on Thursday.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40501889/nvidia-stock-to-surge-to-340-in-medium-term-portfolio-manager-sees-strong-rally-int">Nvidia Stock To Surge To $340 In Medium Term? Portfolio Manager Sees Strong Rally Interspersed By 35-80% Pullbacks</a></li>
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Photo via Shutterstock

Equities

Futures

Previews

Economics

Federal Reserve

$BTC

BIDU

BILI

BILL

CAVA

CSIQ

INTU

NTES

NVDA

PTON

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US Stocks Poised For Tepid Start Ahead Of Private Sector Activity Data And Jackson Hole Symposium: Analyst Says Market Is Focused On Nvidia Earnings And 'Waiting Is The Hardest Part'

Toronto-Dominion Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>) reported quarterly earnings of C$2.05 per share which missed the analyst consensus estimate of C$2.07 by 0.97 percent. This is a 5.13 percent increase over earnings of C$1.95 per share from the same period last year. The company reported quarterly sales of C$14.176 billion which beat the analyst consensus estimate of C$12.581 billion by 12.68 percent. This is a 9.77 percent increase over sales of C$12.914 billion the same period last year.

Earnings Beats

Earnings Misses

Toronto-Dominion Bank Q3 2024 Adj. EPS C$2.05 Misses C$2.07 Estimate, Sales C$14.176B Beat C$12.581B Estimate

Charles Schwab Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) shares fell by over 4% in after-hours after Toronto-Dominion Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>) reduced its stake in the Texas-based stock broker. It also announced that it is setting aside a further $2.6 billion to cover potential fines related to deficiencies in its anti-money laundering program.
What Happened: The additional provision for potential fines is part of TD Bank&#8217;s ongoing efforts to reach a global resolution of the civil and criminal investigations into its U.S. Bank Secrecy Act/anti-money laundering program by its U.S. prudential regulators, the Financial Crimes Enforcement Network, and the U.S. Department of Justice.
The bank has also sold 40.5 million shares of Schwab&#8217;s common stock, reducing its ownership interest in Schwab from 12.3% to 10.1%. TD has agreed not to sell any additional Schwab shares for 45 days.
See Also: <a href="https://www.benzinga.com/news/earnings/24/08/40436599/us-stocks-set-to-start-week-on-flat-note-as-focus-shifts-to-fed-speeches-strategist-says-strong-gai?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nasdaq On Track For Marginally Weak Start, S&amp;P 500 Could Hold Up: What&#8217;s Driving Futures</a>
&#8220;We recognize the seriousness of our U.S. AML program deficiencies and the work required to meet our obligations and responsibilities is of paramount importance,&#8221; TD CEO Bharat Masrani said in a statement. &#8220;Our remediation program is well underway. TD has strengthened its U.S. AML program.&#8221;
Why It Matters: Schwab recently reported a significant rise in core net new assets for July 2024, reaching $29 billion, a substantial increase from the $13.7 billion recorded in July 2023. This sale reduces TD Bank&#8217;s ownership in Schwab from 12.3% to 10.1%, potentially impacting its future earnings from this investment.
Price Action: Toronto-Dominion Bank&#8217;s stock closed at $59.76 on Wednesday, up 0.56% for the day. In after-hours trading, the stock edged up by an additional 0.15%. Year to date, the stock has declined by 7.02%.
Meanwhile, Charles Schwab Corporation&#8217;s stock finished the day at $64.57, down 0.42%. After hours, the stock saw a more significant drop of 4.04%. Year to date, Charles Schwab&#8217;s stock has decreased by 6.56%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
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</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Charles Schwab Shares Drop Over 4% After-Hours As TD Bank Cuts Stake Following $2.6B Anti-Money Laundering Fine Provision

In anticipation of a global resolution, which will include monetary and non-monetary penalties, the Bank has taken a further provision of&nbsp;$2.6 billion&nbsp;in its&nbsp;third quarter&nbsp;financial results to reflect the Bank&#39;s current estimate of the total fines related to U.S. AML&nbsp;matters. The Bank expects that a global resolution will be finalized by calendar year end.

