Royal Bank of Canada Raises Toronto-Dominion Bank (TD) Price Target to $70.00
Toronto-Dominion Bank (NYSE:TD) (TSE:TD) had its price target raised by research analysts at Royal Bank of Canada from $68.00 to $70.00 in a note issued to investors on Friday, StockTargetPrices.com reports. The brokerage currently has a “sector perform” rating on the bank’s stock. Royal Bank of Canada’s price objective points to a potential upside of 47.40% from the company’s current price.
Several other equities research analysts have also commented on the stock. Zacks Investment Research lowered shares of Toronto-Dominion Bank from a “buy” rating to a “hold” rating in a research note on Tuesday, March 7th. Barclays PLC upgraded shares of Toronto-Dominion Bank from an “underweight” rating to an “equal weight” rating in a research note on Tuesday. Finally, National Bank Financial restated a “sector perform overweight” rating on shares of Toronto-Dominion Bank in a research note on Thursday, May 18th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $61.71.
Toronto-Dominion Bank (NYSE:TD) traded down 0.08% on Friday, hitting $47.45. The stock had a trading volume of 422,423 shares. The company’s 50-day moving average price is $47.64 and its 200 day moving average price is $49.37. The firm has a market cap of $88.09 billion, a price-to-earnings ratio of 13.41 and a beta of 0.97. Toronto-Dominion Bank has a one year low of $41.36 and a one year high of $54.44.
Toronto-Dominion Bank (NYSE:TD) last released its quarterly earnings data on Thursday, May 25th. The bank reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.08. The firm had revenue of $8.47 billion for the quarter, compared to analyst estimates of $8.72 billion. Toronto-Dominion Bank had a net margin of 21.61% and a return on equity of 18.23%. Toronto-Dominion Bank’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.20 earnings per share. Analysts expect that Toronto-Dominion Bank will post $3.90 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 31st. Investors of record on Monday, July 10th will be paid a $0.444 dividend. This represents a $1.78 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date is Thursday, July 6th. Toronto-Dominion Bank’s dividend payout ratio is 46.07%.
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Institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new position in Toronto-Dominion Bank during the fourth quarter worth approximately $725,828,000. State of Tennessee Treasury Department raised its position in Toronto-Dominion Bank by 132.2% in the third quarter. State of Tennessee Treasury Department now owns 6,214,496 shares of the bank’s stock worth $275,744,000 after buying an additional 3,537,645 shares in the last quarter. William Blair Investment Management LLC raised its position in Toronto-Dominion Bank by 49.8% in the fourth quarter. William Blair Investment Management LLC now owns 7,063,759 shares of the bank’s stock worth $348,779,000 after buying an additional 2,349,462 shares in the last quarter. FMR LLC raised its position in Toronto-Dominion Bank by 3.9% in the fourth quarter. FMR LLC now owns 58,110,639 shares of the bank’s stock worth $2,866,038,000 after buying an additional 2,204,934 shares in the last quarter. Finally, Acadian Asset Management LLC raised its position in Toronto-Dominion Bank by 46.1% in the first quarter. Acadian Asset Management LLC now owns 6,676,336 shares of the bank’s stock worth $333,462,000 after buying an additional 2,106,791 shares in the last quarter. 53.66% of the stock is owned by hedge funds and other institutional investors.
Toronto-Dominion Bank Company Profile
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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