Zacks Investment Research upgraded shares of Toronto-Dominion Bank (NYSE:TD) (TSE:TD) from a sell rating to a hold rating in a report issued on Wednesday.
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 equities research analysts have also recently issued reports about the stock. Canaccord Genuity reaffirmed a buy rating on shares of Toronto-Dominion Bank in a report on Thursday, November 22nd. Barclays reaffirmed a hold rating on shares of Toronto-Dominion Bank in a report on Friday, November 16th. ValuEngine cut shares of Toronto-Dominion Bank from a hold rating to a sell rating in a report on Wednesday, November 7th. Finally, TheStreet raised shares of Toronto-Dominion Bank from a c+ rating to a b rating in a report on Tuesday, September 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $76.50.
Toronto-Dominion Bank (NYSE:TD) (TSE:TD) last announced its quarterly earnings results on Thursday, November 29th. The bank reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.40. Toronto-Dominion Bank had a net margin of 21.27% and a return on equity of 16.99%. The firm had revenue of $10.12 billion during the quarter, compared to analysts’ expectations of $9.31 billion. During the same period in the previous year, the company earned $1.36 earnings per share. Toronto-Dominion Bank’s quarterly revenue was up 9.2% compared to the same quarter last year. As a group, sell-side analysts predict that Toronto-Dominion Bank will post 5.3 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 31st. Stockholders of record on Thursday, January 10th will be issued a $0.509 dividend. The ex-dividend date is Wednesday, January 9th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.68%. Toronto-Dominion Bank’s payout ratio is 41.35%.
Large investors have recently made changes to their positions in the company. Penobscot Investment Management Company Inc. raised its holdings in Toronto-Dominion Bank by 4.0% during the third quarter. Penobscot Investment Management Company Inc. now owns 23,624 shares of the bank’s stock worth $1,436,000 after purchasing an additional 900 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Toronto-Dominion Bank by 1.5% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 68,537 shares of the bank’s stock worth $4,167,000 after purchasing an additional 992 shares in the last quarter. First Manhattan Co. raised its holdings in Toronto-Dominion Bank by 106.9% during the third quarter. First Manhattan Co. now owns 1,970 shares of the bank’s stock worth $119,000 after purchasing an additional 1,018 shares in the last quarter. Riverhead Capital Management LLC raised its holdings in Toronto-Dominion Bank by 14.1% during the second quarter. Riverhead Capital Management LLC now owns 9,127 shares of the bank’s stock worth $528,000 after purchasing an additional 1,127 shares in the last quarter. Finally, Resource Management LLC raised its holdings in Toronto-Dominion Bank by 19.1% during the second quarter. Resource Management LLC now owns 7,171 shares of the bank’s stock worth $414,000 after purchasing an additional 1,150 shares in the last quarter. 47.43% of the stock is owned by institutional investors and hedge funds.
About Toronto-Dominion Bank
The Toronto-Dominion Bank, together with its subsidiaries, provides various personal and commercial banking products and services in Canada and the United States. It operates through three segments: Canadian Retail, U.S. Retail, and Wholesale Banking. The company offers personal deposits, such as checking, savings, and investment products; financing, investment, cash management, international trade, and day-to-day banking services to small, medium, and large businesses; financing options to customers at point of sale for automotive and recreational vehicle purchases through auto dealer network; credit cards; investing, advice-based, and asset management services to retail and institutional clients; and property and casualty insurance, as well as life and health insurance products.
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