TD Bank Group Announces Intention To Repurchase For Cancellation Up To 90M Of Its Common Shares
Portfolio Pulse from Benzinga Newsdesk
TD Bank Group (TD) has announced its intention to repurchase and cancel up to 90 million of its common shares, representing approximately 4.9% of the total issued shares. This follows the completion of a previous repurchase of 30 million shares. The new repurchase is subject to approval from the Office of the Superintendent of Financial Institutions Canada (OSFI) and the Toronto Stock Exchange (TSX).
August 24, 2023 | 10:45 am
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TD Bank Group's announcement to repurchase and cancel up to 90 million of its common shares could potentially lead to an increase in the stock's price due to the reduction in the number of shares in circulation.
Share repurchases often lead to an increase in the stock's price as they reduce the number of shares in circulation, thereby increasing earnings per share. This could make the stock more attractive to investors, potentially leading to increased demand and a higher stock price.
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