SCHEDULE: BMO Discloses 4.94% Stake in Toronto-Dominion Bank

Bank of Montreal and its affiliates have reported a collective beneficial ownership of 4.94% in Toronto-Dominion Bank's common shares as of June 30, 2025.

Summary

• Bank of Montreal and its affiliates collectively beneficially own 85,240,803 common shares of Toronto-Dominion Bank.
• This represents 4.94% of the class of Toronto-Dominion Bank's common shares.
• The beneficial ownership is held across various BMO entities, including Bank of Montreal (85,240,803 shares), BANK OF MONTREAL HOLDING INC. (62,488,320 shares), BMO NESBITT BURNS INC. WEALTH MANAGEMENT (54,755,767 shares), BMO ASSET MANAGEMENT INC. (31,121,859 shares), BMO PRIVATE INVESTMENT COUNSEL INC. (4,812,705 shares), BMO NESBITT BURNS INC. (7,732,553 shares), BMO NESBITT BURNS SECURITIES LTD. (199,745 shares), BMO FINANCIAL CORP. (4,293 shares), BMO BANK N.A. (1,467 shares), and BMO FAMILY OFFICE, LLC (2,826 shares).
• The filing is an Amendment No. 2 to a Schedule 13G, indicating an update to a previously reported beneficial ownership.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a standard beneficial ownership disclosure (Schedule 13G) and does not contain information that would inherently indicate positive or negative sentiment regarding the issuer's performance or outlook. It merely reports a passive investment stake.

Positives

• Indicates a significant, albeit passive, investment by a major financial institution (Bank of Montreal) in another major financial institution (Toronto-Dominion Bank).
• The holding is stated to be for ordinary course of business, not for control, which suggests a stable, long-term investment perspective.

Future Outlook

NA

Industry Context

This filing is a routine disclosure by Bank of Montreal, a major Canadian financial institution, regarding its passive investment holdings in Toronto-Dominion Bank, another major Canadian bank. Such cross-holdings or institutional investments are common within the financial services industry for various reasons, including portfolio diversification, index tracking, or client asset management. The filing indicates that the investment is not for control purposes, which is typical for institutional beneficial ownership below the 5% threshold that would trigger a 13D filing.

Comparison to Industry Standards

• The reported beneficial ownership of 4.94% is just below the 5% threshold that would typically require a Schedule 13D filing, which implies an intent to influence or control. A 13G filing, as seen here, is for passive investors.
• Major financial institutions like Bank of Montreal frequently hold significant, non-controlling stakes in other publicly traded companies, including competitors, as part of their asset management, wealth management, or brokerage operations.
• The distribution of ownership across various BMO subsidiaries (e.g., wealth management, asset management, brokerage) is standard practice for large diversified financial groups.

Stakeholder Impact

• Shareholders of Toronto-Dominion Bank: Provides transparency regarding a significant institutional holder, confirming a passive investment by Bank of Montreal.
• Shareholders of Bank of Montreal: Reflects a portion of their investment portfolio.

Key Dates

Keywords

Toronto-Dominion Bank, Bank of Montreal, TD Bank, BMO, Common Shares, Beneficial Ownership, SEC Filing, Schedule 13G, Financial Services, Banking, Investment