Sumitomo Life Insurance Co. Reduces Stock Holdings in The Toronto-Dominion Bank (NYSE:TD)

Sumitomo Life Insurance Co. lessened its holdings in The Toronto-Dominion Bank (NYSE:TD) (TSE:TD) by 2.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 22,012 shares of the bank’s stock after selling 667 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Toronto-Dominion Bank were worth $1,172,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. CIBC Asset Management Inc raised its position in shares of Toronto-Dominion Bank by 5.4% in the 3rd quarter. CIBC Asset Management Inc now owns 16,515,643 shares of the bank’s stock valued at $1,046,825,000 after purchasing an additional 853,313 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Toronto-Dominion Bank by 24.9% in the third quarter. The Manufacturers Life Insurance Company now owns 13,509,261 shares of the bank’s stock worth $854,815,000 after buying an additional 2,689,532 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Toronto-Dominion Bank by 2.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 12,186,545 shares of the bank’s stock worth $770,921,000 after buying an additional 301,649 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Toronto-Dominion Bank by 1.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,761,308 shares of the bank’s stock valued at $617,166,000 after acquiring an additional 144,427 shares during the period. Finally, Geode Capital Management LLC raised its stake in Toronto-Dominion Bank by 6.4% in the 3rd quarter. Geode Capital Management LLC now owns 7,962,173 shares of the bank’s stock worth $506,846,000 after acquiring an additional 479,624 shares during the last quarter. Hedge funds and other institutional investors own 52.37% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on TD shares. Scotiabank lowered Toronto-Dominion Bank from a “sector outperform” rating to a “sector perform” rating in a report on Friday, December 6th. Barclays downgraded shares of Toronto-Dominion Bank from an “equal weight” rating to an “underweight” rating in a report on Thursday, November 21st. Royal Bank of Canada decreased their price objective on shares of Toronto-Dominion Bank from $82.00 to $77.00 and set a “sector perform” rating for the company in a research note on Friday, December 6th. StockNews.com cut shares of Toronto-Dominion Bank from a “hold” rating to a “sell” rating in a report on Friday, December 27th. Finally, Bank of America raised shares of Toronto-Dominion Bank from a “neutral” rating to a “buy” rating in a report on Friday, January 17th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $80.50.

Toronto-Dominion Bank Stock Performance

TD opened at $57.41 on Thursday. The stock has a market cap of $100.49 billion, a P/E ratio of 16.54, a P/E/G ratio of 1.82 and a beta of 0.83. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a fifty day moving average price of $54.62 and a 200 day moving average price of $57.41. The Toronto-Dominion Bank has a 1 year low of $51.25 and a 1 year high of $64.91.

Toronto-Dominion Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 10th will be paid a $0.7482 dividend. This represents a $2.99 annualized dividend and a dividend yield of 5.21%. The ex-dividend date is Friday, January 10th. This is a positive change from Toronto-Dominion Bank’s previous quarterly dividend of $0.74. Toronto-Dominion Bank’s payout ratio is currently 84.15%.

Toronto-Dominion Bank Company Profile

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.