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

Shares of Toronto Dominion Bank (The) (NYSE:TD) (TSE:TD) hit a new 52-week high during trading on Wednesday. The company traded as high as $128.00 and last traded at $126.9530, with a volume of 65,045 shares traded. The stock had previously closed at $124.74.

Analyst Ratings Changes

TD has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Toronto Dominion Bank from a “sell” rating to a “hold” rating in a report on Saturday, August 22nd. Keefe, Bruyette & Woods started coverage on shares of Toronto Dominion Bank in a report on Friday, August 21st. They set a “market perform” rating for the company. Finally, Weiss Ratings raised shares of Toronto Dominion Bank from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, October 21st. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Toronto Dominion Bank has a consensus rating of “Moderate Buy” and an average price target of $148.00.

Toronto Dominion Bank Trading Up 2.2%

The firm has a market capitalization of $207.71 billion, a price-to-earnings ratio of 18.94, a PEG ratio of 1.14 and a beta of 0.72. The business’s 50-day simple moving average is $120.81 and its two-hundred day simple moving average is $110.76. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.09.

Toronto Dominion Bank (NYSE:TD) (TSE:TD) last issued its quarterly earnings data on Thursday, August 27th. The bank reported $1.98 EPS for the quarter, topping the consensus estimate of $1.74 by $0.24. Toronto Dominion Bank had a net margin of 14.41% and a return on equity of 14.88%. The firm had revenue of $12.07 billion for the quarter, compared to analyst estimates of $10.70 billion. During the same period in the prior year, the business posted $2.20 EPS. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. Equities analysts forecast that Toronto Dominion Bank will post 7.04 earnings per share for the current year.

Toronto Dominion Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Saturday, October 31st. Shareholders of record on Friday, October 9th were given a C$1.12 dividend. The ex-dividend date of this dividend was Friday, October 9th. This represents a $4.48 dividend on an annualized basis and a yield of 3.5%. Toronto Dominion Bank’s payout ratio is presently 46.81%.

Toronto Dominion Bank declared that its board has approved a share repurchase program on Wednesday, September 30th that permits the company to buy back $7.14 billion in shares. This buyback authorization permits the bank to purchase up to 3.5% of its shares through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bryn Mawr Trust Advisors LLC raised its holdings in shares of Toronto Dominion Bank by 3.7% in the 3rd quarter. Bryn Mawr Trust Advisors LLC now owns 2,720 shares of the bank’s stock valued at $320,000 after buying an additional 98 shares during the period. Ethic Inc. lifted its stake in Toronto Dominion Bank by 13.2% during the 3rd quarter. Ethic Inc. now owns 26,170 shares of the bank’s stock worth $3,076,000 after acquiring an additional 3,045 shares in the last quarter. Pictet Asset Management Holding SA boosted its holdings in Toronto Dominion Bank by 9.1% during the 3rd quarter. Pictet Asset Management Holding SA now owns 983,997 shares of the bank’s stock valued at $115,973,000 after acquiring an additional 82,419 shares during the period. AlphaCentric Advisors LLC boosted its holdings in Toronto Dominion Bank by 8.6% during the 3rd quarter. AlphaCentric Advisors LLC now owns 2,240 shares of the bank’s stock valued at $263,000 after acquiring an additional 178 shares during the period. Finally, Parallel Advisors LLC boosted its holdings in Toronto Dominion Bank by 5.2% during the 3rd quarter. Parallel Advisors LLC now owns 7,029 shares of the bank’s stock valued at $826,000 after acquiring an additional 350 shares during the period. 52.37% of the stock is currently owned by hedge funds and other institutional investors.

Toronto Dominion Bank Company Profile

Toronto-Dominion Bank, operating as TD Bank Group, is a Canadian financial services company headquartered in Toronto, Ontario. The institution traces its history to the Bank of Toronto, founded in 1855, and the Dominion Bank, founded in 1869; the two banks merged in 1955 to form Toronto-Dominion Bank.

TD provides a broad range of banking and financial services through its Canadian and U.S. operations. Its offerings include personal and business deposit accounts, mortgages, consumer and commercial lending, credit cards, investment products, insurance, wealth management and financial advice.