Toronto-Dominion Bank (NYSE:TD) Cut to Sector Perform at Royal Bank of Canada

Royal Bank of Canada lowered shares of Toronto-Dominion Bank (NYSE:TD) (TSE:TD) from an outperform rating to a sector perform rating in a research note issued to investors on Friday morning, MarketBeat.com reports.

TD has been the topic of several other research reports. National Bank Financial raised Toronto-Dominion Bank from an underperform rating to a sector perform rating in a report on Thursday, August 22nd. UBS Group assumed coverage on Toronto-Dominion Bank in a report on Tuesday, July 2nd. They issued a neutral rating on the stock. Finally, StockNews.com cut Toronto-Dominion Bank from a hold rating to a sell rating in a research report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of Hold and a consensus target price of $84.00.

Toronto-Dominion Bank Price Performance

Shares of NYSE TD opened at $56.50 on Friday. Toronto-Dominion Bank has a fifty-two week low of $53.52 and a fifty-two week high of $65.12. The business has a 50 day moving average price of $60.66 and a two-hundred day moving average price of $58.13. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.10. The firm has a market cap of $98.73 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 1.73 and a beta of 0.81.

Toronto-Dominion Bank (NYSE:TD) (TSE:TD) last released its earnings results on Thursday, August 22nd. The bank reported $2.05 EPS for the quarter, topping analysts’ consensus estimates of $1.49 by $0.56. Toronto-Dominion Bank had a return on equity of 14.34% and a net margin of 6.94%. The company had revenue of $14.18 billion for the quarter, compared to the consensus estimate of $9.40 billion. During the same quarter last year, the business posted $1.48 EPS. Toronto-Dominion Bank’s quarterly revenue was up 9.8% compared to the same quarter last year. Sell-side analysts expect that Toronto-Dominion Bank will post 5.84 earnings per share for the current fiscal year.

Toronto-Dominion Bank Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Thursday, October 10th will be given a dividend of $0.739 per share. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $2.96 dividend on an annualized basis and a yield of 5.23%. Toronto-Dominion Bank’s payout ratio is 68.41%.

Institutional Trading of Toronto-Dominion Bank

Institutional investors and hedge funds have recently made changes to their positions in the stock. Mather Group LLC. acquired a new stake in shares of Toronto-Dominion Bank in the first quarter worth about $29,000. Triad Wealth Partners LLC bought a new position in shares of Toronto-Dominion Bank in the second quarter worth about $31,000. Blue Trust Inc. increased its stake in shares of Toronto-Dominion Bank by 50.7% in the second quarter. Blue Trust Inc. now owns 630 shares of the bank’s stock worth $38,000 after purchasing an additional 212 shares during the period. Kimelman & Baird LLC bought a new position in shares of Toronto-Dominion Bank in the second quarter worth about $49,000. Finally, BOKF NA increased its stake in shares of Toronto-Dominion Bank by 203.6% in the first quarter. BOKF NA now owns 1,014 shares of the bank’s stock worth $61,000 after purchasing an additional 680 shares during the period. 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.