Keystone Sells More Than 95% of TD Bank Holdings | Colorful fool
Keystone Financial Planning disclosed the sale of most of its holdings in Toronto-Dominion Bank (T.D +0.63%)better known as TD Bank. According to its SEC filing, it sold an estimated $8.4 million worth of stock during the period ending in 2025Q3.
What happened
According to a filing with the Securities and Exchange Commission on October 7, 2025, Keystone Financial Planning sold more than 95% of its holdings in TD Bank – worth about $8.4 million. She reduced her position from 118,799 shares worth about $8.7 million to just 4,104 shares worth about $328,000.
What else to know
TD Fund’s stake now represents 0.1% of 13F reportable assets under management as of September 30, 2025.
Best position after serving:
- Schwab US Dividend Equity ETF (SCHD +0.30%): $167.92 million (48.8% of AUM)
- Microsoft (MSFT +0.25%): $13.92 million (4.1% of AUM).
- Chevron (CVX 0.45%): $12.19 million (3.5% of AUM).
- US Bancorp (USB +1.17%): $11.00 million (3.2% of AUM).
- Verizon Communications (VZ 1.23%): $10.75 million (3.1% of AUM).
As of October 7, 2025, the stock was valued at $80.91, up 26.82% year-to-date. It’s 1-year alpha versus the S&P 500 was 16.61%.
Company overview
| Metric | Value |
|---|---|
| Sales (TTM) | $63.44 billion (CAD) |
| Net Income (TTM) | $20.89 billion (CAD) |
| Dividend yield (at market close 07/21/2025 | 3.75% |
| Price (to market close 2025-10-07) | $80.91 |
Company snapshot
Toronto-Dominion Bank or TD Bank is one of the largest diversified financial institutions in North America with significant operations in both Canada and the United States. It offers a comprehensive suite of financial products and services, including personal and corporate banking, wealth management, insurance and capital markets solutions.
It serves a diversified customer base including individuals, SMEs, corporates and institutional clients. TD Bank operates an extensive network of branches and ATMs in Canada and the United States with a growing digital banking presence.
Foolish to take
TD Bank had a tough 2023 and 2024 due to sector- and company-specific headwinds. Last year, various US authorities fined her over $3 billion for failing to prevent money laundering, among other charges. Regulators have also clamped down on TD Bank’s US operations.
This year’s relatively strong performance is a sign that the company is starting to put its troubles behind it. With a new CEO in Raymond Chun and an aggressive restructuring program, TD Bank has nearly erased its losses and regained its 2022 high.
This may have been a factor in Keystone’s decision to exit most of its position. It is unlikely to be a sector-specific move as the fund has slightly increased its exposure to other financial companies such as Bank of Nova Scotia (NBS +0.52%)and T. Rowe Award (TROW +0.04%). US Bancorp continues to be one of the five largest holding companies.
Notably, about half of Keystone Financial Planning’s holdings are in the Schwab US Dividend Equity ETF. Considering other investments, the fund appears to be relatively risk averse. We can’t know what drives an institution’s buy or sell decisions, but TD Bank’s recovery may have been an opportunity for Keystone to exit a position that no longer fit its profile.
Glossary
AUM: assets under management; the total market value of investments managed by a fund or firm.
Reported 13F assets: Securities required to be disclosed by investment managers in quarterly SEC Form 13F reports.
Alpha: A measure of an investment’s performance relative to a benchmark that shows the value added or subtracted by active management.
Dividend yield: Annual dividends paid by a company as a percentage of its share price.
Quarterly average price: The average closing price of a security for a particular quarter.
Bet: The ownership interest or amount of shares held in a company by an investor or fund.
Best location: The largest investments within a fund or portfolio, usually ranked by value.
Integrated business model: A company structure combining multiple services or operations to achieve efficiency and serve different customer needs.
Retail Footprint: The presence and reach of the company’s physical branches or locations serving individual customers.
Capital Markets Solutions: Capital raising, securities trading and financial advisory services for corporations and institutions.
TTM: 12-month period ending with the most recent quarterly report.