February 06, 2009 at 03:00 AM EST
TD Bank Boosting Stake in Ameritrade (TD, AMTD)

Tom Reese/Paul

Rubillo, Dividend.com

TD Bank (TD) is confirming plans to boost

its direct ownership stake in TD Ameritrade (AMTD) by about 5%.

The company will now own 45% of Ameritrade, and management

for TD Bank insists that TD Ameritrade's significant long-term potential is a

key part of its U.S.

growth strategy.

The company had recently completed the purchase of New

Jersey-based Commerce Bank.

The Bottom Line

We have been avoiding shares of TD since our early June coverage began, when

shares were trading around the $67 level. The stock currently has a 7.68%

dividend yield, based on last night’s closing price of $31.78. The stock has

technical support at the $26 level. If that fails to hold, we could see the

$16-22 price area come into play. On the flipside, if shares can stabilize, we

see overhead resistance around the $40-42 price points. We would remain on the

sidelines for now.

TD Bank (TD) is not recommended at this

time, holding a Dividend.com Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well

as a detailed explanation of our ratings

system here.

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