Keystone Sells Over 95% of TD Bank Holdings

Core Insights - Keystone Financial Planning sold over 95% of its holdings in Toronto-Dominion Bank, reducing its position from approximately 118,799 shares valued at $8.7 million to just 4,104 shares worth around $328,000, totaling an estimated sale of $8.4 million [2][10]. Company Overview - Toronto-Dominion Bank (TD Bank) is one of North America's largest diversified financial institutions, providing a wide range of financial products and services, including personal and business banking, wealth management, insurance, and capital markets solutions [5][6]. - As of October 7, 2025, TD Bank's shares were priced at $80.91, reflecting a year-on-year increase of 26.82%, with a 1-year alpha of 16.61% compared to the S&P 500 [3]. Financial Performance - For the trailing twelve months (TTM), TD Bank reported revenue of CAD 63.44 billion and net income of CAD 20.89 billion [4]. - The bank's dividend yield as of July 21, 2025, was 3.75% [4]. Recent Developments - TD Bank faced significant challenges in 2023 and 2024, including a $3 billion fine from U.S. authorities for failing to prevent money laundering and an asset cap imposed on its U.S. operations [7]. - The appointment of a new CEO, Raymond Chun, and an aggressive restructuring program have contributed to the bank's recovery, allowing it to nearly erase previous losses and regain its 2022 high [8]. Investment Strategy - Keystone Financial Planning's decision to exit the majority of its TD Bank position may reflect a shift in investment strategy, as the fund increased its exposure to other financial companies while reducing its stake in TD Bank [10][11].