Toronto-Dominion Bank: A Top Dividend Play in the Financial Sector

The Toronto-Dominion Bank (NYSE:TD) is included among the 11 Best Canadian Dividend Stocks to Buy Now.

Throughout the Great Recession, while many major US banks were compelled to reduce their dividends, TD Bank managed to keep its payout unchanged. Even when its US division faced a money laundering scandal that led to a hefty regulatory fine and an asset cap, the bank still went ahead with a dividend increase despite the challenges. Remarkably, the bank has consistently paid dividends since 1857.

The Toronto-Dominion Bank (NYSE:TD) reported solid quarterly performance, driven by strong trading and fee income in its markets-focused businesses, along with growth in deposits and loans within its Canadian Personal and Commercial Banking segment. The bank also indicated that its US balance sheet restructuring is progressing as planned, while steady progress is being made on anti-money laundering remediation efforts.

The Toronto-Dominion Bank (NYSE:TD) currently offers a quarterly dividend of C$1.05 per share. The company has been growing its dividends for 10 consecutive years, making it a reliable option for income investors. The stock has a dividend yield of 4.17%, as of July 15.

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Disclosure: None.