Toronto Dominion Bank (NYSE:TD) Sets New 1-Year High – Here’s Why

Toronto Dominion Bank (The) (NYSE:TD) (TSE:TD) reached a new 52-week high during trading on Tuesday . The company traded as high as $122.77 and last traded at $122.8790, with a volume of 288309 shares changing hands. The stock had previously closed at $120.63.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Raymond James Financial upgraded Toronto Dominion Bank from a “market perform” rating to an “outperform” rating in a report on Tuesday, May 12th. Scotiabank upgraded shares of Toronto Dominion Bank from a “sector perform” rating to a “sector outperform” rating in a research note on Monday, May 4th. Weiss Ratings cut shares of Toronto Dominion Bank from a “buy (b+)” rating to a “buy (b)” rating in a research note on Thursday, June 11th. Royal Bank Of Canada lifted their price target on Toronto Dominion Bank from $138.00 to $156.00 and gave the stock an “outperform” rating in a report on Monday, June 1st. Finally, Wall Street Zen downgraded shares of Toronto Dominion Bank from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $156.00.

Toronto Dominion Bank Stock Performance

The stock has a market cap of $202.86 billion, a P/E ratio of 19.15, a price-to-earnings-growth ratio of 1.34 and a beta of 0.71. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.09. The stock has a 50 day simple moving average of $114.70 and a 200 day simple moving average of $103.04.

Toronto Dominion Bank (NYSE:TD) (TSE:TD) last posted its quarterly earnings results on Thursday, May 28th. The bank reported $1.74 EPS for the quarter, beating analysts’ consensus estimates of $1.63 by $0.11. Toronto Dominion Bank had a return on equity of 14.83% and a net margin of 13.20%.The business had revenue of $11.80 billion during the quarter, compared to the consensus estimate of $11.04 billion. During the same quarter in the previous year, the firm earned $1.97 earnings per share. Toronto Dominion Bank’s revenue for the quarter was down 31.1% compared to the same quarter last year. On average, equities analysts expect that Toronto Dominion Bank will post 6.86 earnings per share for the current year.

Toronto Dominion Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 10th will be given a $1.12 dividend. This represents a $4.48 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Friday, July 10th. This is a boost from Toronto Dominion Bank’s previous quarterly dividend of $1.08. Toronto Dominion Bank’s dividend payout ratio is presently 49.14%.

Institutional Trading of Toronto Dominion Bank

Several large investors have recently made changes to their positions in the company. Prime Capital Investment Advisors LLC grew its position in Toronto Dominion Bank by 433.7% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 16,218 shares of the bank’s stock valued at $1,528,000 after acquiring an additional 13,179 shares during the last quarter. Alberta Investment Management Corp bought a new position in shares of Toronto Dominion Bank in the fourth quarter worth about $299,850,000. JCIC Asset Management Inc. lifted its holdings in shares of Toronto Dominion Bank by 891.5% in the fourth quarter. JCIC Asset Management Inc. now owns 85,248 shares of the bank’s stock worth $8,035,000 after acquiring an additional 76,650 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Toronto Dominion Bank in the 2nd quarter valued at approximately $259,000. Finally, LRT Capital Management LLC bought a new stake in shares of Toronto Dominion Bank during the 3rd quarter valued at approximately $3,865,000. Institutional investors and hedge funds own 52.37% of the company’s stock.

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.