The Toronto-Dominion Bank (NYSE:TD) Receives Average Recommendation of “Hold” from Analysts

Shares of The Toronto-Dominion Bank (NYSE:TD) (TSE:TD) have been assigned an average recommendation of “Hold” from the ten brokerages that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, five have given a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $88.00.

Several research analysts recently commented on TD shares. Scotiabank raised Toronto-Dominion Bank from a “sector perform” rating to a “sector outperform” rating in a research note on Wednesday, April 17th. BMO Capital Markets lowered their target price on Toronto-Dominion Bank from $86.00 to $84.00 and set a “market perform” rating for the company in a research note on Friday, May 24th. National Bank Financial cut Toronto-Dominion Bank from a “sector perform” rating to an “underperform” rating in a research note on Thursday, May 23rd. Barclays started coverage on Toronto-Dominion Bank in a research note on Wednesday, March 20th. They set an “equal weight” rating for the company. Finally, Cibc World Mkts raised Toronto-Dominion Bank from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 24th.

Toronto-Dominion Bank Stock Performance

Shares of NYSE TD opened at $54.02 on Wednesday. Toronto-Dominion Bank has a twelve month low of $53.52 and a twelve month high of $66.15. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.11. The stock has a fifty day simple moving average of $56.29 and a 200-day simple moving average of $59.13. The stock has a market capitalization of $94.39 billion, a PE ratio of 12.28, a PEG ratio of 1.48 and a beta of 0.83.

Toronto-Dominion Bank (NYSE:TD) (TSE:TD) last issued its quarterly earnings data on Thursday, May 23rd. The bank reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.15. Toronto-Dominion Bank had a return on equity of 14.38% and a net margin of 9.96%. The business had revenue of $10.18 billion during the quarter, compared to analysts’ expectations of $9.90 billion. On average, equities analysts forecast that Toronto-Dominion Bank will post 5.86 earnings per share for the current year.

Toronto-Dominion Bank Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Wednesday, July 10th will be given a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a yield of 5.48%. The ex-dividend date of this dividend is Wednesday, July 10th. Toronto-Dominion Bank’s payout ratio is 67.27%.

Institutional Investors Weigh In On Toronto-Dominion Bank

A number of institutional investors and hedge funds have recently modified their holdings of TD. Vanguard Group Inc. lifted its stake in shares of Toronto-Dominion Bank by 1.8% during the 3rd quarter. Vanguard Group Inc. now owns 72,384,265 shares of the bank’s stock worth $4,361,876,000 after purchasing an additional 1,303,730 shares during the period. TD Asset Management Inc grew its stake in Toronto-Dominion Bank by 28.9% in the fourth quarter. TD Asset Management Inc now owns 46,469,553 shares of the bank’s stock worth $3,017,384,000 after purchasing an additional 10,415,591 shares in the last quarter. Canoe Financial LP grew its stake in Toronto-Dominion Bank by 2,035.4% in the fourth quarter. Canoe Financial LP now owns 42,808,439 shares of the bank’s stock worth $2,766,281,000 after purchasing an additional 40,803,711 shares in the last quarter. Bank of Nova Scotia grew its stake in Toronto-Dominion Bank by 0.3% in the fourth quarter. Bank of Nova Scotia now owns 33,335,463 shares of the bank’s stock worth $2,154,141,000 after purchasing an additional 105,772 shares in the last quarter. Finally, National Bank of Canada FI grew its stake in Toronto-Dominion Bank by 6.2% in the first quarter. National Bank of Canada FI now owns 29,655,117 shares of the bank’s stock worth $1,677,917,000 after purchasing an additional 1,736,931 shares in the last quarter. Institutional investors and hedge funds own 52.37% of the company’s stock.

About Toronto-Dominion Bank

The Toronto-Dominion Bank, together with its subsidiaries, provides various financial products and services in Canada, the United States, and internationally. It operates through four segments: Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking.