Toronto Dominion Bank Is The Most Shorted Bank In The World.
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Greg Carr
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TD Short Interest Ratio and Volume (Toronto-Dominion Bank)
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https://www.marketbeat.com › Stocks › NYSE › TD
A short interest ratio of 10 or greater indicates strong pessimism about a stock. TD shares currently have a short interest ratio of 18.0.
Toronto-Dominion's Position as World's Most-Shorted Bank Isn't a Good Look
April 07, 2023 — 03:42 am EDT
Written by Will Ashworth for Fintel ->
A March 29 report from New York-based S3 Partners, a provider of financial data analytics, says Toronto-Dominion Bank (CA:TD, US:TD) is the most-shorted bank stock anywhere in Canada, the U.S., or Europe.
Fintel's Short Interest Tracker shows, as of the April 6 close, short interest is 56.11 million shares, or 3.13% of the float. That gives it a short interest ration of 5.25 days to cover.
TD stock was down slightly on April 5 on the news.
According to Bloomberg News, short sellers have bet $3.7 billion [all figures in U.S. dollars unless noted otherwise] against the Canadian bank, considered the country’s second-largest lender behind Royal Bank of Canada (CA:RY, US:RY). As noted in the report, the short interest is up 50 basis points from a year ago.
TD stock is down 8.8% so far in 2023. That compares to a 1.2% increase for the Horizons Equal Weight Canada Banks Index ETF (CA:HEWB), which holds all six of the country's diversified banks. RY stock is up 3% year to date.
On the Horizon
The bank is in the middle of trying to close its $13.4 billion acquisition of First Horizon Corp. (US:FHN), a Memphis-based regional bank with $79 billion in total assets, $65 billion in deposits, and a $57 billion loan portfolio, that operates in 12 southern U.S. states.
The acquisition was originally announced in February 2022 when First Horizon shares were trading around $18. They rose to the $25 share price TD offered by February 2023, only to fall below $15 due to the Silicon Valley Bank collapse. The shares have recovered slightly in the weeks since but remains 31% below TD’s offer.
Not only has the deal’s original offer come into question due to First Horizon’s lower share price, but regulatory issues have prompted the two parties to extend their termination date by three months to May 27.
On March 2, TD CEO Bharat Masrani said during the bank’s conference call with analysts that he didn’t think it would be able to complete the transaction by May 27. As a result, it’s possible the termination date could be extended a second time, well into the summer.
Walk Away
Some TD shareholders believe the bank should walk away from its deal.
“I don't think it's something TD should go ahead with in this environment,” said Barry Schwartz, portfolio manager at Baskin Financial Services, a shareholder in TD, Reuters reported on April 4.
“Walk away and take the break fee and be able to get other deals cheaper now, Schwartz said.”
The problem is that TD could find itself in a lawsuit with First Horizon if it walks, potentially costing it hundreds of millions should it lose in court. So, the financial costs at stake are high.
Other Issues
In addition, two other problems have caught the attention of short sellers.
First, TD is a large mortgage lender on both sides of the border. As a result, higher interest rates could translate into higher mortgage defaults. Secondly, it owns 12% of Charles Schwab (US:SCHW). Schwab’s stock has fallen more than 36% over the past month on concerns it will lose significant deposits to the big U.S. banks like JPMorgan Chase & Co. (US:JPM).
In addition to having the highest dollar amount of stock short, the short interest as a percentage of the float is also considerably higher than most of the big U.S. banks. Only Citigroup (US:C) comes close, at 2.36%. However, TD’s short interest relative to its float is still much lower than many European banks.
Short sellers made approximately $519 million in profits from TD in March, the third-highest profitable bank short behind only First Republic Bank (US:FRC), which survived, and SVB Financial, which did not.
One thing to remember about short seller data, says Ihor Dusaniwsky, S3 Partners’ Managing Director of Predictive Analytics, is that it can quickly reverse course.
“Outsized short-selling like we saw in the banking sector are usually knee-jerk reactions to market turmoil and can reverse as quickly as they occur,” Bloomberg reported Dusaniwsky's comments.
This story originally appeared on Fintel.
https://www.nasdaq.com/articles/toronto-dominions-position-as-worlds-most-shorted-bank-isnt-a-good-look
Other websites recommend TD as a buy.
