Reuters
TD world’s most shorted banking stock, shares down -ORTEX data
Hedge fund bets against Canada’s TD Bank Group on Wednesday hit $4.2 billion, making it the most-shorted banking stock globally, according to data provider ORTEX’s calculations, with some analysts concerned about the bank’s exposure to U.S. regional lenders. Around 4.1% of TD’s outstanding shares were out on loan to hedge funds, while the second-most shorted bank stock, JP Morgan, only had $2.3 billion worth of shorts, showed the data. Hedge funds profit when they borrow a stock from an institutional investor and sell it back when the price falls, pocketing the difference, a practice known as short-selling.