CNBC's Jim Cramer has announced his favorite Canadian bank.It is Toronto Dominion Bank,the nation's 2nd largest.TD recently raised its dividend and beat its earnings estimate.
TD is a conservative,deposit-rich bank,Cramer pointed out.With most of its exposure in Ontario,it attracts a great deal of natural resource clients.
The bank has 25% of its business in the U.S.,and is buying Chrysler Financial for 3.6 billion dollars.This will improve its loan/deposit ratio.TD has no headline risk,in Cramer's opinion.
Despite Cramer's call,the typical Cramer bounce in a stock he selects didn't seem to materialize when he announced it.This leads to a certain train of thought:Don't they like Canada?Don't they trust Canada?Are they bored by Canada?
Toronto Dominion Bank(TD)
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