TD Bank Says Has Taken Provision Of $2.6B; Expects To Be Partially Offset By Schwab Share Sale

In connection with this sale, TD has agreed not to sell any additional Schwab shares for a period of 45 days, subject to certain exceptions. TD has no current intention to divest additional shares.

Offerings

TD Bank Reports Sale Of 40.50M Shares Of Common Stock Of Charles Schwab; Share Sale To Reduce TD's Ownership Interest In Schwab From 12.3% To 10.1%

TD Bank Updatea On U.S. AML Matters; Expects Global Resolution By Calendar Year End

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Toronto-Dominion Bank (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/td#NYSE">TD</a>), which belongs to the Zacks Banks - Foreign industry, could be a great candidate to consider.
When looking at the last two reports, this retail and wholesale bank has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 7.32%, on average, in the last two quarters.
For the last reported quarter, Toronto-Dominion came out with earnings of $1.50 per share versus the Zacks Consensus Estimate of $1.35 per share, representing a surprise of 11.11%. For the previous quarter, the company was expected to post earnings of $1.42 per share and it actually produced earnings of $1.47 per share, delivering a surprise of 3.52%.
For Toronto-Dominion, estimates have been trending higher, thanks in part to this earnings surprise history. And when you look at the stock&#39;s positive Zacks Earnings ESP (Expected Surprise Prediction), it&#39;s a great indicator of a future earnings beat, especially when combined with its solid Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Toronto-Dominion has an Earnings ESP of +0.56% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock&#39;s Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner. The company&#39;s next earnings report is expected to be released on August 22, 2024.
Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it&#39;s really important to check a company&#39;s Earnings ESP ahead of its quarterly release to increase the odds of success.
<a href="https://www.zacks.com/stock/news/2325232/will-toronto-dominion-td-beat-estimates-again-in-its-next-earnings-report?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_7-2325232">To read this article on Zacks.com click here.</a>

Will Toronto-Dominion Beat Estimates Again in Its Next Earnings Report?

TD Direct Investing Launched Partial Shares, Also Commonly Known As Fractional Shares, Through Which Investors Can Buy And Sell A Fraction Of Stocks And Exchange-traded Funds (ETFs)

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Shares of banking companies are trading lower amid overall market weakness on US economic concerns.

Toronto Dominion Bank Announced That It Intends To Issue A S$60M Second Tranche Of Its Fixed Rate Reset Perpetual Subordinated Additional Tier 1 Capital Notes, Series 2023-9 Non-viability Contingent Capital

The Toronto-Dominion Bank (TD) Barclays 22nd Annual Global Financial Services Conference (Transcript)

Toronto Dominion Bank (TSE:TD) has released an update. Toronto-Dominion Bank has announced the issue of US$1,000,000,000 5.146% Subordinated Notes ...

Toronto-Dominion Bank Issues $1B Subordinated Notes

CFPB fines TD Bank for $28M over sharing inaccurate information about customers

What Canadian Bank Earnings Say About The Health Of The Financial Sector

Warning: TD is at high risk of performing badly

TD Bank Group names Raymond Chun as CEO Bharat Masrani's successor

Toronto Dominion Bank (TSE:TD) has released an update. TD Bank Group has announced that CEO Bharat Masrani will retire on April 10, 2025, after mor...

TD Bank Group Announces CEO Retirement and Succession

In a report released today, Matthew Lee from Canaccord Genuity assigned a Buy rating on Toronto Dominion Bank (TD – Research Report), with a price ...

Buy Rating on Toronto Dominion Bank: Leadership Stability and Attractive Valuation

TD: It's All In The Long Game

In a report released yesterday, Ebrahim Poonawala from Bank of America Securities reiterated a Hold rating on Toronto Dominion Bank (TD – Research ...

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