Buying a quality dividend stock when it’s near its 52-week low can make for a great deal in the long run, particularly when it’s a safe investment to hang on to. Toronto-Dominion Bank (TSX:TD)(NYSE:TD) hit new lows last week after it got hit with a $9.2 million fine after regulators found that it failed to report suspicious transactions.

With the decline in price, TD’s dividend yield is up to 5.5% -- that’s unusual territory for the bank stock as its payout is normally around 4% and lower. But with interest rates remaining high and investors being fearful of an economic downturn, bank stocks haven’t been hot buys of late.

But with a solid business model, strong margins, and a diverse presence in both U.S. and Canadian markets, TD is one of the safest stocks you can invest in. While it may face near-term headwinds, the business itself remains solid. The stock is trading at a fairly modest 1.4 times its book value and 10 times its estimated future profits.

TD normally generates profit margins in excess of 20% and so even if there is a bit of softness in the near future, the company can still be in excellent shape in terms of earnings. The bank reports earnings later this month and how the stock does will likely depend on its forecast and what it is seeing in the economy. But in the long haul, the economy is likely to continue growing and expanding.

Investors should buy the stock while it’s cheap as TD is sure to go higher in the years ahead.