TD Bank Plans To Buyback 100 Mln Shares For Cancellation

(RTTNews) - Toronto-Dominion Bank (TD), Monday announced a plan to launch a normal course issuer bid to buy back up to 100 million of its common shares. The buyback up represents about 5.7 percent of its total shares and public float, as of October 31, 2024. The bank said the bid is subject to the completion of the previously announced sale of its entire equity investment in Charles Schwab Corp. (SHWB), as well as receiving approval from the Office of the Superintendent of Financial Institutions Canada and the Toronto Stock Exchange. TD will submit a notice of intention to the TSX for the plan. The purchases will continue for up to one year after the TSX accepts the notice of intention. The price for the repurchased common shares will be the market price at the time of purchase or another price allowed by the TSX. All repurchased shares will be cancelled. As of October 31, 2024, the Bank's Common Equity Tier 1, Tier 1, Total Capital and Leverage ratios were 13.11%, 14.78%, 16.76% and 4.19%, respectively. In the pre-market trading, Toronto-Dominion Bank is 2.23% higher at $59.25 on the Nasdaq.