Zacks Investment Research upgraded shares of Toronto-Dominion Bank (NYSE:TD) (TSE:TD) from a sell rating to a hold rating in a research note issued to investors on Thursday, Zacks.com reports.
According to Zacks, “Toronto Dominion Bank is a Canadian chartered bank and offers a wide range of business and consumer services. These services include checking and savings accounts, credit cards, mortgage and student loans,trusts, wills, estate planning,investment management services and financial and advisory services. “
A number of other brokerages have also recently issued reports on TD. Canaccord Genuity reaffirmed a buy rating on shares of Toronto-Dominion Bank in a report on Thursday, May 23rd. Barclays raised shares of Toronto-Dominion Bank from an equal weight rating to an overweight rating and set a $84.00 target price on the stock in a report on Tuesday, June 11th. BMO Capital Markets reaffirmed a buy rating on shares of Toronto-Dominion Bank in a report on Friday, May 24th. Finally, National Bank Financial cut shares of Toronto-Dominion Bank from an outperform rating to a sector perform rating in a report on Thursday, May 23rd. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company has an average rating of Buy and an average price target of $72.00.
Shares of TD stock traded down $0.53 on Thursday, reaching $56.98. The stock had a trading volume of 1,013,050 shares, compared to its average volume of 1,048,570. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.11. The stock’s 50-day moving average price is $58.37. The stock has a market capitalization of $105.21 billion, a price-to-earnings ratio of 11.33, a price-to-earnings-growth ratio of 1.83 and a beta of 1.04. Toronto-Dominion Bank has a 12 month low of $47.73 and a 12 month high of $62.00.
Toronto-Dominion Bank (NYSE:TD) (TSE:TD) last issued its earnings results on Thursday, May 23rd. The bank reported $1.75 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.50. The company had revenue of $10.23 billion for the quarter, compared to analysts’ expectations of $9.46 billion. Toronto-Dominion Bank had a net margin of 20.24% and a return on equity of 16.21%. Toronto-Dominion Bank’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.62 EPS. Research analysts forecast that Toronto-Dominion Bank will post 5.06 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Wednesday, July 10th were issued a $0.5511 dividend. The ex-dividend date was Tuesday, July 9th. This represents a $2.20 annualized dividend and a yield of 3.87%. Toronto-Dominion Bank’s dividend payout ratio is currently 44.93%.
A number of institutional investors have recently added to or reduced their stakes in TD. Toronto Dominion Bank raised its holdings in Toronto-Dominion Bank by 48.9% in the 1st quarter. Toronto Dominion Bank now owns 16,443,402 shares of the bank’s stock valued at $892,223,000 after acquiring an additional 5,402,536 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in shares of Toronto-Dominion Bank during the 1st quarter worth approximately $328,829,000. CIBC Asset Management Inc grew its position in shares of Toronto-Dominion Bank by 13.3% during the 1st quarter. CIBC Asset Management Inc now owns 21,510,636 shares of the bank’s stock worth $1,167,313,000 after purchasing an additional 2,517,475 shares in the last quarter. TD Asset Management Inc. grew its position in shares of Toronto-Dominion Bank by 2.4% during the 1st quarter. TD Asset Management Inc. now owns 48,855,643 shares of the bank’s stock worth $2,652,053,000 after purchasing an additional 1,157,886 shares in the last quarter. Finally, Intact Investment Management Inc. grew its position in shares of Toronto-Dominion Bank by 62.0% during the 1st quarter. Intact Investment Management Inc. now owns 1,991,895 shares of the bank’s stock worth $144,452,000 after purchasing an additional 762,490 shares in the last quarter. 48.09% of the stock is currently owned by hedge funds and other institutional investors.
Toronto-Dominion Bank Company Profile
The Toronto-Dominion Bank, together with its subsidiaries, provides various personal and commercial banking products and services in Canada and the United States. The company operates through three segments: Canadian Retail, U.S. Retail, and Wholesale Banking. It offers personal deposits, such as checking, savings, and investment products; financing, investment, cash management, international trade, and day-to-day banking services to businesses; financing options to customers at point of sale for automotive and recreational vehicle purchases through auto dealer network; credit cards; investing, advice-based, and asset management services to retail and institutional clients; and property and casualty insurance, as well as life and health insurance products.
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