Toronto-Dominion Bank Receives “Outperform” Rating from BMO Capital Markets (TD)
BMO Capital Markets reissued their outperform rating on shares of Toronto-Dominion Bank (NYSE: TD) in a research report released on Friday morning. BMO Capital Markets currently has a $90.00 price target on the stock, up from their previous price target of $87.00.
“TD remains rated Outperform, reflecting the relatively attractive valuation on the shares and prospect of above-average dividend growth. We believe results from Canadian P&C banking should remain solid even in a slower environment. The bank’s wealth and insurance businesses reported a strong start to fiscal 2013. While the underlying fundamentals in the U.S. P&C business (i.e., attractive organic growth in loans and deposits) are positive, the low rate and narrowing spread environment are negatively affecting the core earnings in this segment. The core earnings exclude the securities gains.,” the firm’s analyst wrote.
A number of other firms have also recently commented on TD. Analysts at CIBC downgraded shares of Toronto-Dominion Bank from an outperform rating to an outperform rating in a research note to investors on Friday, December 7th. Separately, analysts at Scotiabank downgraded shares of Toronto-Dominion Bank from an outperform rating to a sector perform rating in a research note to investors on Friday, December 7th. They now have a $95.00 price target on the stock, down previously from $100.00. Finally, analysts at CIBC downgraded shares of Toronto-Dominion Bank from a sector outperformer rating to a sector performer rating in a research note to investors on Friday, December 7th.
Twelve analysts have rated the stock with a buy rating, one has given an overweight rating, five have assigned a hold rating, and one has issued a sell rating to the company. The stock presently has an average rating of overweight and a consensus price target of $92.12.
Shares of Toronto-Dominion Bank remained flat at $82.76 during during mid-day trading trading on Friday. Toronto-Dominion Bank has a 52 week low of $72.63 and a 52 week high of $86.56. The stock’s 50-day moving average is currently $83.04. The company has a market cap of $75.816 billion and a P/E ratio of 11.48.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, April 30th. Shareholders of record on Wednesday, April 3rd will be given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date of this dividend is Monday, April 1st.
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