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On Thursday last week I added to my existing Toronto Dominion Bank (TD) position, which I started back in April, at $55.23/share. This brought my average cost on TD Bank down to about $62/share. I continue to pick away at adding to my existing stock holdings when I see value. TD was 26% off of its 52 week high and yielding 4.4% when I made the purchase. This purchase makes TD our largest holding in our non-registered dividend stock portfolio. This portfolio is designed for the long term and will provide years of dividend income. Purchases made today during very bleak times should prove to be smart as time marches on.

I think TD's very strong retail franchise in Canada as well as their avoidance of large scale involvement in toxic instruments and investments should enable them to keep their earnings per share more steady than most of their competitors in Canada and abroad. Much of what is hurting TD's share price is the general negative sentiment against financials and non-hard asset earnings. Economically, there are rocky times ahead but I believe TD is the best positioned Canadian bank to weather the storm and emerge successful on the other side. Canadian bank earnings will be interesting indeed when they come out later this month.

Source: Toronto Dominion: Best Positioned Canadian Bank