I don't own any TD bank stock and have never shorted stock. The only reason I looked the stock up is
705-227-7019 phoned me at 7:55 PM about my non existent credit card with TD the msg had two TD logos. If you Google
705-227-7019 it says Algoma Mills, Canada and a bunch of phony names there is a TD branch in the Algoma section of Toronto. Oddly enough after that text msg fraudster Dave Mulligan called and left a voicemail which didn't show on my screen log though I got the number from my voice envelope.
https://youtu.be/sa_ZOwCogoE from
236-668-6156.
Below are copies of text msgs the Mulligan muffie pc criminal dolts sent me. Nov. 1 2020 and Nov. 3 2020 and Nov.16 that year. I list their crimes known to me at the end of the video both have gone downhill noticeably since 2022 red faced both alkies with lousy nutrition.
https://youtu.be/yZA1w5hjxmE
https://www.youtube.com/watch?v=MmdyPxt1Rl8 Joe and Dave just out of pc jail
Almost 5 minutes of lies, stupidity, contradictions, threats of death and desires to be killed and spazzing out by two protective custody petty thieves, fraudsters, weaklings. For some reason they are able to call without it showing on the log of incoming calls although the first came from (604) 544-4963 10:22 AM a Google search shows 2 different ppl for that number in two different Lower Mainland towns. Dave Mulligan is the pudgy, ugly, older half brother of Joe Mulligan. Google or Youtube search their names for more info.
236-668-6156 The voice envelope shows the last call came from if anyone can tell me who their cell phone carrier is that would be great.
https://youtu.be/UAokQ_Dqpew
These protective custody morons once did some work for me they are alkies, petty thieves and fraudsters left msg at 10:45 am Fri. so obviously are not working. They left a call back request yesterday as well plus called before that. Joe Mulligan was convicted of a sex crime against a senior citizen woman and this year ripped off New Westminster, BC resident Amanda Wheadon of several hundreds dollars of rent money. Chronic, daily liars known to be helped by their 350 plus fat Uncle Mike Mulligan in Airdrie, AB. Search their names on Youtube or Google Groups for more info. I blocked the number
604-857-3476.
https://youtu.be/Vd8CiBH9j
https://youtu.be/MmdyPxt1Rl8
https://youtu.be/zHRYDPWf6nU
Dave Mulligan stoned and drunk so bad he can't even fake a telephone number even after trying 3 times. Claims to be a RCMP officer of course I worked PT with the guy for 3 years I recognize the protective custody tards name. Pudgy red faced alcoholic and fraudster and scammer has phoned 3 times in 48 hours 886-335-4281 is what caller id shows. Last call 10:56 am April 16 2021. No one likes you or your younger half brother Joe Mulligan the convicted sex offender. Both are protective custody, chronic liars, poverty for life, disowned by their sisters, never knew their dads nor did their slut unattractive Mom. Owe money to various ppl have no vehicle history of eviction for non payment of rent. Both were fired from Best Personnel for selling pot at work. Whiny, piebacks who can't do the paperwork. Dave Mulligan has threatened to kill me in the past and New Westminster Police. Both are racist towards Blacks. Both are scammers and fraudsters and should be given a 30 day psychiatric evaluation then a couple years in prison. Do a Youtube search of Dave Mulligan Joe Mulligan to hear a number of their unwanted cell phone msgs.
https://youtu.be/ynIycKV-Fjo
Dave Mulligan and his younger half brother Joe Mulligan keep leaving unwanted voicemails on my cellphone. They have been told by me and Surrey RCMP not to do so. We used to work together they were fired for incompetency, whining, fighting each other at work and throwing the freight around while spazzing out. They also sold pot on the loading dock other than working. Joe Mulligan tells ppl he is Dave's older half brother but the RCMP told me it was the other way around. Both are just over 40 balding, red faced alkies no vehicle or computer. Dave is a pudgy , sweaty nothing and neither is taller than 5 ft 6 or weighs more than 160 pounds. Both have bad backs. Gambling addicts, chronic liars, petty thieves. No friends they have known more than a year. Joe Mulligan told me he ratted out some guys he went to Centennial High School with when they all lived in Ottawa because he had to escape a pissant assault beef funny thing was he wasn't guilty of the assault his buddies messed up some drunko and the cops leaned on him knowing he was the weak pansy link. I can't block their No Caller ID calls because my Bell plan doesn't allow that. The cops won't tell me who their carrier so I can sue them. They used to live in Burnaby and New Westminster in the 13th and Kingsway area the worst part of town. Last known to be in Edmonton. Repeatedly evicted the last 5 years for non payment of rent. Joe Mulligan was convicted of sexually molesting a woman over 65 years of age. He told me about it WTF? Who does that and talks about it at work.? Some friend of a HA friend walked up to me and told me they were both protective custody at work. None of the Red And White truckers ever talked to them. Glad I am retired now. Joe Mulligan twice for some reason mentioned Sal Jonathan Bryce of the Hell's Angels without any prompting or the talk having anything to do with bikers or crime. The Bryce name is respected in B.C. H.A. circles and Sal Jonathan Bryce was once sentenced to 6 years for dealing cocaine here. Their Mom never knew there who their Dads were. Both try their best to be con artists but no one trusts the slovenly morons. They admit to CERB fraud. Half hope they win the Lotto so I can sue them. Their Mom is an ugger who has problems paying rent. They have an uncle who used to exploit them as coolie labour. Sisters live in Alberta and they take turns disowning each other. TARD CENTRAL these bogheads. Both are racist towards Blacks using the N word but will totally kiss their shoes if told to. They buy the lamest beer at the liquor store and eat garbage food. Kraft Dinner hurts their budget. Canada would be a better place with them and their Mom deceased. The picture of the two cretins was from an old FB page they no longer have any social media accounts. Why they put a Turkish flag on their pic is beyond me. They bragged about giving $20 to the Variety telethon years before useless parasites and moochers and scuz. I give thousands of dollars a year to charity and every month give some money to street ppl and the poor here in the Lower Mainland.
