The Toronto-Dominion Bank (NYSE:TD) Receives $84.00 Average Target Price from Analysts

The Toronto-Dominion Bank (NYSE:TD) (TSE:TD) has been given an average rating of “Hold” by the nine research firms that are presently covering the firm, MarketBeat.com reports. Seven analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $84.00.

A number of analysts recently weighed in on TD shares. BMO Capital Markets reduced their price objective on shares of Toronto-Dominion Bank from $86.00 to $84.00 and set a “market perform” rating on the stock in a research report on Friday, May 24th. Cibc World Mkts upgraded Toronto-Dominion Bank from a “hold” rating to a “strong-buy” rating in a report on Friday, May 24th. StockNews.com cut Toronto-Dominion Bank from a “hold” rating to a “sell” rating in a report on Thursday, August 22nd. National Bank Financial upgraded Toronto-Dominion Bank from an “underperform” rating to a “sector perform” rating in a research note on Thursday, August 22nd. Finally, UBS Group assumed coverage on shares of Toronto-Dominion Bank in a report on Tuesday, July 2nd. They set a “neutral” rating for the company.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. TD Asset Management Inc increased its position in shares of Toronto-Dominion Bank by 28.9% during the fourth quarter. TD Asset Management Inc now owns 46,469,553 shares of the bank’s stock worth $3,017,384,000 after purchasing an additional 10,415,591 shares in the last quarter. Canoe Financial LP raised its position in shares of Toronto-Dominion Bank by 2,035.4% in the 4th quarter. Canoe Financial LP now owns 42,808,439 shares of the bank’s stock valued at $2,766,281,000 after purchasing an additional 40,803,711 shares during the last quarter. Bank of Nova Scotia raised its position in shares of Toronto-Dominion Bank by 0.3% in the 4th quarter. Bank of Nova Scotia now owns 33,335,463 shares of the bank’s stock valued at $2,154,141,000 after purchasing an additional 105,772 shares during the last quarter. National Bank of Canada FI boosted its stake in Toronto-Dominion Bank by 6.2% in the 1st quarter. National Bank of Canada FI now owns 29,655,117 shares of the bank’s stock worth $1,677,917,000 after purchasing an additional 1,736,931 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in Toronto-Dominion Bank by 0.8% during the 2nd quarter. Mackenzie Financial Corp now owns 25,997,122 shares of the bank’s stock worth $1,429,186,000 after purchasing an additional 218,807 shares during the last quarter. Institutional investors own 52.37% of the company’s stock.

Toronto-Dominion Bank Price Performance

TD stock opened at $59.17 on Monday. The firm has a market capitalization of $103.45 billion, a P/E ratio of 13.45, a price-to-earnings-growth ratio of 1.75 and a beta of 0.81. Toronto-Dominion Bank has a 52 week low of $53.52 and a 52 week high of $65.12. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.10. The company has a fifty day simple moving average of $57.63 and a two-hundred day simple moving average of $57.68.

Toronto-Dominion Bank (NYSE:TD) (TSE:TD) last posted its quarterly earnings data on Thursday, August 22nd. The bank reported $2.05 EPS for the quarter, topping the consensus estimate of $1.49 by $0.56. Toronto-Dominion Bank had a net margin of 6.94% and a return on equity of 14.34%. The company had revenue of $14.18 billion during the quarter, compared to analyst estimates of $9.40 billion. During the same period in the previous year, the firm earned $1.48 earnings per share. Toronto-Dominion Bank’s quarterly revenue was up 9.8% compared to the same quarter last year. Analysts anticipate that Toronto-Dominion Bank will post 5.84 earnings per share for the current fiscal year.

Toronto-Dominion Bank Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Thursday, October 10th will be given a dividend of $0.739 per share. This represents a $2.96 dividend on an annualized basis and a yield of 5.00%. The ex-dividend date is Thursday, October 10th. Toronto-Dominion Bank’s payout ratio is currently 67.73%.

About Toronto-Dominion Bank

The Toronto-Dominion Bank, together with its subsidiaries, provides various financial products and services in Canada, the United States, and internationally. It operates through four segments: Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking.