Toronto-Dominion Bank plans to launch a buyback program to repurchase for cancellation up to 1.6% of its issued and outstanding shares.
The Canadian bank said Thursday it would initiate a normal course issuer bid to buy up to 30 million shares, subject to approval from the Office of the Superintendent of Financial Institutions Canada and the Toronto Stock Exchange.
TD Bank said it would make share purchases under the bid over a one-year period. The buybacks will be made through the facilities of the TSX as well as through other designated exchanges and alternative trading systems in Canada.
The bank had about 1.84 billion shares issued and outstanding as of April 30. The stock closed Wednesday at C$81.18, 7.4% lower so far this year and down 13% over the last 12 months.