One of Rhode Island’s Banks Is the Most Shorted Stock, According to Report

One of Rhode Island’s Banks Is the Most Shorted Stock, According to Report

TD Bank which has ten so-called TD "Bank Stores" as well as ATMs In Rhode Island has been labeled the most shorted stock.

TD Bank's parent company is Canada-based.

“Turns out, the biggest short in the banking industry anywhere in the world isn’t in Switzerland or Silicon Valley, but rather, in the relatively tame financial center of Canada,” reports Bloomberg.

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There continues to be concerns about the financial mid-sized banks after the collapse of SVB and Signature banks.

And depositors at regional banks have withdrawn for than $100 billion in recent weeks.

“In recent weeks, short sellers have upped their bearish bets against Toronto-Dominion Bank, and now have roughly $3.7 billion on the line vis-à-vis Canada’s second-largest lender, according to an analysis by S3 Partners. That’s the most among financial institutions globally and puts TD ahead of the likes of France’s BNP Paribas SA and Bank of America Corp.” added Bloomberg.

“Short sellers have been actively shorting into a declining banking sector,” said Ihor Dusaniwsky, S3’s managing director of predictive analytics.