Why Toronto-Dominion Bank Stock Beat the Market Today
Investors continued to be skittish about bank stocks on Thursday, which was understandable given the continuing turmoil with regional lenders. One member of that group escaped the clutches of the bear that day, however: Toronto-Dominion (NYSE: TD). The market was relieved that the company isn't going forward with a planned bank buyout after all, and it closed the day up 1% on a day the Dow was down 0.86%
In a nervous environment like this, few consider banks to be hot investments -- either as stocks or as takeover targets. Wisely, Toronto-Dominion and the lender currently in its sights, First Horizon (NYSE: FHN), announced Thursday they are terminating their merger agreement.
The deal had been on the burner for quite some time. It was originally announced in February 2022, and the plan was for Toronto-Dominion to acquire the Southeastern regional banking group for $13.4 billion, entirely in cash.
Source Fool.com
