Bank of Montreal Discloses 112M Share Stake in TD Bank

TL;DR

**Bank of Montreal just revealed a massive 112 million share stake in TD Bank.**

AI Summary

Bank of Montreal, a major Canadian financial institution, reported on February 9, 2024, that it beneficially owns 112,071,497 common shares of Toronto-Dominion Bank as of December 31, 2023. This significant holding gives Bank of Montreal sole voting power over 111,879,534 shares and sole dispositive power over 112,071,497 shares. This matters to TD Bank shareholders because it reveals a substantial investment by a direct competitor, potentially signaling confidence in TD's long-term value or a strategic positioning within the Canadian banking sector.

Why It Matters

This filing shows a major competitor, Bank of Montreal, holds a significant stake in Toronto-Dominion Bank, which could influence market perception and future strategic moves within the Canadian banking industry.

Risk Assessment

Risk Level: low — This filing indicates a significant institutional investment, generally viewed as a positive or neutral signal, rather than a direct risk.

Analyst Insight

Investors should note this significant institutional holding by a competitor, as it could imply a strategic long-term view on TD Bank's value, but it doesn't necessarily signal immediate price action.

Key Numbers

• 112,071,497 — Common Shares Beneficially Owned (Represents the total number of TD Bank shares held by Bank of Montreal as of December 31, 2023.)
• 111,879,534 — Sole Voting Power Shares (Indicates the number of shares Bank of Montreal can vote on its own.)

Key Players & Entities

• Bank of Montreal (company) — the reporting person and beneficial owner of shares
• Toronto-Dominion Bank (company) — the issuer whose shares are being reported
• 112,071,497 (dollar_amount) — aggregate amount of common shares beneficially owned by Bank of Montreal
• December 31, 2023 (person) — the date of the event requiring the filing
• 111,879,534 (dollar_amount) — shares over which Bank of Montreal has sole voting power

Forward-Looking Statements

• Bank of Montreal will maintain its significant stake in Toronto-Dominion Bank for the foreseeable future. (Bank of Montreal) — medium confidence, target: 2025-12-31

FAQ

Filing Documents

• td_20824.htm (SC 13G) — 109KB
• 0001085146-24-000953.txt ( ) — 111KB

(a)

ITEM 1(a). NAME OF ISSUER: Toronto-Dominion Bank

(b)

ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: 15th Floor, 66 ST Wellington W, Toronto, CA-ON, M5K 1A2, CA

(a)

ITEM 2(a). NAME OF PERSON FILING: BANK OF MONTREAL BANK OF MONTREAL HOLDING INC. BMO NESBITT BURNS INC. WEALTH MANAGEMENT BMO NESBITT BURNS SECURITIES LTD. BMO PRIVATE INVESTMENT COUNSEL INC. BMO ASSET MANAGEMENT INC. BMO NESBITT BURNS INC. BMO FINANCIAL CORP. BMO BANK N.A. BMO FAMILY OFFICE, LLC BANK OF MONTREAL EUROPE PUBLIC LIMITED COMPANY BANK OF MONTREAL, TORONTO BRANCH

(b)

ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: 100 King Street West, 21st Floor, Toronto, Ontario, M5X 1A1, Canada

(c)

ITEM 2(c). CITIZENSHIP: Canada Canada Canada Canada Canada Canada Canada United States United States United States Ireland Canada

(d)

ITEM 2(d). TITLE OF CLASS OF SECURITIES: Common Shares

(e)

ITEM 2(e). CUSIP NUMBER: 891160509 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTION 240.13d-1(b), or 13d-2(b) or (c) CHECK WHETHER THE PERSON FILING IS A: (a) [X] Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78c); (b) [X] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c); (c) [ ] Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c); (d) [ ] Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8); (e) [X] An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F); (g) [X] A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G); (h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] A non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J); (k) [ ] Group, in accordance with 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with 240.13d1(b)(1)(ii)(J), please specify the type of institution: ITEM 4. (a) Amount beneficially owned: 112,071,497 (b) Percent of class: 6.2% (c) Number of shares as to which the person has: (i) sole power to vote or to direct the vote: 111,879,534~86,009,865~56,177,748~36,716,443~31,690,707~29,832,117~3,090~3,090~639,665~25,226,914 (ii) shared power to vote or to direct the vote: (iii) sole power to dispose or direct the disposition of: BANK OF MONTREAL - 112,071,497 BANK OF MONTREAL HOLDING INC. - 86,198,942 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 56,366,825 BMO NESBITT BURNS SECURITIES LTD. - 189,077 BMO PRIVATE INVESTMENT COUNSEL INC. - 36,716,443 BMO ASSET MANAGEMENT

View Full Filing

View this SC 13G filing on SEC EDGAR