Toronto, July 3, 2026, 18:05 EDT
- TD traded up in Toronto, though it only gained about half as much as the S&P/TSX Composite Index.
- TD has picked up around C$44 billion in market cap since April 30, the bank’s last quarter-end.
- TD’s U.S. shares didn’t trade Friday. The NYSE closed for the Independence Day holiday.
The Toronto-Dominion Bank (TSE:TD; NYSE:TD) ended up 0.44% at C$170.01 in Toronto on Friday. That trailed the S&P/TSX Composite Index (INDEXTSI:OSPTX), which added 0.88% to finish at 35,274.84. TD lagged a bit on the day. The bigger story is the run in its shares—TD is up 16.2% since the quarter ended April 30, and Friday’s market cap was about C$44.3 billion higher than the April 30 close, according to quote data.
TD’s April 30 share count with Friday’s closing price shows how quickly the rerating has moved.
| TD measure | April 30 | July 3 | Change |
|---|---|---|---|
| Closing share price | C$146.33 | C$170.01 | +16.2% |
| Market value | C$241.7 bln | C$285.96 bln | +C$44.3 bln |
| Dividend yield | 3.2% | 2.55% | -65 bps |
| Distance from 52-week high | n/a | 1.7% under C$172.98 | Near high |
This is notable since Friday’s move on the TSX wasn’t driven by banks. The biggest push came from metals, with materials stocks up 2.4%. Financials added 0.4%. “Lower rate expectations weaken the U.S. dollar, boost gold and benefit Canadian resource stocks,” Matt Manara, executive vice president and portfolio manager at Avenue Investment Management, told Reuters. Reuters
TD keeps its lead as the top one-year gainer among the big Canadian banks on the TSX list, though today’s trading was mixed.
| Company | Google Finance ticker | July 3 price | Day move | One-year move |
|---|---|---|---|---|
| Toronto-Dominion Bank | TSE:TD | C$170.01 | up 0.44% | up 67.18% |
| Royal Bank of Canada | TSE:RY | C$290.38 | down 0.02% | up 61.73% |
| Bank of Nova Scotia | TSE:BNS | C$122.39 | added 1.04% | up 63.36% |
| Canadian Imperial Bank of Commerce | TSE:CM | C$161.76 | up 0.11% | up 65.25% |
| Bank of Montreal | TSE:BMO | C$247.08 | up 0.06% | up 60.65% |
The S&P/TSX Composite climbed 30.47% over the past year, Trading Economics data shows. TD is up 67.18%, more than twice that pace and ahead of the peers mentioned. Now, the stock needs earnings and capital returns to hold its gains.
This week, the split trend stayed. The TSX finished up 0.8%, while TD barely moved, ending down 0.01% over five days, MarketWatch data showed. TD shares remain C$2.97 under the 52-week high.
TD’s U.S. shares didn’t trade Friday as the NYSE was closed for the holiday. The most recent price was Thursday’s close at $119.30, which was down 2.4% from the day before. When U.S. markets reopen Monday, TD holders will see a lagging price compared to the Canadian close.
TD’s rally is backed by earnings, though nothing new in the numbers. Adjusted earnings for the second quarter landed at C$4.17 billion, or C$2.38 per share, up from C$3.63 billion and C$1.97 per share last year. Reuters reported TD’s net interest income came in at C$8.86 billion, better than C$8.13 billion a year ago.
TD CEO Raymond Chun said in the bank’s May results that AML work is still a priority. “We also continue to make consistent progress on our AML remediation and enhancements.” The bank posted a 14.3% CET1 capital ratio as of April 30, down from 14.9% last year but still strong enough for shareholder payouts. TD Canada Trust
TD has already moved with the banks, so that’s not really in question. The real test now is whether a stock close to its high, with a 2.55% yield, keeps attracting money while flows head toward gold, copper and other materials stocks.
TD is set to go ex-dividend next on July 10. The Friday market data lists a C$1.12 dividend.
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