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Shares of Toronto Dominion Bank (TSX:TD) fell last week on news that the bank was subject to a probe by United States law enforcement. The probe would be looking at internal controls tied to the laundering of hundreds of millions of dollars from illegal drug sales.
Shares of the stock dropped by about 4% to end out the week. This led to the dividend yield rising past 5%, at 5.14% as of writing. This is far higher than its five-year average of 4.13%. So, is it time to buy?
About TD stock
First, let’s get into TD stock as a company in the first place. The bank is part of the Big Six Banks, holding the second position of largest market cap among the bunch. It can trace its roots back to 1855 with the establishment of the Bank of Toronto. Over the years, it has expanded through mergers and acquisitions, including the merger of the Bank of Toronto and The Dominion Bank in 1955. Today, TD Bank Group is the…
