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TD Bank Shares Surge 21.7% YTD on Strong Earnings and Cost-Cutting Measures
TD Bank Shares Surge 21.7% YTD on Strong Earnings and Cost-Cutting Measures
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Toronto-Dominion Bank (TD) shares climbed 3.86% to close at $67.28 after reporting better-than-expected Q2 earnings, extending its year-to-date gain to 21.7%. The bank’s performance starkly contrasts with the S&P 500’s 0.6% decline during the same period.
Investors cheered TD’s $1.97 adjusted EPS beat and strategic restructuring, including 2,000 job cuts expected to generate C$650 million in annual savings. Jefferies responded by raising its price target to C$103, while the bank simultaneously exited U.S. point-of-sale lending and realized C$13.9 billion from its Schwab stake sale.
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