Got $500? Here's 1 Great Stock to Buy and Hold

There's nothing inherently wrong with investing in U.S. banks, but you would be remiss if you didn't also consider some names from north of the border too. One that stands out is Toronto-Dominion Bank (NYSE: TD), which today offers a sizable 3.8% dividend yield.

Let's take a quick look at four key reasons you might want to add this admittedly boring bank stock to your portfolio.

TD Bank, as it is more commonly known, has a 21% market share in Canada. It is ranked No. 1 or No. 2 in most of the business categories where it competes. To be fair, Canada is "only" the 10th-largest global economy, so it is an attractive market but clearly not the most attractive, a distinction that goes to the largest economy -- the United States. And yet, there's something very interesting about Canada's banking sector because it is heavily regulated.

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Source Fool.com