Toronto Dominion Bank (NYSE:TD) Sets New 52-Week High – What’s Next?

Toronto Dominion Bank (The) (NYSE:TD) (TSE:TD)’s share price reached a new 52-week high on Wednesday. The stock traded as high as $126.16 and last traded at $125.7250, with a volume of 32,746 shares trading hands. The stock had previously closed at $125.78.

Analysts Set New Price Targets

TD has been the topic of several research analyst reports. Wall Street Zen upgraded shares of Toronto Dominion Bank from a “sell” rating to a “hold” rating in a report on Saturday, August 22nd. Keefe, Bruyette & Woods started coverage on Toronto Dominion Bank in a report on Friday, August 21st. They set a “market perform” rating for the company. Finally, Weiss Ratings raised Toronto Dominion Bank from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, October 21st. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $148.00.

Toronto Dominion Bank Price Performance

The business has a 50 day moving average price of $120.07 and a 200 day moving average price of $109.98. The firm has a market capitalization of $205.22 billion, a P/E ratio of 18.61 and a beta of 0.75.

Toronto Dominion Bank (NYSE:TD) (TSE:TD) last posted its quarterly earnings results on Thursday, August 27th. The bank reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.24. The company had revenue of $12.07 billion during the quarter, compared to analyst estimates of $10.70 billion. During the same quarter in the prior year, the business earned $2.20 earnings per share. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, equities analysts expect that Toronto Dominion Bank will post 7.04 EPS for the current year.

Toronto Dominion Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, October 31st. Investors of record on Friday, October 9th will be given a dividend of C$1.12 per share. The ex-dividend date is Friday, October 9th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.6%. Toronto Dominion Bank’s dividend payout ratio (DPR) is 46.66%.

Toronto Dominion Bank declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, September 30th that permits the company to repurchase $7.14 billion in shares. This buyback authorization permits the bank to purchase up to 3.5% of its stock through open market purchases. Share buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Toronto Dominion Bank

A number of institutional investors have recently modified their holdings of TD. Hillsdale Investment Management Inc. raised its stake in Toronto Dominion Bank by 3.0% in the first quarter. Hillsdale Investment Management Inc. now owns 1,201,500 shares of the bank’s stock valued at $112,185,000 after buying an additional 34,921 shares during the period. State of Wyoming raised its stake in Toronto Dominion Bank by 1,018.7% in the 1st quarter. State of Wyoming now owns 22,765 shares of the bank’s stock worth $2,119,000 after purchasing an additional 20,730 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Toronto Dominion Bank in the second quarter valued at approximately $202,900,000. Ninepoint Partners LP acquired a new stake in shares of Toronto Dominion Bank in the second quarter valued at approximately $29,903,000. Finally, Bank of America Corp DE raised its position in shares of Toronto Dominion Bank by 7.8% in the first quarter. Bank of America Corp DE now owns 4,967,545 shares of the bank’s stock valued at $463,522,000 after buying an additional 358,412 shares in the last quarter. 52.37% of the stock is owned by institutional investors.

Toronto Dominion Bank Company Profile

Toronto-Dominion Bank, operating as TD Bank Group, is a Canadian financial services company headquartered in Toronto, Ontario. The institution traces its history to the Bank of Toronto, founded in 1855, and the Dominion Bank, founded in 1869; the two banks merged in 1955 to form Toronto-Dominion Bank.

TD provides a broad range of banking and financial services through its Canadian and U.S. operations. Its offerings include personal and business deposit accounts, mortgages, consumer and commercial lending, credit cards, investment products, insurance, wealth management and financial advice.