Toronto Dominion Bank (NYSE:TD) Cut to “Hold” at Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce downgraded shares of Toronto Dominion Bank (NYSE:TD) (TSE:TD) from a strong-buy rating to a hold rating in a report published on Thursday morning,Zacks.com reports.

Other equities research analysts have also issued reports about the stock. National Bank Financial upgraded shares of Toronto Dominion Bank from a “sector perform” rating to an “outperform” rating in a research note on Thursday, December 18th. Wall Street Zen upgraded Toronto Dominion Bank from a “sell” rating to a “hold” rating in a research report on Saturday. Jefferies Financial Group cut Toronto Dominion Bank from a “buy” rating to a “hold” rating in a research report on Tuesday, November 25th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Toronto Dominion Bank in a research report on Wednesday, January 21st. Finally, Natl Bk Canada upgraded shares of Toronto Dominion Bank from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 17th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Toronto Dominion Bank presently has an average rating of “Moderate Buy” and a consensus price target of $93.00.

Toronto Dominion Bank Price Performance

NYSE TD opened at $95.33 on Thursday. Toronto Dominion Bank has a one year low of $54.87 and a one year high of $99.04. The stock has a 50-day moving average of $94.06 and a 200 day moving average of $84.01. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $159.32 billion, a price-to-earnings ratio of 11.31, a PEG ratio of 1.31 and a beta of 0.67.

Toronto Dominion Bank (NYSE:TD) (TSE:TD) last announced its quarterly earnings results on Thursday, December 4th. The bank reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.10. Toronto Dominion Bank had a net margin of 16.52% and a return on equity of 13.90%. The firm had revenue of $11.44 billion for the quarter, compared to the consensus estimate of $10.10 billion. During the same quarter last year, the firm posted $1.72 EPS. The business’s quarterly revenue was down .1% compared to the same quarter last year. On average, sell-side analysts forecast that Toronto Dominion Bank will post 5.48 EPS for the current year.

Toronto Dominion Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Saturday, January 31st. Stockholders of record on Friday, January 9th were paid a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 4.5%. This is an increase from Toronto Dominion Bank’s previous quarterly dividend of $1.05. The ex-dividend date of this dividend was Friday, January 9th. Toronto Dominion Bank’s dividend payout ratio is 37.37%.

Institutional Investors Weigh In On Toronto Dominion Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. True Wealth Design LLC purchased a new position in Toronto Dominion Bank during the third quarter valued at approximately $27,000. Mather Group LLC. purchased a new position in shares of Toronto Dominion Bank during the 3rd quarter valued at $30,000. Harvest Fund Management Co. Ltd boosted its holdings in Toronto Dominion Bank by 112.8% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 317 shares of the bank’s stock worth $30,000 after buying an additional 168 shares during the period. Quaker Wealth Management LLC boosted its holdings in Toronto Dominion Bank by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 428 shares of the bank’s stock worth $31,000 after buying an additional 856 shares during the period. Finally, Elevation Point Wealth Partners LLC purchased a new stake in Toronto Dominion Bank in the 2nd quarter worth $32,000. 52.37% of the stock is owned by hedge funds and other institutional investors.

Toronto Dominion Bank Company Profile

Toronto-Dominion Bank (TD) is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. Formed through the 1955 merger of the Bank of Toronto (founded 1855) and the Dominion Bank (founded 1869), TD is one of Canada’s largest banks and offers a broad range of financial products and services to individual, small business, commercial and institutional clients.

TD’s core businesses include Canadian and U.S. personal and commercial banking, wealth management, wholesale banking and insurance.