Last stock in the clip; he and his family also own it personally. GLTA
https://www.bnnbloomberg.ca/video/chris-blumas-top-picks~2671489
TD Bank (TD TSX)
Most recent purchase at $80.66 on March 31, 2023
TD is a retail-focused North American bank. Its share price is down around five per cent year-to-date and has underperformed its peer group. The bank is awaiting regulatory approval to buy First Horizon (FHN-US), a U.S. regional bank headquartered in Memphis, Tennessee. The pending deal has spooked investors and left TD trading at a rare discount relative to its peers. While there are a few moving parts that are complicating the deal, TD has the upper hand in renegotiating the price and stemming the outflow of deposits. TD shares currently trade at 9.2x forward earnings and have a dividend yield of 4.4 per cent.
TOP PICK
Toronto Dominion (TD-T)
20/04/2023
Hasn't underperformed peers in quite a while, so this is a rare position for it. Its acquisition hasn't closed yet, and there's a lot of noise in US banking. He expects positive news on the acquisition, which has shrinking deposits but very strong profitability. Makes sense for TD to ask for a price cut on the purchase. A really good asset, would give them another platform for growth. Stable business model. Discounted valuation at 9x earnings. Rare chance to buy at a discount to peers. Yield is 4.61%.
(Analysts’ price target is $99.17)
Banks
Chris Blumas
$83.41
Owned