https://youtu.be/1ldS2MNdeHs
https://youtu.be/1TFJgAJQ31w
https://youtu.be/zHRYDPWf6nU
WIN 20201223 13 56 53 Pro Dave Mulligan threatens me with arrest and demands I remove the videos. No. Just like dimmy Daryl Grant Macaskill both threaten violence then go to law enforcement both are allergic to hard work both thieves.
Miroslav is an immigrant success story for Canada. He out worked me and always was well organized. He got along with everyone including the Black and East Indian and Asian employees. Called the Mulligan brothers, "The Stupid Lazy Mulligan brothers". The other regular Versacold employees called them, "The Bobsy Twins" to their face or , "the lazy dog f***ers" in private. Management told Miroslav that he could work more if he wanted but he had a FT job and did the Best Personnel thing just to get some extra scratch. A Serbian by ethnicity he wasn't the least bit racist unlike the N word using Mulligan brothers or the can.politics USENET/Google Groups Serbian Gordon Radavich a self loathing nazi hater of himself and his countrymen just like Hitler wanted he called the Serbians the Uttermensh. Miroslav could hold conversations on politics and he has never caused any trouble here in Canada unlike the protective custody criminals and often evicted Joe Mulligan and his half brother Dave Mulligan who owe money to various ppl. Always like it when Miroslav says hi to me in New Westminster.
https://youtu.be/hTkt7EJNqXY
https://youtu.be/Wc1zxMk9LcE
11:13 PM Nov.29/2020 Dave Mulligan does his drag queen voice impression. No Caller ID.
236 889 1511 is the number they have been using.
https://youtu.be/If6skBk1eCw Dave practices his drag queen persona.
https://youtu.be/Rg9m344Ml00 Dave and Joe talk about an imaginary child.
https://youtu.be/mOSquY2rJZA Pudgy Dave leaves a incoherent msg.
https://youtu.be/rlMa6Zo8fOM
It's Saturday night and the Mulligan morons are stoned, drunk and incoherent. Phoned 3 times between 7 and 9 pm. No friends to hang out with no tv to watch the hockey game its tardsville time all the time for Joe and Dave Mulligan. They have no friends IRL of more than two years duration despite being 40 years old. Unemployed pot dealers and fraudsters and admitted CERB scammers. Can't block their phone calls because they use No Caller ID which according to Bell can't be blocked
https://studio.youtube.com/video/dzzm8pw7vPk/edit
https://youtu.be/mgQhcNVKtIo Pudgy, stupid Dave Mulligan makes a death threat against me just like Tom Strenja, Jeremy Dyck.
https://youtu.be/-vsvn8cQllE
https://youtu.be/dCjhqUbbYuo
https://studio.youtube.com/video/vi5TvcwYk4s/edit
https://youtu.be/BExBjcMXCa8 Joe and Dave admit to selling pot at their former employer.
Do They Sound Drunk And Fried To You?
https://youtu.be/iJSiumwKEas Incoherent Dave Mulligan.
Dave Mulligan And Joe Mulligan For The Third Time Have A 4 AM Meltdown And Share It With My Voice Mail. Ignore the first 12 seconds of this short video.
https://youtu.be/A04--OKLiao