Zacks Investment Research upgraded shares of Toronto-Dominion Bank (NYSE:TD) (TSE:TD) from a hold rating to a buy rating in a report released on Wednesday morning, Zacks.com reports. The brokerage currently has $50.00 price objective on the bank’s stock.
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. “
Several other analysts have also recently issued reports on the stock. Scotiabank increased their price target on shares of Toronto-Dominion Bank from $65.00 to $66.00 and gave the stock an outperform rating in a research report on Friday, May 29th. Wolfe Research downgraded Toronto-Dominion Bank from an outperform rating to an underperform rating in a research report on Monday, June 8th. ValuEngine raised Toronto-Dominion Bank from a sell rating to a hold rating in a research report on Monday, June 1st. CIBC started coverage on Toronto-Dominion Bank in a report on Friday, July 24th. They set a neutral rating on the stock. Finally, Barclays lowered their target price on Toronto-Dominion Bank from $62.00 to $60.00 and set an overweight rating on the stock in a research report on Monday, May 11th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $71.62.
Toronto-Dominion Bank (NYSE:TD) (TSE:TD) last announced its earnings results on Thursday, May 28th. The bank reported $0.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.25. Toronto-Dominion Bank had a return on equity of 13.24% and a net margin of 18.30%. The company had revenue of $10.53 billion for the quarter, compared to analyst estimates of $9.82 billion. During the same period in the prior year, the company posted $1.75 EPS. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities research analysts forecast that Toronto-Dominion Bank will post 3.52 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 10th were given a dividend of $0.567 per share. This represents a $2.27 dividend on an annualized basis and a yield of 5.12%. The ex-dividend date of this dividend was Thursday, July 9th. Toronto-Dominion Bank’s dividend payout ratio is currently 46.32%.
Several hedge funds have recently modified their holdings of the business. CIBC Asset Management Inc increased its holdings in shares of Toronto-Dominion Bank by 4.8% in the first quarter. CIBC Asset Management Inc now owns 22,865,926 shares of the bank’s stock worth $968,572,000 after purchasing an additional 1,057,430 shares during the last quarter. 1832 Asset Management L.P. lifted its holdings in Toronto-Dominion Bank by 10.8% during the first quarter. 1832 Asset Management L.P. now owns 21,180,405 shares of the bank’s stock valued at $883,332,000 after purchasing an additional 2,071,148 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Toronto-Dominion Bank by 10.7% during the first quarter. The Manufacturers Life Insurance Company now owns 17,988,895 shares of the bank’s stock valued at $756,157,000 after purchasing an additional 1,742,212 shares in the last quarter. Capital Research Global Investors lifted its holdings in Toronto-Dominion Bank by 3.8% during the first quarter. Capital Research Global Investors now owns 16,924,447 shares of the bank’s stock valued at $719,526,000 after purchasing an additional 622,871 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Toronto-Dominion Bank by 4.2% during the first quarter. JPMorgan Chase & Co. now owns 8,672,570 shares of the bank’s stock valued at $367,629,000 after purchasing an additional 349,819 shares in the last quarter. 47.89% of the stock is currently owned by hedge funds and other institutional investors.
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. The company operates through three segments: Canadian Retail, U.S. Retail, and Wholesale Banking. It offers personal deposits, such as checking, savings, and investment products; financing, investment, cash management, international trade, and day-to-day banking services to 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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