By Colin Kellaher

Toronto-Dominion Bank on Thursday said it raised the quarterly dividend by nearly 13%, to C$0.89 from C$0.79, and said it aims to buy back up to 50 million shares, the latest major Canadian bank to announce such plans.

Canada's largest bank by assets, which has a market capitalization of nearly C$164 billion (US$127.94 billion), said the buyback represents about 2.7% of its roughly 1.82 billion shares outstanding.

The new quarterly payout, equal to C$3.56 a year, represents an annual yield of about 3.87% based on Wednesday's closing price of C$91.98, up from about 3.44%.

Toronto-Dominion said the increased dividend is payable Jan. 28 to shareholders of record Jan. 10.

Toronto-Dominion joins Canadian Imperial Bank of Commerce, Royal Bank of Canada and National Bank of Canada in unveiling dividend increases and stock-buyback plans this week.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

12-02-21 0705ET