Zacks Investment Research lowered shares of The Toronto-Dominion Bank (NYSE:TD) (TSE:TD) from a hold rating to a sell rating in a report released on Thursday morning.
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. “
Other analysts have also recently issued research reports about the stock. Canaccord Genuity initiated coverage on shares of The Toronto-Dominion Bank in a research report on Tuesday, July 18th. They set a buy rating for the company. BidaskClub upgraded shares of The Toronto-Dominion Bank from a hold rating to a buy rating in a research report on Sunday, July 16th. Bank of America Corporation restated a buy rating on shares of The Toronto-Dominion Bank in a research report on Friday, September 1st. Macquarie initiated coverage on shares of The Toronto-Dominion Bank in a research report on Tuesday, October 24th. They issued an outperform rating for the company. Finally, National Bank Financial upgraded shares of The Toronto-Dominion Bank from a sector perform rating to an outperform rating in a research report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $66.33.
Shares of The Toronto-Dominion Bank (TD) opened at $57.33 on Thursday. The company has a market cap of $105,979.84, a price-to-earnings ratio of 14.09, a price-to-earnings-growth ratio of 1.47 and a beta of 0.89. The Toronto-Dominion Bank has a 1 year low of $45.18 and a 1 year high of $57.79. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.14.
The Toronto-Dominion Bank (NYSE:TD) (TSE:TD) last issued its earnings results on Thursday, August 31st. The bank reported $1.14 EPS for the quarter, beating the consensus estimate of $1.08 by $0.06. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.05 billion. The Toronto-Dominion Bank had a net margin of 28.51% and a return on equity of 15.73%. The business’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.27 EPS. equities research analysts forecast that The Toronto-Dominion Bank will post 4.44 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which was paid on Tuesday, October 31st. Shareholders of record on Friday, October 6th were issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date was Thursday, October 5th. This is a boost from The Toronto-Dominion Bank’s previous quarterly dividend of $0.44. The Toronto-Dominion Bank’s dividend payout ratio is 46.62%.
The Toronto-Dominion Bank declared that its board has initiated a share buyback program on Thursday, August 31st that permits the company to buyback 20,000,000 shares. This buyback authorization permits the bank to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
A number of hedge funds have recently added to or reduced their stakes in TD. Parallel Advisors LLC increased its holdings in The Toronto-Dominion Bank by 10.0% during the 2nd quarter. Parallel Advisors LLC now owns 2,151 shares of the bank’s stock worth $111,000 after purchasing an additional 196 shares in the last quarter. Cornerstone Advisors Inc. increased its holdings in The Toronto-Dominion Bank by 5.2% during the 2nd quarter. Cornerstone Advisors Inc. now owns 2,319 shares of the bank’s stock worth $117,000 after purchasing an additional 114 shares in the last quarter. Cribstone Capital Management LLC increased its holdings in The Toronto-Dominion Bank by 47.3% during the 2nd quarter. Cribstone Capital Management LLC now owns 2,341 shares of the bank’s stock worth $118,000 after purchasing an additional 752 shares in the last quarter. Advisory Services Network LLC increased its holdings in The Toronto-Dominion Bank by 26.1% during the 2nd quarter. Advisory Services Network LLC now owns 2,353 shares of the bank’s stock worth $119,000 after purchasing an additional 487 shares in the last quarter. Finally, Ropes Wealth Advisors LLC increased its holdings in The Toronto-Dominion Bank by 18.8% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 2,376 shares of the bank’s stock worth $120,000 after purchasing an additional 376 shares in the last quarter. Hedge funds and other institutional investors own 47.31% of the company’s stock.
About The Toronto-Dominion Bank
Toronto-Dominion Bank (the Bank) is a Canada-based bank, which operates in the North America. It is an online financial services firm, with over 10.2 million online and mobile customers. Its segments include Canadian Retail, U.S. Retail, Wholesale Banking and Corporate. The Canadian Retail segment provides a range of financial products and services to customers in the Canadian personal and commercial banking businesses.
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